Embed Size (px)
Citation preview
MASFAA 2013
October 6th – 9th, 2013
Indianapolis, Indiana
Reality Store™ - Preparing for the Next Generation of College Bound Students
Amy Gaffney, University of DubuqueJayne Dinse, South Central College
Agenda
What is financial literacy? Why financial literacy? What is the Reality Store? Adaptations
2
3
What is financial literacy?
Financial literacy is the ability to understand how money works in the world: how someone manages to earn or make it, how that person manages it, how he/she invests it (turn it into more) and how that person donates it to help others
4
Why financial literacy?
2 in 5 US adults gave themselves a C, D, or F on their knowledge of personal finance
56% admit they do not have budget
1/3 or more than 77 million Americans, do not pay all of their bills on time
2 in 5 adults indicated they are now saving less than they were one year ago and 39% do not have any non-retirement savings
National Foundation for Credit Counseling, Inc., Financial Literacy Exposes Significant Gaps in Grasp of Personal Finance Skills, April 2012
5
Why financial literacy?
41% US moms said they wish they were more informed about managing money/being financially responsible, so they could pass that knowledge on to their kids.1
While 89% of K-12 teachers agree that students should either take a financial education course or pass a competency test for high school graduation, relatively few teachers believe they are adequately prepared to teach personal finance.2
81% of parents feel it is there responsibility to teach their kids about money and savings.3
◊ 1 iVillage, iVillage and Pass from American Express (SM) Partner to Launch The Talk to Mobilize Moms to Talk to Teens About Money, September 15, 2010.
◊ 2 National Endowment for Financial Education, Are Teachers making the Grade in Personal Finance Education?, May 4, 2010
◊ 3 DoughMain, Study Reveals Need for Tools to Help Parents Teach Kids About Savings, February 17, 2012
6
Why financial literacy?
About half of senior girls shopped two or more weeks to pick out a prom dress and half of senior boys spent 2 or more weeks deciding whom to ask the prom◊ In contrast, nearly half of high school seniors spent five or
fewer hours learning how to pay for college.1
87% of high school seniors report that their parents are their primary resource for information about money management and personal finance issues, but only 22% report that they talk to their parents about money management “frequently” and 44% say that they “sometimes ask their parents questions” about personal finance.2
◊ 1 Sallie Mae, Sallie Mae survey reveals high school seniors spend more time planning for prom than financial planning for college, May 11, 2011◊ 2 Capital One, As High School Graduates Open The Gifts, Parents Have Key Opportunity to Talk Money Management, June 14, 2011.)
7
What is the Reality Store™?
MASFAA Family Education Concerns committee annually sponsored event
An interactive activity for eighth grade students designed to teach them budgeting skills, the correlation of educational level to employment opportunities and income variance
The Reality Store™ is a trademarked name for this activity [MASFAA has been granted permission to use]
8
What is the Reality Store™?
The traditional Reality Store™ event will require:◊ Cooperative school◊ 20 volunteers◊ 4 hours of time for actual activity◊ Travel for volunteers to location◊ School supplies and t shirts for students◊ T shirts for volunteers
9
IASFAA
Started offering annually its own version of the Reality Store™ in 2007
Contact a school in an outlying community
IASFAA member volunteers throughout the state
School supplies Pizza afterwards for students,
volunteers
10
Costs for Reality Store™
School supplies – pencils, folders, flyers, calculators, bags
Copies of worksheets for students Volunteers, time and travel Food Donation to school Miscellaneous supplies
◊ Signage for stations, online resources, participant survey (students and volunteers)
◊ “Bingo wheel”◊ Method to determine marital status (ping pong balls)
11
How it has evolved
Over time things change ◊ Resources
• Funds by IASFAA• Back packs• Calculators• Folders• T-Shirts
12
How it has evolved
◊ Volunteers • Leadership symposium participants• School staff• Parents
The school & local businesses that participated in 2011 and have continued the event on their own…..
…….without IASFAA!
13
How it has evolved
◊ Time allotment• 4 hours, 3, 2, even 1 hour
◊ Facility• Gymnasium, cafeteria• Classroom
14
ICAN
The Iowa College Access Network (ICAN) empowers Iowans to achieve their educational and career goals through statewide comprehensive outreach, initiatives and partnerships with schools, groups and businesses.
ICAN hosts its own Life Store event, similar to Reality Store™
Developed an alternative method of presenting a classroom lecture rather than 18 station process
15
University of Dubuque stats
Population = undergrads, graduates, seminary, and doctorate
Undergrads◊ Enrollment (2012-13) = 2013◊ Undergrads = 1676◊ 1st generation = 597◊ Pell = 55%
16
UD adaptation
Personal Financial Stewardship class
Offered PFS as a J-term course
2012 first event at local Middle School
College students taking PFS hosted the event rather than professional staff
17
UD Challenges
UD did not have a budget for this event
UD did not have the staff for the event
Only attended Reality Store™ once myself
RISKY!
18
UD Advantages
J-Term
Faculty & staff
Local school cooperated
IASFAA supplies
19
Other events
Indian Hills Community College hosted for freshmen fall 2012 using IHCC staff, #70 students participated
Allen College of Nursing held the event for summer program of high school age students
Upper Iowa University hosted 4 events in the 2012-13 year in area communities – inspired by parents!
20
Summary of Adaptations
Number of volunteers or hosts (1 – many)
Audience – 8th graders through college students
Style of event:◊ Traditional – 18 stations, etc…◊ Classroom setting - Powerpoint or Prezzi◊ Hybrid – present classroom style for first
few stations, then remaining stations use funnel process
21
Additional ideas
Additional resources (Department of Ed materials, National Foundation for Credit Counseling, Inc., Jump Start Coalition, etc… )
Bookmarks promoting website or event Sample press release Pictures of event Donations – calculators, flyers, booklets
on budgeting, pencils
22
What is the goal?
51% of high school students surveyed wished their current high school offered financial literacy instruction for them and their families to prepare for college costs
55% of teens surveyed say they want to learn more about how to manage their money
◊ College Savings Foundation, High School Students Unprepared for Rising Costs of College with Deep Divide Between Funding Plans and Actions, says College Savings Foundation’s Survey of American Youth, February 22, 2012.
◊ Capital One, Capital One’s Annual Back-to-School Shopping Survey Reveals Gap in Back-to-School Budget Expectations Between Parents, Teens, August 15, 2011.
23
Your thoughts?
Tactics, strategies you have tried? What are your hesitations? Challenges?
24
Resources
Jump Start Coalition www.jumpstart.org
National Endowment for Financial Education www.nefe.org
Practical Money Skills www.practicalmoneyskills.com
My Money www.mymoney.gov
Many, many of the vendors of our state associations and MASFAA
Questions
26
Presented by
Amy Gaffney ◊ Associate Director of Student Financial
Planning, University of Dubuque, [email protected]
Jayne Dinse ◊ Financial Aid Director, South Central
College, [email protected]
