1. Gregory P. Valentine University of Southern Indiana Department of Economics and Finance 8600 University Boulevard Evansville, IN 47712 Katherine M. Sauer Metropolitan State College of Denver Department of Economics Campus Box 77 – PO Box 173362 Denver, CO 80217 Daria P. Sevastianova University of Southern Indiana Department of Economics and Finance 8600 University Boulevard Evansville, IN 47712 The Status of Post-Secondary Personal Finance Courses

2.  Paramount importance of financial literacy in the U.S.  Sparse academic literature  Council on Economic Education and Jump$tart Coalition Surveys  Personal finance education standards at the high school level (44 states)  Need for assessment of the current state of post- secondary personal finance education

3.  Web-based survey administered through the Center for Applied Research at USI  Invitation to participate e-mailed to NABTE representatives and Directors for Centers for Economic Education throughout the country  Objective and open-ended questions about personal finance courses at each institution

4. To assess the status of post-secondary personal finance education based on:  Type of course  Institutional location  Course audience  Enrollment  Course content  Instructor demographics  Administrative aspects

5. n % NABTE SCHOOLS7230 CENTER DIRECTORS AFFLIATED WITH THE COUNCIL FOR ECONOMIC EDUCATION 16670 SAMPLE DATA BASE

6. n% NUMBER OR RESPONSES RECEIVED6828.5 NUMBER OF RESPONDENTS THAT INDICATE THAT THEIR INSTITUTION DOES NOT OFFER A 4 PERSONAL FINANCE COURSE NUMBER OF RESPONDENTS THAT DID NOT COMPLETE THE SURVEY8 NET RESPONSE RATE 25.2 56 RESPONDENTS -- 25 STATES RESPONDENTS

7. Type of Course Offeredn % Credit Course46 82 Non-Credit Course2 4 Workshop16 29 None4 7 Location of Coursen % College/School of Business35 76 College/School of Education7 15 College/School of Liberal Arts2 4 Continuing Education2 4 Other Area6 13 Table 1: Institutional Information

8. YES%NO% Institutional Level counts toward core curriculum or general education8173883 School or College Level counts toward a school/college core requirement8173883 Program Level counts toward major, minor, or area of emphasis4988712 requirement for a major20652935 requirement for a minor or area of emphasis6194381 elective for a major14453555 elective for a minor or area of emphasis9294071 Table 2: Location of Credit Allocation

9. Credit BearingNon-Credit CourseBearing Course Workshop n%n%n% Freshman Only370017.1 Sophomore Only7160000 Junior Only7160000 Senior Only7160000 Open to All Students327300536 University/College Community 00150536 All Interested Parties00150536 Table 3: Course Audience

10. YES%NO% Pre-Requisite Information course has a pre-requisite124398 course is a pre-requisite for another course5114089 Course Setting traditional classroom setting409525 Assessment pre-test given494091 post-test given21472453 Duration whole semester439600 partial semester242100 Table 4: Administrative Aspects of Credit Bearing Courses

11. Credit BearingNon-Credit CourseBearing Course Workshop n%n%n% Number of Sections Offered 11943150215 2133000323 361400323 4 61415018 5 or more0000432 Number of Students Per Section 0-10613001185 11-209200018 21-301738110018 31-40490000 41-505110000 Over 50490000 Table 5: Enrollment Per Semester

12. Credit BearingNon-Credit Topics CourseBearing Course Workshop percentage of time spent on each topic Budgeting, Cash Flows121512 Taxes (Federal/State/Local)9109 Consumer Credit and Debt Management141015 Major Purchases (Home/Auto/etc)10 11 Risk Management (Life/Health/Home/Auto)10 11 Investment Fundamentals (Stocks/Bonds/MF)1215 Financial Decision Making (goals/time value money) 111012 Financial Responsibility910 Consumer Rights and Responsibilities8108 Other Topics500 TOTAL100 Table 6: Course Content

13. n% Rank Adjunct faculty1122 Lecturer/Instructor918 Assistant Professor48 Associate Professor1224 Full Professor1529 Years Teaching Personal Finance 1 – 52344 6 – 10510 11 – 1536 16 – 2036 Over 2024 Gender Female2956 Male2344 Table 7: Faculty Demographics

14.  Majority of personal finance courses bear credit and are offered within a College/School of Business.  Just over half of the respondents indicate that the course counts towards a major, minor, or an area of emphasis.  The three areas receiving the most course coverage are consumer credit/debt management, budgeting, and investment.  About one third of the courses are taught by full professors and one fifth are taught by adjunct faculty.