1 In Review: Howard University Financial Literacy Curriculum Debby Lindsey-Taliefero Lynne Kelly William Brent Russell Price 4th Annual Financial Literacy Leadership Conference October 3, 2011

2 Purpose To provide a better understanding of relevant factors that may influence the success of financial education at Howard University.

3 Literature

4 HU’s Financial Literacy Curriculum

5 HU’s Financial Literacy Construct

6 Methodology Survey data Financial literacy assessment (HU-NJS), n=166 HU Student Credit Habits & Behavior (HU-SCH&B) n=1,109 Descriptive & Inferential Statistics Mean, mode Frequencies, relative frequencies t-test difference between proportions Regression analysis

7 NJS (n=1,032) and HU (n=166) Financial Literacy Scores (FLS)

8 NJS’ Business and Economics Majors and HU FLS

9 NJS’ African American Students and HU FLS

10 Descriptive Summary of Measures used in the Financial Literacy Model

11 Financial Literacy Model

12 Factors Influencing Financial Literacy Knowledge College course in personal finance Seminars in money management and investments Having a checking account Balancing checkbook frequently Having student loans Preparing taxes on-line academic performance (GPA)

13 Factors Influencing Money Management ((HU-SCH&B) quantitative skills academic performance (GPA) student’s employment status having checking account student’s social class understanding credit report and score

14 Summary & Conclusion Socio-economic and demographic characteristics Students financial awareness. Curriculum effectiveness

15 Are there any unique socio-economic and demographic characteristics of the evaluated students that may impact financial learning? majority of HU students expect to pursue advanced degree come more often from middle-income families parent attended some college.

16 Are the evaluated students financial aware. If so, what are the key factors that influence their awareness? If not, what areas are they deficient? HU students’ financial literacy performance statistically no different than NJS’ room for improvement HU FLS=63.1% a minimum, 70% FLS.

17 Are the current financial literacy educational paradigms effective? Review revealed: Courses are effective in increasing total financial knowledge. Greatest impact on FLS experimental, then formal learning Continue with the seminars on Money Management/Investments and the Personal Finance and Personal Money Management courses. Seminars and courses are under utilized/too infrequently Need marketing strategy to increase enrollment

18 The Last Word Warren Buffet once said, “Someone’s sitting in the shade today because someone planted a tree a long time ago.” Financial Literacy: Bridge to a Greener Tomorrow. Not only does the “greener tomorrow” imply more savings, investments, and greenbacks for our nation’s students but also that we’re saving more trees for a greener tomorrow, too. Jump$tart, 2008