2016 Fall Conference Presentation by Penn State Financial Literacy Center Part of Money Counts A Financial Literacy Series Brad L Yeckley MBA PhD C Penn State Financial Literacy Center ID: 556238
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Division of Undergraduate Studies2016 Fall Conference
Presentation by Penn State Financial Literacy CenterPart of Money Counts: A Financial Literacy Series
Brad L Yeckley
MBA PhD(C)Penn State Financial Literacy Center128 Outreach BuildingUniversity Park PA 16802bly106@psu.edu 814-863-0647Slide2
If money doesn’t grow on trees,
t
hen why do banks have branches?
An academic advisers guide to helping students become more financially literate.Slide3
GETTING TO KNOW YOUWHAT IS FINANCIAL LITERACYACADEMIC DECISIONS AND FINANCIAL IMPACTRECOGNITION, REASSURANCE, AND RESOURCESOPEN DISCUSSION AND QUESTIONS.
Description/Learning ObjectivesSlide4
What brought you to this session?What has your experience been?Slide5
What is Financial Literacy?Slide6
What is Financial Literacy?
Knowledge
Actions
BehaviorsFinancial LiteracySlide7
What is Financial Literacy?
100’s of Financial Literacy topics……..
What is an adviser to do?Slide8
What is Financial Literacy?
Budgeting
Using Credit
Financial Aid EligibilityStudent LoansEducation as an InvestmentSlide9
What Students are Facing.
Over 1 trillion dollars in student loan debt.
7.2% Unemployment 14.9% Underemployment
(Economic Policy Institute, 2015)Most state educational systems do not require Financial Literacy.Higher costs of education, less money available.Students don’t know, what they don’t know…..Slide10
What Students are Facing.
Students are unaware of their lack of knowledgeSlide11
Academic Decisions and Financial Impact
“Financial
stress is often brought up by students in advising, and rightfully so since finances play such a large part in their academic decisions.
” Slide12
Academic Decisions and Financial Impact
Credit LoadsSlide13
Academic Decisions and Financial Impact
Credit LoadsSlide14
Academic Decisions and Financial Impact
Credit Loads
Aid EligibilitySlide15
Academic Decisions and Financial Impact
Satisfactory Academic Progress
Aggregate Loan Limits
Min Credit Requirements Slide16
Academic Decisions and Financial Impact
Credit Loads
Aid Eligibility
Resources and OpportunitiesSlide17
Academic Decisions and Financial Impact
Personal finance-related courses
AYFCE 270 Consumer and Financial Skills
MATH 034 The Mathematics of MoneyFIN 108 Personal FinanceFinancial Literacy CenterPeer to Peer CounselingBudgetingCredit & Debt Management Student Loans Slide18
Recognition, Reassurance, ResourcesSlide19
Recognition, Reassurance, Resources
Academic Advising
Penn State Financial Literacy Center
Through interactions with DUS academic advisers, students are guided to make well-informed educational plans and create the most meaningful educations for themselves by using Penn State's many resources. DUS provides systematic decision-making tools, accurate and timely information, individual attention, and referrals when appropriate. The Pennsylvania State University is committed to provide students with the resources needed to make informed decisions regarding their money management The Pennsylvania State University financial Literacy’s mission is to provide students the ability to use knowledge and skills to manage financial resources effectively for a lifetime of financial wellbeing.Slide20
More than 70 percent of students feel stressed in regard to their personal finances. Only 30 percent of students reported participation in financial courses or events. Financial stress lowers students’ academic performance. Furthermore, financial stress has been linked to students’ decisions to
reduce their course loads, withdraw from college completely to pursue full-time employment, and increase time to graduation (Joo, Durband, & Grable, 2008;
Letkiewicz et al., 2014-2015)
Recognition, Reassurance, ResourcesSlide21
Advisers are a first point of contact for students with high levels of stress. Financial or otherwise.
Recognition, Reassurance, ResourcesSlide22
Advisers are a first point of contact for students with high levels of stress. Financial or otherwise. Many times students will self disclose sources of stress within conversations.
Recognition, Reassurance, ResourcesSlide23
Advisers are a first point of contact for students with high levels of stress. Financial or otherwise. Many times students will self disclose sources of stress within conversations. Reassurance is key.
Recognition, Reassurance, ResourcesSlide24
Advisers are a first point of contact for students with high levels of stress. Financial or otherwise. Many times students will self disclose sources of stress within conversations. Reassurance is key. Comfort in resources that are available.
Recognition, Reassurance, ResourcesSlide25
Advisers are a first point of contact for students with high levels of stress. Financial or otherwise. Many times students will self disclose sources of stress within conversations. Reassurance is key. Comfort in resources that are available. Financial literacy is for everybody.
Recognition, Reassurance, ResourcesSlide26
MoneyCounts: A Financial Literacy SeriesThank You!
Comments and Questions
Brad L Yeckley
MBA PhD(C)Penn State Financial Literacy Center128 Outreach BuildingUniversity Park PA 16802bly106@psu.edu 814-863-0647