NEW INITIATIVES Each year we continue to add new financial-literacy topics, often by connecting to new organizations and speakers. Within the past year, new programs included: • In fall, we worked with the Smiley Professional Events team to bring nationally-known speaker Colin Ryan to campus. As he presented his “Comedic Guide to Money” to a large crowd (254 students),
FINANCIAL COACHING
Ryan emphasized that “knowledge is power” when it comes to money management and that students could continue their financial learning by connecting with our FLA. • In spring, with help from the C2C Center, we launched a new online-learning tool called Money Smart . Students have access to about 20 different financial-learning modules, each about an hour in length. A typical module includes a video by a financial expert, worksheets and links to helpful web sites. We envision this becoming a tool that students can utilize throughout their time at UWSP. • We also expected to present a new event in
Tracy Hofer, Ph.D. Financial Literacy Association Adviser School of Business and Economics
Financial literacy is vital for college students. Research has shown the importance of student financial literacy for student retention and graduation. With C2C Center funding, SBE has expanded financial literacy training, information sessions and one-on-one financial coaching. The Financial Literacy Association (FLA) is a UWSP student organization created to bring financial literacy to all UWSP students. The idea for financial-literacy training on campus began in spring 2014 when students started participating in a Portage County/UW-Madison Extension Financial Coaching program. Soon more students requested training through the Portage County/UW-Madison Extension Financial Coaching program than there were slots available. It was then decided to move the training of UWSP students onto campus and place it under the organization of the student group that eventually became the FLA. Since fall 2014, the FLA and Portage County/UW-Madison Extension have held two training sessions each academic year. The training sessions are intensive, full-day workshops, with follow-up check-ins for the new coaches. On average, 15 students are trained to be financial coaches each semester. There are currently two paid interns to coordinate the financial literacy program on campus under the direction of FLA faculty adviser Prof. Tracy Hofer. The interns take the lead in scheduling one-on-one coaching sessions and group events. We work with Smiley Professional Events to offer Pro Events credit for both one-on-one coaching sessions and group financial-literacy events. We have also worked with local financial institutions, including U.S. Bank and UW Credit Union, to bring new events to campus. 2019-20 ACTIVITIES Before the COVID-19 campus shut-down, we had a busy and productive year improving financial literacy at UWSP. While our flagship program is one-on-one financial coaching, we also focus on group events to improve financial literacy on campus. SUMMARY Here is a summary of the group and individual activities overseen by the FLA in recent years: Financial Coaching Activities 2019-20 2018-19 Group events (in hours) 25 39 Group events (attendance) 600 700 Individual coaching sessions (in hours) 10 6 Total student-contact hours (group and individual) 1,200 1,800 Please note that 2019-20 data extends only to March 13. (We were on pace for a record year!)
spring called The Price Is Right for Personal Finance . The event would engage students in a game- like environment to learn more about personal finance. An exciting set of prizes had been donated by local businesses to encourage student attendance. Unfortunately, this event was postponed due to COVID-19 but we hope to hold it in the near future. OTHER HIGHLIGHTS Some of the other important ways we promoted financial literacy in the past year were: • Offering one-on-one financial coaching to students , either by appointment or during scheduled office hours. A financial coach can help students with planning, researching and completing financial goals. • Presenting group events on campus , on budgeting, credit use and scores, financial aid, fringe benefits, scam prevention and ID protection. • Hosting an interactive Financial Fair. First started in fall 2018, this innovative event takes places every semester. Students move from station to station, meeting different representatives and learning about different financial topics. Themes have included credit scores, budgeting, investing strategies and student loan repayment. Attendance is consistently strong, with 54 attendees in fall 2019 and 117 attendees in spring 2020. Students rate this event as excellent, with exit survey scores averaging 8.5 on a 10-point scale (10 being high). 2020-21 PLANS We will continue our efforts to improve students’ financial literacy and thereby contribute to improving UWSP’s rates of student retention and graduation. We expect to be working on: • Adapting our group events and one-on-one coaching to online formats, as needed. • Reaching out to specific populations on campus (e.g. veterans) to have trained coaches and customized presentations for those groups. • Working with the Smiley Professional Events team to bring top financial authors/experts to campus. If we can attract students to a financial-literacy event with a well-recognized speaker, we can get them thinking about managing their finances.
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Anderson Classroom to Career Center
Annual Report 2019-2020
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