Financial Stress: The Overwhelming Impact on Students NMASFAA March 27, 2014.
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Transcript of Financial Stress: The Overwhelming Impact on Students NMASFAA March 27, 2014.
Financial Stress: The Overwhelming Impact on Students
NMASFAA
March 27, 2014
Speakers
2© 2014 Inceptia Confidential. Do not copy or redistribute without expressed written permission from Inceptia.
Brenda McCaffertyStrategic Business Director
Inceptia
Mike LubbenVice President of Business
DevelopmentInceptia
Dr. Anthony MarinDirector of Student Affairs &
Enrollment Mgmt.New Mexico State University
Agenda
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What is financial literacy?
4© 2014 Inceptia Confidential. Do not copy or redistribute without expressed written permission from Inceptia.
5© 2014 Inceptia Confidential. Do not copy or redistribute without expressed written permission from Inceptia.
Skills and Abilities
6© 2014 Inceptia Confidential. Do not copy or redistribute without expressed written permission from Inceptia.
Confidence
7© 2014 Inceptia Confidential. Do not copy or redistribute without expressed written permission from Inceptia.
Perspective
8© 2014 Inceptia Confidential. Do not copy or redistribute without expressed written permission from Inceptia.
Responsible Financial Decisions9© 2014 Inceptia Confidential. Do not copy or redistribute without expressed written permission from Inceptia.
KnowledgeKnowledge
Skills/AbilitiesSkills/Abilities
Confidence/Efficacy
Confidence/Efficacy
PerspectivePerspective
10
Cost of attendance is going up
Why?
11© 2014 Inceptia Confidential. Do not copy or redistribute without expressed written permission from Inceptia.
19% of full-time students at public four-year colleges and universities
attend institutions that increased their published prices by 12% or more.
Why?
12© 2014 Inceptia Confidential. Do not copy or redistribute without expressed written permission from Inceptia.
College Board
• Cost of attendance is going up
• Young adults desperately lack financial skills
Why?
13© 2014 Inceptia Confidential. Do not copy or redistribute without expressed written permission from Inceptia.
Financial Aptitude Analysis
14© 2014 Inceptia Confidential. Do not copy or redistribute without expressed written permission from Inceptia.
• Cost of attendance is going up
• Young adults desperately lack financial skills
• Legislative environment
Why?
15© 2014 Inceptia Confidential. Do not copy or redistribute without expressed written permission from Inceptia.
• Cost of attendance is going up
• Young adults desperately lack financial skills
• Legislative environment
• Stress and money
Why?
16© 2014 Inceptia Confidential. Do not copy or redistribute without expressed written permission from Inceptia.
Inceptia Financial Stress Survey
17© 2014 Inceptia Confidential. Do not copy or redistribute without expressed written permission from Inceptia.
Student Respondents by Rank
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Student Respondents by Institution Type
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Top Stressors
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Qualitative Feedback
Health and Mental Health (Self)
Health and/or Death of Family Member
Concerns about Career and Educational Plans
Extracurricular Activities and Athletics
Relationships
21© 2014 Inceptia Confidential. Do not copy or redistribute without expressed written permission from Inceptia.
Top Stressors
“My mom was in an accident and my parents’ income took a big hit.”
“Not being able to afford groceries has been a cause for concern that I find frequently distracts me while doing my school work.”
“When all I can think about is money and how much I’m going to owe or how I can’t afford supplies, it’s hard to stay focused in school.”
“My mother is disabled and my family is below the poverty line. It’s hard for me to be off at school, eating regular meals and attending classes because I get student loans, while my family is at home and most likely without groceries.”
Impact of Financial Education
26© 2014 Inceptia Confidential. Do not copy or redistribute without expressed written permission from Inceptia.
• Red to Green Money Management Program• Title V Grant• Institutionalized• Inceptia• Wells Fargo Company• NMSU President’s Performance Fund
New Mexico State University
27© 2014 Inceptia Confidential. Do not copy or redistribute without expressed written permission from Inceptia.
• Staffing• Director, Student Affairs• Associate Director, Career Services• Peer Financial Literacy Coaches • Career Service Marketing Department• NMSU Financial Aid and Scholarship Office• Student Success Center, Associate Director• Student Success Center, Graduate Assistant• Private Industry Professionals• NMSU Faculty
New Mexico State University
28© 2014 Inceptia Confidential. Do not copy or redistribute without expressed written permission from Inceptia.
• Content• Student Financial Aid• Student Loans/Repayment• Identity Theft• Credit Score/Reporting• Credit Card Use• Budgeting• Financial Success
New Mexico State University
29© 2014 Inceptia Confidential. Do not copy or redistribute without expressed written permission from Inceptia.
• Hands on Banking and Financial Avenue
• University 114 Money Matter$• Wells Fargo Hands on Banking• Financial Avenue Modules• Financial Related Articles
New Mexico State University
30© 2014 Inceptia Confidential. Do not copy or redistribute without expressed written permission from Inceptia.
• Financial Success Workshops• UNIV Courses• University Courses Classroom Presentations• General Student Population• Federal, State, University Programs
• Individual Financial Success Sessions• Peer Lead
New Mexico State University
31© 2014 Inceptia Confidential. Do not copy or redistribute without expressed written permission from Inceptia.
• Financial Success Fair• Banks• Consultation• Financial Services• Investment Firms• Insurance• April 16, 2014
New Mexico State University
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• Social Media Blitz• Facebook• Twitter• Instagram• Pinterest
• Red to Green Money Management Program Website• Program Information• Financial Resources• Financial Avenue
New Mexico State University
33© 2014 Inceptia Confidential. Do not copy or redistribute without expressed written permission from Inceptia.
• University 114 Money Matter$• Wells Fargo• Financial Avenue Modules• Financial Related Articles
• Future Initiatives
• Evaluation Plan
• Outcomes
New Mexico State University
34© 2014 Inceptia Confidential. Do not copy or redistribute without expressed written permission from Inceptia.
Q&A
35
BRENDA MCCAFERTYStrategic Business Director
601.214.7224
Inceptia.org
Follow us on Twitter | @InceptiaFollow us on Twitter | @Inceptia36
MIKE LUBBENVice President of Business Development
402.661.9455
Inceptia.org
Follow us on Twitter | @InceptiaFollow us on Twitter | @Inceptia37
TONY MARINDIRECTOR, STUDENT AFFAIRS
575-646-1416
http://careerservices.nmsu.edu/red-to-green/
Follow us on Twitter | @InceptiaFollow us on Twitter | @Inceptia38