Financial Literacy: How to Equip Students with Financial Management Skills (EQUIP)

Transcription

1 Financial Literacy: How to Equip Students with Financial Management Skills (EQUIP) Sara I. Gamez, Associate Director Student Support & Equity Programs, Cal Poly Pomona Makeda D. Bostic, Coordinator Renaissance Scholars, Cal Poly Pomona Renaissance Scholars Student Panel

2 Who s in the Room? u Campus Representatives (Faculty / Staff) u Students / Scholars u Administrators u Service Providers How many of you are here to get tools to support your students in Financial Literacy & Management?

3 Presentation Overview u Framework & Curriculum u Resources u Curriculum Implementation (Foundations) u Forms (CPP) u Community Partnerships (CPA, Credit Union, State Farm) u Emergency Fund u Student Stories u Lessons Learned

4 Financial Literacy Financial Literacy as defined by Remund (2010) "a measure of the degree to which one understands key financial concepts and possesses the ability and confidence to manage personal finances through appropriate, short-term decision-making and sound, long-range financial planning, while mindful of life events and changing economic conditions" (p. 284). The development of financial education programs for college students will need to address their stage of life, cultural factors, family influence, economic conditions, and behavioral patterns. (Gilligan, H., p. 182, 2012)

5 Casey Family Programs: Supporting Success Framework Improving Higher Education Outcomes for Students from Foster Care

6 Cal Poly Pomona Renaissance Scholars Financial Literacy Programming u Financial Aid Meetings u Quarterly / Yearly Budgeting Plans u Summer Planning u Foundation for Personal Finances: College Edition

7 Financial Aid Planning Meeting u 1 Meeting per quarter (ideally early in the quarter/semester) u Review of Financial Aid Package u Complete a Budgeting Form u Sample questions to discuss & review with student u Have your received all financial aid awards & scholarships? u Are you eligible/receiving AB 12 our other outside assistance u Are you working? u What are your summer housing plans?

8 Budgeting Plans

9 Foundations in Personal Finance: College Edition Chapter 1: Savings: Explains the three reasons to save money: emergencies, large purchases, and wealth building. Evaluates emergencies that can happen during college and how to prepare for them. Chapter 2: Budgets: Provides instruction on designing and applying a zero-based budget based on students' income and expenses. Analyzes ways to earn money while attending college. Chapter 3: Debt: Describes the critical reasons for avoiding debt and illustrates how to reduce debt by applying the debt snowball. Chapter 4: College Student Essentials: Identifies possible majors and careers based on personality type and demonstrates how to apply for financial aid. Provides instruction on calculating tax withdrawals and completing tax forms. Chapter 5: Family, Friends & Philanthropy: Evaluates different personality traits in relation to money management. Encourages healthy communication about money with family, roommates & others. Discusses giving time and money to help others in need.

10 Foundations in Personal Finance: College Edition

11 Foundations in Personal Finance: College Edition Sample Video Curriculum Foundations in Personal Finance College Edition : Murphy's Law

12 Community Partnerships u On-Campus Bank Cal Poly Pomona Credit Union u State Farm Insurance u Bus Company Foothill Transit u Financial Advisor - CPA

13 Emergency Funding Support u Emergency Funding Meeting u Review financial aid meeting information gathered during quarterly meetings Specifically the students budgeting plans u Discuss spending behaviors & consequences of behaviors u Assist student in completing Emergency Funding Request form u Discuss timeframe for processing Approvals and funding disbursement

14 Emergency Funding Support Food Insecurity Medical

15 Emergency Funding Process Things to Consider u Application process u MOU s with departments needed? u Approval process u Types of request considered? u Amount Cap? u How many request per year? u Post approval action plan for students?

16 Renaissance Scholars Student Panel

17 Lesson s Learned u Encourage student pro-activeness in their own financial & future planning u Planning early for summer (The earlier the better!) u Student acknowledgment for successful financial planning followthrough u Emergency Fund Strategic Fundraising (to fit all areas of need) u MOU s across departments for processing E-Fund Requests (on and off-campus) u Financial Aid Partnership Critical in processing funding u Creative ways to reinforcing new information (re-teaching the info)

18 THANK YOU California Polytechnic State University, Pomona Sara Gamez, M.S. Associate Director, Student Support & Equity Programs Makeda D. Bostic Renaissance Scholars Coordinator

19 References Casey Family Programs (2010). Supporting success: Improving higher education outcomes for students from foster care (Version 2.0). Seattle, WA: Casey Family Programs. Retrieved from SupportingSuccess.htm Gilligan, H. L. (2012). An examination of the financial literacy of california college students. Retrieved from search.proquest.com/docview/ ?accountid=10351 Remund, D. (2010). Financial literacy explicated: The case for a clearer definition in an increasingly complex economy. The Journal of Consumer Affairs, 44(2), Ramsey, D. (2015). Foundations in personal finances: College edition. Retrieved from