Peer to Peer Financial Literacy Pilot Project Heather Miller Office of Financial Assistance University of the Incarnate Word Texas Association of Student Financial Aid Administrators

Scope of Project Develop and pilot a “Peer to Peer” financial literacy workshop at the University of the Incarnate Word Measure the impact on participant financial behaviors. Did motivation and behavior change occur? Create transformational learning experience for pilot participants (WIIFM Moment) Point In an effort to help undergraduate students, at the University of the Incarnate Word, I choose to collaborate efforts with the Office of Student Success’ First Year Engagement Peer Mentors, to pilot a peer lead financial education program. Work with Student leaders to create a campus financial awareness plan that may include items like the following:   Create a financial awareness on UIW social media sites: Measure the impact of financial literacy education training on financial behaviors- did change occur in spending/ saving habits? Attitudes towards money? Identify success and areas of opportunity for future financial literacy programs on UIW campus. Share results with other student leadership programs in Campus Life. Encourage Peer Mentors to take an active role in financial literacy initiatives on campus. Texas Association of Student Financial Aid Administrators

What Does Research Tell Us ? Maurer and Lee (2011), compared traditional vs. peer-lead instructional models for Financial Education programs Yielded positive learning outcomes (participants would consider taking small steps to change future personal spending habits) Brown (2009) suggests offering innovation delivery methods for financial literacy programs - young adults ages 16-22. Despite Best Efforts lack innovation Ensure participants are able to recognize financial behaviors and impact of borrowing student loans. Provide an opportunity for participants to express personal beliefs and shared experiences regarding debt and spending habits- “feeling not alone.” Introducing resources for students to manage personal finances and student loan debt. Texas Association of Student Financial Aid Administrators

Financial Challenges Facing UIW Students No financial survival plan during college Locating external financial education resources Graduating without a plan for student loan repayment an/or personal debt Provide Brief Background about UIW.. Private 4 year COA – 43,826 (on campus) $31,390 Off campus Default 6.7% average loan debt $29,0000. Need for innovative financial literacy program at UIW UIW students need to understand the cost of education and how to budget in order to avoid financial difficulties which may interfere with completing their program of study. Through peer financial coaching-help undergraduate students develop ways to better manage their finances and empower them to make good financial decisions. Provide financial literacy outreach where participants feel respected, understood and financial challenges college students face are addressed. Texas Association of Student Financial Aid Administrators

Cardinal Peer Mentor Participants Why Peer Mentor Participants? Selected participants for the pilot program were targeted for this project because of their leadership skills and campus involvement Participation in the project’s pilot program required participants to provide honest feedback and reflection, a skill set that peer mentors have developed in their position Research suggests that although student leaders are "deeply concerned" about their peers' financial stability, there is a knowledge gap. Texas Association of Student Financial Aid Administrators

Cardinal Peer Mentors Cardinal Peer Mentors targeted for their leadership skills and campus involvement Experience helping first-year students make a successful transition to the university Student leaders are "deeply concerned" about their peers' financial stability, but lack financial fundamentals. Peer Mentors will introduce first-year students to campus resources and provide personal and academic support. The mentoring relationship will empower the first-year students by promoting academic and professional excellence as well as responsibility for their learning experience. Additionally, the program will foster a social support system for students that will allow them access to information about student activities and campus life In a national survey conducted by the National Campus Leadership Council, student leaders tend to lack the level of expertise about general financial literacy to effectively communicate their benefit to other students (http://www.nationalcampusleaders.org/2015/07/21/students-speak-on-federal-student-aid-job-readiness/). This finding suggests that there is a need for adequate training regarding financial literacy among campus student leaders. Texas Association of Student Financial Aid Administrators

Training Workshop Phase 1 Fifteen student leader participants attended one hour workshop Pre/Post Lesson Survey Distributed (Money Habits/Attitude) Introduced participants to fundamental personal money management concepts… “Why I love my Budget” Tracking Student Loan Debt – Limit Over borrowing Credit basics. esson 1: Budgeting Prioritizing Needs vs. Wants Tracking Your Spending Lesson 2: What is Credit? Limiting “Credit Card” purchases Types of Credit (Standard, Secured & Retail) Know your score! (Who is FICO?) Lesson 3: Student Loans Borrow smart – repay smarter!  Texas Association of Student Financial Aid Administrators

Texas Association of Student Financial Aid Administrators Pre-post Test scores gathered from post tests can be analyzed to determine the extent of change in skill level after the transfer of learning phase, training workshop Low/High Scores reveal any changes to learning gains and motivation to change irresponsible financial behaviors Measure confidence levels regarding financial philosophy & Spending attitudes Track spending Recognize ideals &financial beliefs in relation to personality Texas Association of Student Financial Aid Administrators

SALT platform used to engage leaders during presentation Money Jeopardy Game Experimented with alternative content delivery (other than powerpoint) Lead group energizers to foster discussions

Phase 2 - Transfer of Learning Post workshop participants were required to complete at least online SALT Course at: (www.saltmoney.org). Conduct at least one classroom presentation (10 to 15 minute) Share experience- what they learned from training Email SALT online resources and content with First Year Mentees Encourage mentees : Four weeks into the Fall semester- apply money saving tips- consider paying for Spring term- set up a Budget- getting the value out of a budget Right Information at the Right Time (Sept – Oct) send SALT introduction email to 30 first year mentees) Texas Association of Student Financial Aid Administrators

Show online platform of SALT-Courses to complete on their own after presentation

Peer Mentor Reflection- Phase 3 8 of the 15 Cardinal Leader participants attended a focus group session at the end of the six week pilot Small group setting provided honest exchanges regarding strengths and weaknesses of the training program Participant feedback provided honest and authentic insight into the everyday financial challenges of UIW undergraduate students Shared experiences about real-life financial struggles, indicated that students associated their financial challenges with their college experience. Participants associated their financial struggles as a direct result of high college costs and inadequate financial aid resources Positive comments suggested that attitudes regarding saving money for educational expenses shifted after pilot program’s informational session Texas Association of Student Financial Aid Administrators

Contributions to the Financial Aid Profession An opportunity to measure the impact of innovative delivery methods and peer student models on financial perspectives among all student groups. (traditional /non-traditional) Continuously research effective ways for minimizing over borrowing and high-risk student loan repayment among UIW student populations. Introduce student instructors to first year seminar courses; inspire financially informed classroom activities Integrating financial literacy conversations through student support service programs may improve student success. Shared results with Student Success (share default management, retention, and career development initiatives) Texas Association of Student Financial Aid Administrators

References Jobst, V. J. (2014). Does a university financial literacy course change financial behavior? Journal of Higher Education Theory and Practice, 14(5), 63. Maurer, T. W., & Lee, S. A. (2011). Financial education with college students: Comparing peer- led and traditional classroom instruction. Journal of Family and Economic Issues, 32(4), 680-689. Texas Association of Student Financial Aid Administrators

Thank you! Heather Miller University of the incarnate Word Office of Financial Assistance hkmiller@uiwtx.edu