University Business - October 2011 - (Page 54)

cfo Campus Financial Literacy Programs and Tools at a Glance 360 Degrees of Financial Literacy www.360financialliteracy.org Free program from the American Institute of Certified Public Accountants to help Americans understand their personal finances through every stage of life Free, noncommercial online educational materials from the National Endowment for Financial Education Curriculum that helps those ages 12-20 learn the basics of handling money and finances, including how to create positive relationships with financial institutions Custom financial literacy programs for colleges and resources covering financial aid, career, and personal finance Multimedia education center to help students avoid common financial problems Suite of fee-based offerings designed to help Texas institutions prevent federal student loan borrowers from defaulting on their loans Tools to teach students how to manage their finances and time while they pursue their degrees and after graduation A 5-hour, web-based, self-paced financial education program that teaches students about personal finance through interactive gaming Dollars and sense CashCourse www.cashcourse.org a financial literacy program. Last year, staff at Iowa State University’s Financial Counseling Clinic, available to all students and partially financed by the student government, provided workshop presentations to more than 2,700 students by visiting classrooms, the Greek community, and residence halls. Jeanna Nation, financial counselor and lecturer, shares that more than 50 workshops were held around campus—an impressive number for a staff of two part-time financial counselors. “We’re hoping that if we can reach [students] early, hopefully they’re more prepared before they leave to start their career,” she says. Oklahoma State’s financial aid department uses new student orientation classes to spread the word about its CashCourse offerings. Newcomb and her colleagues set up eye-catching informational tables in the student union and food service areas. The counseling staff wear buttons advertising CashCourse, “just to get the conversation started,” says Newcomb. FDIC Money Smart for Young Adults www.fdic.gov/moneysmart iGrad www.igrad.com PNC Bank Financial Literacy 101 http://pnc.financialliteracy101.org TG HigherEDGE Default Aversion Solutions www.tgslc.org/products/higheredge USA Funds Life Skills http://www.usafunds.org/schools /Pages/LifeSkills.aspx Financial Intelligence www.higherone.com 3. Think in terms of wellness. A good way to get people thinking about financial literacy is to have them realize it’s part of their overall wellbeing. Obenauer of Creighton prefers the term “financial wellness” over “financial literacy.” “When it comes to health, we all know there are things we can do to take better care of ourselves,” he says. “So looking at it from that point of view where you’re talking financial wellness, there are things we can do to take better care of ourselves financially by making good choices.” In helping students build a set of financial skills, he makes sure they know how they’re spending their money and what they can or can’t do without so they’re ready for graduation and the real world. At Valencia, there is also a link between financial literacy and health. The ambassador program, where students are stringently recruited and trained to reach out to their peers about financial wellness, is inspired by a long-running peer education program focusing on health and wellness. Taking similar steps to educating the population about both issues brings financial literacy to the same level as staying healthy. 4. Offer a variety of resources. When it comes to financial literacy, it’s true that variety is the spice of life. Expecting students to keep visiting a website or attending programs where the content is boring or never changes simply isn’t realistic. “We feel that if a school provides finan- cial literacy, but it’s very narrow, meaning [students] learn something in some modules and take a test, that’s nice, there’s definitely some knowledge gain there, but it’s been proven time and time again that it’s shortterm learning,” says iGrad’s LaBreche. “We try to provide long-term learning.” This is why iGrad features video-based entrance and exit counseling, for example. “We know that audio and visual put together create a much better learning experience.” Valencia’s financial aid website links to numerous outside resources for students who want to learn the basics, and to other more specific resources for students with advanced financial interests. “We understand that students have different learning styles,” says Honious. universitybusiness.com 54 | October 2011 http://www.360financialliteracy.org http://www.cashcourse.org http://www.fdic.gov/moneysmart http://www.igrad.com http://pnc.financialliteracy101.org http://www.tgslc.org/products/higheredge http://www.usafunds.org/schools/Pages/LifeSkills.aspx http://www.higherone.com http://www.universitybusiness.com

Table of Contents for the Digital Edition of University Business - October 2011

University Business - October 2011
Contents
Editor's Note
College Index
Ad Index
Behind the News
Sense of Place
Viewpoint
Human Resources
Cloud Email
Tuition Setting
Campus CFO
Independent Outlook
End Note

University Business - October 2011