Focusing Financial Literacy Maximizing Efforts on Campus

University of Illinois Overview The Student Money Management Center (SMMC) was created by USFSCO to provide financial education to students on all 3 University of Illinois campuses. Public research university Serves over 77,000 students 22,900 full-time employees 9,415 graduate assistants Main campus locations: – Urbana-Champaign, Chicago & Springfield

Financial Literacy Intervention Methods SMMC uses both proactive & reactive approaches to financial education, including: – A Financial Literacy Requirement – Webinars – & Video Outreach – Targeted populations – Competition – Website – Workshops – Social Media

Financial Literacy Requirement Financial literacy has been beneficial in decreasing the amount of failed Past Due Payment Agreements when compared to cohorts without a financial literacy requirement (2010 Spring & 2010 Fall).

iBudget Financial Literacy: Requirement for Past Due Students Currently consists of: – A 30-minute Video – Quiz and Survey – Budget Builder 5

Summer Webinars for Students & Parents The Budget Pig (2011) – Marketed to New Students & Parents – Used pre-made Video – 70 Attendees/ 119 Registrants – University of Illinois Extension Educators as Financial Experts Cash at College: Spending, Saving & Student Loans (2012) – Marketed to All Students – Co-facilitated with University of Illinois Extension Educator – Used Interactive Polling & Chat – 86 Attendees/ 183 Registrants – Follow-Up s Sent Every Month 6

Webinars SMMC has partnered with University of Illinois Extension to provide webinars on various financial topics to students. Summer Webinar: The Budget Pig Marketed to New Students & Parents Consisted of Video & “Ask the Expert” 70 Attendees/ 119 registrants Summer Webinar: The Budget Pig Marketed to New Students & Parents Consisted of Video & “Ask the Expert” 70 Attendees/ 119 registrants Summer Webinar: Cash at College Marketed to All Students & Parents More engagement: live presentation, multiple speakers, polling, pre-test & post-test questions Monthly follow-up s FA12 & SP13 86 attendees/ 183 registrants Summer Webinar: Cash at College Marketed to All Students & Parents More engagement: live presentation, multiple speakers, polling, pre-test & post-test questions Monthly follow-up s FA12 & SP13 86 attendees/ 183 registrants Spring Webinar Series: Money In Bloom Open to all college students in Illinois Covered several topics, including: Financial Wellness While Abroad Staying on Good Terms: Credit & Debt Making the Most of Job Benefits Spring Webinar Series: Money In Bloom Open to all college students in Illinois Covered several topics, including: Financial Wellness While Abroad Staying on Good Terms: Credit & Debt Making the Most of Job Benefits

Student Account Refunds Outreach: Video & s SMMC created a 6-minute YouTube Video to educate students on the purpose of their refund, how to manage it effectively and reasons they could still owe money to the University after receiving a refund. 8 Created in Fall 2011 Views: 1,393 Outreach Methods: Targeted Automated Social Media

Targeted Populations

Competition In 2012, SMMC, University of Illinois Extension and Consumer Federation of America partnered to pilot the first ever savings competition on a college campus. Primary goals of the savings competition included: – Enable people to practice a positive financial behavior: Saving – Connect people to ongoing financial resources

University of Illinois Saves: Promoting Saving thru Competition 2012: Over 750 students, staff and faculty from all 3 University of Illinois campuses were eligible to win prizes for setting a savings goal at universityillinoissaves.org. universityillinoissaves.org 2013: As in 2012, the campus with highest % of savers will win. Prizes have been eliminated as a motivator for this year’s competition due to feedback from previous year. 11

Workshops & Partnerships to Promote Financial Literacy SMMC has facilitated workshops on a variety of topics on each of the campuses: – Budgeting (for specific populations) – Credit – Financial Aid – Taxation of Waivers for Graduate Students – Etc. Without partnerships with various campus units that we have built, SMMC would not have the impact that we do with our students 12

Social Media – Twitter, Facebook, YouTube & FourSquare Facebook Page – Awareness Builder Twitter – Online Discussion Tool (Tweet Chats) YouTube – Educational & Awareness Video Platform FourSquare – Connection to Physical Campus Use of online, social media tools are supplemental to face- to-face interaction, not a stand-alone for financial education

Summary Evaluate educational interventions & re-design if necessary Build and utilize relationships with “trusted messengers” Targeted groups help focus messaging & outreach methods A multi-faceted approach to financial literacy helps provide educational opportunities to a variety of learners – Financial Literacy Requirement – Supportive Structures: Peer Mentoring, 1-1 Counseling – Availability of Resources & Tools: Online, Pamphlets, etc. studentmoney.uillinois.edu