STARTING A FINANCIAL LITERACY PROGRAM FOR POST-SECONDARY STUDENTSPresented by Diana BahrFinancial Aid Projects OfficerKelly DickinsonManager, Financial Aid & Awards

FINANCIAL AID & “AWARENESS” OCAD U: University of the Imagination

Half receive financial aid

My story of becoming financially literate

Aware and inspired

Why it’s Important

What’s We’re Doing

What the Steps Are

OUTLINE What is financial literacy and why is it

important?

What’s being done?

What are the steps to starting a financial literacy program?

Goal = inspire you and save you time, energy and money

Why it’s Important

What’s Being Done

What the Steps Are

Ask questions

WHAT IS FINANCIAL LITERACY?

Why it’s Important

What’s Being Done

What the Steps Are

Knowledge = understand products and services

Skills = ability to manage money

Confidence = feeling free

K+S+C = informed* decisions *Literacy is just one part“Being comfortable with financial matters allows me to focus on my studies”

-OCAD U student

WHY IS IT IMPORTANT?

Why it’s Important

What’s Being Done

What the Steps Are

1. Student success in school and beyond

2. It’s our business

3. We can be leaders

Canadian households:For every $1 of disposable

income, we have $1.48 of debt

1. SUCCESS IN SCHOOL AND BEYOND Driving without a license into debt “I can’t afford food, but I have a cell phone!” Knowledge

NOW: loans, tuition, taxes LATER: mortgages, investments

Skills NOW: budgets, statements LATER: debt and savings plans

Confidence NOW: focus on studies LATER: other goals

Why it’s Important

What’s Being Done

What the Steps Are

The average Canadian student graduates

with $27,000 in debt

Only ¼ have any financial education

2. IT’S OUR BUSINESSLack of literacy = Burnout/stop out/drop out Poor experience and delay of life choicesStress on resources

Literacy helps business

Resources = enticing enrollmentCounselling = supportInformation = educationRemoving obstacles = retentionWhen a cat eats your homework

Why it’s Important

What’s Being Done

What the Steps Are

3. WE CAN BE LEADERS It’s our business because it was noone

else’s (high school)

Be a leader before we have to be

Leader among our peers(leaders need financial skills)

Precedent, position, promote

Why it’s Important

What’s Being Done

What the Steps Are

WHAT’S BEING DONE? OCAD University CREATiveFund$

Financial Literacy Landscape

Riveting Research

Why it’s Important

What’s Being Done

What the Steps Are

CREATiveFund$

Created for creators

Education/Counselling

Topics Budgeting/saving Psychology Loans

Delivery Web, print, events

Why it’s Important

What’s Being Done

What the Steps Are

www.ocad.ca/students/financial_matters/financial_planning/creative_funds

FINANCIAL LITERACY LANDSCAPE

Universities/colleges Online and in communities Few ‘programs’ for students at university level

High School BC and new in ON

Government 2011 Federal Budget

Public Gail, CBA and more

Why it’s Important

What’s Being Done

What the Steps Are

RIVETING RESEARCH Task Force on Financial Literacy (need a

leader!) In all schools Professional development Student loans Awards

Youth Financial Literacy FCAC, behaviour of youth

Illiteracy of the Literate CEP, financial literacy of Cdn.

university students

Why it’s Important

What’s Being Done

What the Steps Are

WHAT ARE THE STEPS?1. Ingenious Idea2. Implementation3. Improvement

Why it’s Important

What’s Being Done

What the Steps Are

1. INGENIOUS IDEA Stake out stakeholders

Students, parents, staff?

Assess the need Do you have a program and

don’t know it? Listen to student needs

OCAD U: $7 million to $16 million in loans Top: business, saving, banking

Make a mission

Why it’s Important

What’s Being Done

What the Steps Are

2. IMPLEMENTATION Create content for YOUR students

Management, planning, products, staying informed

Our tools Cite, organize by topic

Deliver by learning style Us: workshops, advisor, web Frequency and timing

Reach out for resources Discounts, collaborate, use existing

Plan for promotion Every program is different

Why it’s Important

What’s Being Done

What the Steps Are

“If you think education is expensive, try ignorance.”

-Derek Bok

3. IMPROVEMENT Building benchmarks

Measure from your mission (K + S + C)

Evaluating evaluations Pre/post, survey: use frameworks Debt = greater self-esteem?! Be a mosquito

Challenges & expansion

Why it’s Important

What’s Being Done

What the Steps Are

“If you think you are too small to be effective, you have never been in bed with a mosquito.” 

-Betty Reese

3. IMPROVEMENT CONT…CHALLENGES

Why it’s Important

What’s Being Done

What the Steps Are

Challenges Solution(s)

Our approach is uncoordinated/haphazard/one-off

• Anticipate needs• Write down plan• Plan collaboration• Share information• Get opinions

We don’t have time, people or money

• Start small• Use current staff• Use volunteers• Use pre-packaged• Share efforts

Students aren’t participating • Relevant and fun• Incentives• Advance promotion

Why it’s Important

What’s Being Done

What the Steps Are

3. IMPROVEMENT CONT…CHALLENGES

Challenges Solution(s)

The content is difficult • Outsource (i.e. tax expert)

• Take time• Break into steps• Simple language

We don’t have the expertise to set and measure benchmarks.

• Research• Use existing frameworks• Hire consultant

We’re not seeing the impact we expected

• Where are you looking? (web stats?)

• Intervene before decisions

• Progress is slow• Ask students about

long-term behaviour change

• Adapt program

Why it’s Important

What’s Being Done

What the Steps Are

3. IMPROVEMENT CONT…EXPANDING

$1.2 million a day is owed to Cdn. Government

How will you meet the need?

Consider this wish list: Audience: parents Delivery: curriculum Resources: partners Promotion: branding Evaluation: web stats,

fitness challenge!

How will you meet need?

In 2002, Ontario loans = $230 million

In 2010, Ontario loans =

$850 million

How will you meet need?

In 2002, Ontario loans = $230 million

In 2010, Ontario loans =

$850 million

CONCLUSION

Why it’s Important

What’s Being Done

What the Steps Are

© Diana Bahr

“Decreased financial anxiety = happy art-making.”-OCAD U student

It’s important School and beyond It’s our business We can lead

Getting it done CREATiveFund$ Landscape Research

Simple steps Ingenious idea Implementation Improvement

Awareness & Reward