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Sailing away the winter blues with ISFAA …
2015 Winter Conference
Financial Literacy “ROI”
Constructing Measurable Financial Literacy Initiatives
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Contact Info
Michele Wedel, Adjunct Instructor Kelley School of Business, IUPUI(317) [email protected]
Sara Wilson, USA Funds(317) [email protected]
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Agenda
• Building The Program• Evaluating The Program• Discussion/Question & Answer
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Session Outcomes• By the end of the this session, you will be able to:
– Cite the importance of involving all stakeholders in the planning and implementation processes
– List the top financial literacy topics for the student audience
– Describe how to make financial literacy sessions interesting and relevant for students
– Use national datasets to develop an assessment plan to measure the impact of the financial literacy initiatives
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Why is financial literacy needed• Student loan debt over $1.1 trillion. Compared
to:– Credit card debt = $854 billion. – Auto loan debt = $877 billion.
• Average student loan debt is approx. $30,000.• Financial stress is one of the top reasons for
students leaving college prior to completing their education.
• CDR change from 2-year rate to a 3-year rate.
BUILDING THE PROGRAM
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Who needs to Be Involved• Implementing alone can be difficult• Identify the key stakeholders
– Who/what areas benefit from financial education• Or suffer from a lack of it
– Stakeholders will vary from campus to campus• Look for overlapping areas – the sweet spot
Students
Alumni Office
Financial Aid Office
Student Loan Indebtedness
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Potential key stakeholders• Admissions• Enrollment/Retention• Orientation/First-Year
Experience• Financial Aid• Academics/Academic
Services – Course curriculum,
academic advising, Higher Education Opportunity Programs, summer bridge
• Career Development/Services
• Administration– President’s office,
business office
• Support Services – TRIO, Upward Bound,
EOPS
• Alumni Services• Accrediting Organizations
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What is needed on my campus• Ways to determine the
most important financial literacy issues on your campus– Check with student-led
organizations– Talk with other
departments like financial aid, housing, advising, alumni and retention
– Survey students directly
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Create a Hub or Single Point of Contact
• For example, IUPUI Financial Wellness Committee– Led by Marvin Smith, Director of Student Financial Services– Representation by numerous stakeholder offices
• Financial aid• Student advising• Student housing• Student government• Undergraduate and graduate programs• Faculty• Office of Financial Literacy
– Significantly reduces silos/stovepipes; the barriers to communicating across the institution
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Start Small, Build Up
• Focus on the most important outcome(s)• Focus on what will impact the most number of
stakeholders
Students
Alumni Office
Financial Aid
Office
Student Loan Indebtedness
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How can I apply this?• Assess the need
– all stakeholders, instructional need• Clearly and specifically define the goals and
objectives of the lesson, course, presentation…– Start with goals, then assessment and finally methods
• Remember the learners’ perspective– What is driving them, make it relevant
• Design, implement, evaluate, repeat….
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Classes, Workshops, Forums, Oh My!
• Biggest lesson learned – Just because you build it, doesn’t mean they’ll come.
• Choose delivery methods that work best for you and your students.
• Variety is key – Meets the needs of different types of learners
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Classes, Workshops, Forums, Oh My!
• Formal admissions process• Freshman orientation
programs• First year experience
courses• Individual course work/
assignments• Incorporated into program
of study• Financial aid application
process• SAP appeals• Peer mentor programs• Electronic newsletter/
targeted emails• Group presentations/
workshops• Summer bridge programs
for high school students• Student Success Programs
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Classes, Workshops, Forums, Oh My!• Office of Financial Literacy
– Phil Schuman, Director– Money$marts web site
• FWC & SFS Leadership• For credit class
– Hybrid & Online– Same design
• Except for in-class portion
– Pre/post-Tests– End of course survey– Launched Fall 2013– FWC key to promoting– 306 so far, 88 started 1/12/15
• Silos reduced or removed!
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SLO’s for F151• Upon successful completion of this course students will
be able to:– Identify the benefits of using personal financial planning
techniques to manage finances. – Measure risk and return and explain the trade-off between
risk and return in personal finance decisions– Describe how to establish and maintain good credit– Establish a strategy for monitoring and defending their
financial identity – Identify and evaluate the components of a financial aid
package to make informed decisions regarding the acceptance of financial aid and the taking out of student loans.
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Make It Relevant • Topics of interest according to research
– Saving and investing for the future– Getting ahead financially after graduation– Avoiding credit problems and ID theft– Budgeting income and expenses– Financial aid and student loans
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Make It Relevant • Find ways to relate training to topics that matter
to students– Ways to save money on campus– Skills needed to make financial decisions students
are being asked to make• loans, food, housing, transportation
• Teach the concept, show an example and then have the students apply– Exercises can be simple and still teach life long
financial management and problem solving skills
EVALUATING THE PROGRAM/IMPACT
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Why Measure• Track progress towards goal(s) identified when
building the program• Assess effectiveness of program and make
improvements• Challenges:
– “Doing no harm” does not equal “doing good”– Difficult to prove scientifically (attribution vs.
contribution)• Solution: look for leading indicators — knowledge,
attitudes and behaviors
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What to Measure• What have others done? — Use national datasets
– Numerous school and program specific research studies– Some nationwide research on the state of financial literacy– Very few nationwide research on effectiveness
• What can you do? — Learning value chain – Input: volume and exposure– Reaction: satisfaction– Learning: knowledge and ability– Attitude: planned actions– Application: changes in behavior
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Kirkpatrick’s Four Levels of Evaluation
Kirkpatrick, D. L. & James D. Kirkpatrick. (2006). Evaluating training programs: The four levels, 3rd ed. San Franciso: Berrett-Koehler
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The Learning Value Chain - SimplifiedLevel Measurement Focus Key Questions
Input - 0Volume and exposure to materials
How many participants? What topics were presented?
Reaction - 1Satisfaction with program
Was the program relevant, important and useful at this time?
Learning - 2Knowledge and ability to apply newly learned skills
Did participants increase or enhance knowledge, skills or perceptions and have confidence to use them?
Attitude and Planned Action - 2
Participant planned actions
What’s one thing you plan to do differently related to managing your finances after receiving this training?
Application - 3 Changes in behaviorWhat did you do differently after related to managing your finances after receiving the training?
Impact - 4 ImpactDid it impact the bottom line? Did you meet your ultimate goal?
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What to Measure• Leading indicator examples:
– Number of borrowers and borrowed amounts.• Indiana University – 12% decrease in borrowing from 2012-13
to 2013-14.
– Number of SAP appeals (repeat vs. new).– Number of students retained from year to year.
• Discussion– What data might you have at your disposal that contains
leading indicators?– What new data could you collect? Remember to make it
measurable!
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How to Measure• Again, review the SLO’s identified when building the
program– Implement assessment methods that will measure
whether or not the SLO’s were met• Pre-test and post-test• End of course survey
– Self reported data, but is still a good way to measure
• Student surveys at set times after the course, workshop or other training/teaching event
• Grades
– Information can also be used to fine tune the instructional methods
I would recommend this course to other students.
Strongly
Agree
Agree
Undecided
Disagre
e
Strongly
Disagre
e0
5
10
15
20
25
Hybrid (26)
Strongly
Agree
Agree
Undecided
Disagre
e
Strongly
Disagre
e0
5
10
15
20
25
Online (39)
Because of this course I am better able to manage my personal finances.
Strongly
Agree
Agree
Undecided
Disagre
e
Strongly
Disagre
e02468
101214
Hybrid (26)
Strongly
Agree
Agree
Undecided
Disagre
e
Strongly
Disagre
e0
5
10
15
20
25
Online (39)
I can develop and use a budget to plan for and keep track of my income vs. expenses.
Strongly
Agree
Agree
Undecided
Disagre
e
Strongly
Disagre
e02468
10121416
Hybrid (26)
Strongly
Agree
Agree
Undecided
Disagre
e
Strongly
Disagre
e0
5
10
15
20
25
Online (39)
I understand my student loan repayment options and how to select one that fits my financial situation.
Strongly
Agree
Agree
Undecided
Disagre
e
Strongly
Disagre
e02468
10121416
Hybrid (26)
Strongly
Agree
Agree
Undecided
Disagre
e
Strongly
Disagre
e0
4
8
12
16
20
Online (39)
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Example Results: Life Skills• Nearly 728,000 courses completed by more than
214,000 students.• Average post-course assessment score: 88%• Immediate post-course survey (approx. 104,000
surveys):– Average student rating for usability, relevance and
satisfaction: 4.2 out of 5– Average knowledge before: 3.4– Average knowledge after: 4.4– Intent to change behavior: 94%
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Example Results: Life Skills• Follow-up survey (approx. 13,300 surveys):
– 90% reported making a positive change in behavior• Top behavior changes reported:
– I consider if an item is a need or want before purchasing it and spend less on wants.
– I established educational, financial and/or career goals.– I researched and understand the requirements to complete my
program of study.– I avoid taking on additional debt unless I am sure I can afford
the payments.– I spend more time on activities that help me achieve my
educational, financial and career goals.
DISCUSSION/Q&A
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Contact Info
Michele Wedel, Adjunct Instructor Kelley School of Business, IUPUI(317) [email protected]
Sara Wilson, USA Funds(317) [email protected]
