Division of Undergraduate Studies 2016 Fall Conference Presentation by Penn State Financial Literacy Center Part of Money Counts: A Financial Literacy Series Brad L Yeckley MBA PhD(C) Penn State Financial Literacy Center 128 Outreach Building University Park PA 16802 bly106@psu.edu 814-863-0647

If money doesn’t grow on trees, then why do banks have branches? An academic advisers guide to helping students become more financially literate.

Description/Learning Objectives GETTING TO KNOW YOU WHAT IS FINANCIAL LITERACY ACADEMIC DECISIONS AND FINANCIAL IMPACT RECOGNITION, REASSURANCE, AND RESOURCES OPEN DISCUSSION AND QUESTIONS.

What brought you to this session? What has your experience been?

What is Financial Literacy?

What is Financial Literacy? Knowledge Financial Literacy Actions Behaviors

What is Financial Literacy? 100’s of Financial Literacy topics…….. What is an adviser to do?

What is Financial Literacy? Budgeting Using Credit Financial Aid Eligibility Student Loans Education as an Investment

What Students are Facing. Over 1 trillion dollars in student loan debt. 7.2% Unemployment 14.9% Underemployment (Economic Policy Institute, 2015) Most state educational systems do not require Financial Literacy. Higher costs of education, less money available. Students don’t know, what they don’t know…..

What Students are Facing. Students are unaware of their lack of knowledge

Academic Decisions and Financial Impact “Financial stress is often brought up by students in advising, and rightfully so since finances play such a large part in their academic decisions. ” 

Academic Decisions and Financial Impact Credit Loads

Academic Decisions and Financial Impact Credit Loads

Academic Decisions and Financial Impact Credit Loads Aid Eligibility

Satisfactory Academic Progress Academic Decisions and Financial Impact Satisfactory Academic Progress Aggregate Loan Limits Min Credit Requirements

Resources and Opportunities Academic Decisions and Financial Impact Credit Loads Aid Eligibility Resources and Opportunities

Personal finance-related courses Academic Decisions and Financial Impact Personal finance-related courses AYFCE 270 Consumer and Financial Skills MATH 034 The Mathematics of Money FIN 108 Personal Finance Financial Literacy Center Peer to Peer Counseling Budgeting Credit & Debt Management Student Loans

Recognition, Reassurance, Resources

Penn State Financial Literacy Center Recognition, Reassurance, Resources Academic Advising Penn State Financial Literacy Center Through interactions with DUS academic advisers, students are guided to make well-informed educational plans and create the most meaningful educations for themselves by using Penn State's many resources. DUS provides systematic decision-making tools, accurate and timely information, individual attention, and referrals when appropriate. The Pennsylvania State University is committed to provide students with the resources needed to make informed decisions regarding their money management The Pennsylvania State University financial Literacy’s mission is to provide students the ability to use knowledge and skills to manage financial resources effectively for a lifetime of financial wellbeing.

Recognition, Reassurance, Resources More than 70 percent of students feel stressed in regard to their personal finances. Only 30 percent of students reported participation in financial courses or events. Financial stress lowers students’ academic performance. Furthermore, financial stress has been linked to students’ decisions to reduce their course loads, withdraw from college completely to pursue full-time employment, and increase time to graduation (Joo, Durband, & Grable, 2008; Letkiewicz et al., 2014-2015)

Recognition, Reassurance, Resources Advisers are a first point of contact for students with high levels of stress. Financial or otherwise.

Recognition, Reassurance, Resources Advisers are a first point of contact for students with high levels of stress. Financial or otherwise. Many times students will self disclose sources of stress within conversations.

Recognition, Reassurance, Resources Advisers are a first point of contact for students with high levels of stress. Financial or otherwise. Many times students will self disclose sources of stress within conversations. Reassurance is key.

Recognition, Reassurance, Resources Advisers are a first point of contact for students with high levels of stress. Financial or otherwise. Many times students will self disclose sources of stress within conversations. Reassurance is key. Comfort in resources that are available.

Recognition, Reassurance, Resources Advisers are a first point of contact for students with high levels of stress. Financial or otherwise. Many times students will self disclose sources of stress within conversations. Reassurance is key. Comfort in resources that are available. Financial literacy is for everybody.

MoneyCounts: A Financial Literacy Series Thank You! Comments and Questions Brad L Yeckley MBA PhD(C) Penn State Financial Literacy Center 128 Outreach Building University Park PA 16802 bly106@psu.edu 814-863-0647