financial literacy helping your students to handle their finances
TRANSCRIPT
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Financial LiteracyHelping your students to handle their finances
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Successful Financial Literacy Education
• Pizza does not a program make• It doesn’t happen overnight• It can happen on your campus
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Financial Literacy DefinitionsKnowing enough about managing money to
make wise decisions and to avoid fraud.
Ability to make informed decisions regarding the use and management of money.
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Why Financial Literacy• 10 million people (annually) are victims of
identity theft
• Nine out of ten Americans claim credit card debt has never been a source of worry….• 47% refuse to tell a friend how much they owe.
• The average college student carries a balance on their credit card
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Why Financial Literacy• Our nation is suffering through a small
economic crisis
• “Involuntary simplicity” is part of being a student
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Getting Started• Target existing resources
– After school programs
– Consumer math
– Academic probation targeted students
– Every community has unique resources• Programs that educate families
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Getting Started• Assess where you are today
• What’s already on campus
• Who is talking about financial literacy?
• Finding allies
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Who Teaches Financial Literacy?• Parents
• Schools
• Colleges and universities
• Peer to peer
• Other agencies– Banks, Credit unions, Community outreach, federal
and state agencies
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Financial Literacy Standards
• Developed by Jump$tart– National coalition promoting financial
literacy
– National clearinghouse of financial literacy materials
– www.jumpstart.org
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Baby Steps• Place educational materials where students
can grab them
• Consider partnering to offer orientation session
• Build money management talk into exit/entrance counseling
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Baby Steps• Partner with other offices
• Educate your staff with talking points
• Applaud your successes
• Different ideas work for different campuses
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Bigger Steps
• Name your program• Mission statement• Definition of success• Evaluate and track what you do
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Bigger Steps
• Find paths to captive audiences• Build buy in with other offices• Follow through
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Resources• www.nefe.org• www.consumerjungle.org• www.jumpstart.org• www.bankrate.com• www.feedthepig.org
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Thank you
Jeff Southard
Financial Awareness Trainer
ECMC
206.276.6554