Student Money Advice Service
Anglia Ruskin University
Shannon Lynn Norton
Reason for the Project
 Changing funding model in the UK
 Find out how aware students are of Student
Money Advice and their current funds
 Find ways to increase students financial
awareness and capabilities
Research Questions
1. How aware are students of Student Money
Advice Service and their funding?
2. How do students use their funding?
3. How can Student Money Advice increase the
students’ financial awareness and
capabilities?
Methods
 Qualitative with quantitative measures
 Email questionnaire and one-on-one in person
questionnaire
Current UK/EU students in May 2013 at ARU
Cambridge and Chelmsford campuses
 Data input into excel, short answers broken into
themes, and tallied
Questions
1. Do you know where to get help with sorting out your funding or managing your
finances? Yes/No If Yes, is that within our university?
2. Do you know how much your funding is for this year? Yes/No If Yes: Fees?
Maintenance?
3. Are you able to make your money last for the whole year? Yes/No If No, why not?
4. Aside from housing costs, on what do you spend the majority of your money?
5. Would you like to attend a money management workshop to improve your financial
awareness? Yes/No If no, why not?
6. Did you know that the Student Money Advice Service had money management
workshops both in Chelmsford and Cambridge during National Student Money Week
earlier this year? Yes/No If Yes, how? If No, how would you like to be contacted about
similar events in the future?
7. Do you think that money management and financial awareness should be taught as part
of the curriculum at university? Yes/No
8. How can the Student Money Advice Service help you improve your financial
capability/awareness?
Findings
 100 total responses
 40 from email questionnaire
 60 from one-on-one in person questionnaire
Do you know where to get help with sorting out your
funding or managing your finances?
100
90
80
70
60
Maybe
50
No
Yes
40
30
20
10
0
Maybe
No
Yes
Do you know how much your funding is for the year?
Yes
No
Yes
No
0
10
20
30
40
50
60
70
80
90
100
Are you able to make your money last the entire year?
100
90
80
70
60
50
Yes w/ other
income
40
30
Yes
20
10
No
0
N/A
N/A
No
Yes
Aside from housing costs, on what do you spending the
majority of your money?
Food
Car/Petrol
Travel
Course Materials
Personal Items
Social Activities
Childcare/Family
Bills
Phone/Gadgets
Would you like to attend a money management workshop to
improve your financial awareness?
100
90
80
70
60
Maybe
50
No
Yes
40
30
20
10
0
Maybe
No
Yes
Why they would not attend a workshop
No Money to Travel
Took Finance Course
Will Not Change Habits
Spouse/Parent Handles
Graduating
No Time
Already Aware/Able to Manage
0
10
20
30
40
50
60
70
80
90
100
Did you know about the recent money management
workshops?
100
90
80
70
60
N/A (new)
50
No
Yes
40
30
20
10
0
N/A (new)
No
Yes
How do you like to be contacted?
Email
Leaflets
Posters
Social Media
Website
Do you think money management and financial awareness should
be taught as part of the university curriculum?
Yes
No
Yes
No
0
20
40
60
80
100
How can the Student Money Advice Service help improve your financial
capability/awareness?
Advertise Services
Course/Workshops
Already Help
Tips to Make Money Last
Make Budgets
Pre Arrival/First Day Info
Info on Exceptions/Additional
Funds
Funding/Payment Options
Publish Average Yearly
Expenses
More Office Hours
Shock Posters
Discussion Points
 Student Money Advice is valued
 Student know where to go but not always aware of all the
services provided
 Student want information early in their education
 Food, Car/Petrol and Travel are biggest expenses
 Students see value in classes or workshops but need
incentives to attend
Students want emails but don’t always read
 Need distinction between Financial Services and Student
Money Advice
Short Term Recommendations
Before the Fall Term
 Make ARU website easier to navigate to Student
Money Advice page (especially from my.anglia)
http://my.anglia.ac.uk/Pages/staff.aspx
 Send out flashy emails
 Provide incentives for programs
 Advertise the Money Advice Central mailbox
 Shock Posters
 Update Facebook/Twitter accounts regularly
Short Term Recommendations
In the Next Six Months
 Continue progress on events calendar on webpage
 Hold current programs
• Cheap as Chips and Money Doctors
 Develop interactive budget for webpage
http://www.balancetrack.org/collegestudents/index.html
Short Term Recommendations
In the Next Twelve to Eighteen Months
 Update 2014 Undergraduate Prospectus Catalog
 Update Information for new students handout
Send Information to Parents
 Add Yearly Expense sheet to student handouts
http://www.sfa.osu.edu/awardguide/index.asp?tab=e;
 Collaboration with Financial Services
 Develop new workshops
Long Term Recommendations
In the Next Three Years
 Compile scholarships in central location
 Create on-line training
• must complete to receive funding
 Create permanent on-campus student jobs
 Create meal plan and extend dining hours
http://www.wrightstatedining.com/plans/index.html
http://urds.osu.edu/dining/meal-plans/
 Take fees (accommodation/meal plans) out of
maintenance funds upfront
Long Term Recommendations
In the Next Three Years (Cont.)
 Change disbursement of funding
 Students deposit funds into ARU account before
start of classes
Long Term Recommendations
Beyond Three Years
 MyAnglia Card
• OSU BUCKID: https://buckid.osu.edu/
• Wright1 Card: http://www.wright.edu/wright1-card
 Create First Year Experience
http://www.sc.edu/fye/
http://www.wright.edu/uc/firstyear/experience/
One Stop for Students
https://www.wright.edu/raider-connect/loans-scholarships-and-grants
 Create “work study” program
 Increase number of advisers
Additional Resources
Wright Financial Path:
http://www.wright.edu/studentorgs/wfp/
shannon.norton@wright.edu
References
Creswell, J. W. (2007). Qualitative inquiry &
research design: Choosing among five approaches
(2nd ed.). Thousand Oaks, CA: Sage.
QUESTIONS?