2012 Allied Social Science Association Annual Meeting Financial Education for Undergraduates: Just in Time? Too Late? Chicago, IL January 7, 2012 Thomas L. Harnisch Policy Analyst American Association of State Colleges and Universities (AASCU) Washington, D.C.

About AASCU Association representing nearly 420 state colleges and universities nationwide 4-year public institutions, with a region and community focus Committed to student access, affordability, and institutional quality Substantial proportion of first-generation, low-income students

Observations Financial education in higher ed driven by shift in funding, changing student populace, economic changes and complexity of student decisions Student financial stability and success often determines campus productivity and success Administrators are generally supportive of financial education, but institutional roadblocks remain

College Students’ Financial Landscape in 2012 Who is the undergraduate college student today? Shift in college cost burden from the state to students and families Postsecondary education generally remains an excellent investment---for everyone. As students and consumers-more choices, less security. Education is needed

Colleges and Financial Education Higher education is well-positioned to be a leader in this field Student financial and academic stability are intertwined Shift in discussion about higher ed today toward student completion and success--- institutional productivity!

Views of Administrators Campuses choose to offer financial education for different reasons Financial education programs are often very new Popular with students, recent alumni wished they’d had it Programs started small and have grown

Challenges for financial education A traditionally undefined role---no set “model” for financial education Each campus does it differently Competition for scarce campus resources and spot in curriculum Needs champions to be successful Demands dynamic faculty to sell the courses and programs

Conclusions This is an emerging area for higher education, expect more action in the coming years Financial education needs to be linked with student retention, completion and success Financial education programs would benefits from best practices, more data and further research

Sources Carnevale, T., Rose, S., & Cheah, B. (2009) “The College Payoff: Education, Occupations and Lifetime Earnings.” Georgetown Center on Education and the Workforce. (NPSAS:08)U.S. Department of Education, National Center for Education Statistics. Harnisch, T. (2010) “Boosting Financial Literacy in America: A Role for State Colleges and Universities.” AASCU Perspectives. acy.pdf acy.pdf Johnson, J., Rochkind, J., Ott, A. & Dupont, S (2009). “With Their Whole Lives Ahead of Them: Myths and Realities About Why So Many Students Fail to Finish College.” Public Agenda. Center for Postsecondary and Economic Success (2011) “Yesterday’s Nontraditional Student is Today’s Traditional Student.”

Thomas L. Harnisch Policy Analyst American Association of State Colleges and Universities Washington, D.C. ~ aascu.org/policy