Financial Stress: The Overwhelming Impact on Students
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Transcript of Financial Stress: The Overwhelming Impact on Students
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Financial Stress: The Overwhelming Impact on Students
NMASFAA
March 27, 2014
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Speakers
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Brenda McCaffertyStrategic Business Director
Inceptia
Mike LubbenVice President of Business
DevelopmentInceptia
Dr. Anthony MarinDirector of Student Affairs &
Enrollment Mgmt.New Mexico State University
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Agenda
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What is financial literacy?
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5© 2014 Inceptia Confidential. Do not copy or redistribute without expressed written permission from Inceptia.
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Skills and Abilities
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Confidence
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Perspective
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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
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Cost of attendance is going up
Why?
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19% of full-time students at public four-year colleges and universities
attend institutions that increased their published prices by 12% or more.
Why?
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College Board
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• Cost of attendance is going up
• Young adults desperately lack financial skills
Why?
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Financial Aptitude Analysis
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• Cost of attendance is going up
• Young adults desperately lack financial skills
• Legislative environment
Why?
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• Cost of attendance is going up
• Young adults desperately lack financial skills
• Legislative environment
• Stress and money
Why?
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Inceptia Financial Stress Survey
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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
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Top Stressors
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“My mom was in an accident and my parents’ income took a big hit.”
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“Not being able to afford groceries has been a cause for concern that I find frequently distracts me while doing my school work.”
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“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.”
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“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.”
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Impact of Financial Education
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• Red to Green Money Management Program• Title V Grant• Institutionalized• Inceptia• Wells Fargo Company• NMSU President’s Performance Fund
New Mexico State University
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• 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
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• Content• Student Financial Aid• Student Loans/Repayment• Identity Theft• Credit Score/Reporting• Credit Card Use• Budgeting• Financial Success
New Mexico State University
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• Hands on Banking and Financial Avenue
• University 114 Money Matter$• Wells Fargo Hands on Banking• Financial Avenue Modules• Financial Related Articles
New Mexico State University
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• Financial Success Workshops• UNIV Courses• University Courses Classroom Presentations• General Student Population• Federal, State, University Programs
• Individual Financial Success Sessions• Peer Lead
New Mexico State University
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• Financial Success Fair• Banks• Consultation• Financial Services• Investment Firms• Insurance• April 16, 2014
New Mexico State University
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• Social Media Blitz• Facebook• Twitter• Instagram• Pinterest
• Red to Green Money Management Program Website• Program Information• Financial Resources• Financial Avenue
New Mexico State University
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• University 114 Money Matter$• Wells Fargo• Financial Avenue Modules• Financial Related Articles
• Future Initiatives
• Evaluation Plan
• Outcomes
New Mexico State University
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Q&A
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BRENDA MCCAFERTYStrategic Business Director
601.214.7224
Inceptia.org
Follow us on Twitter | @InceptiaFollow us on Twitter | @Inceptia36
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MIKE LUBBENVice President of Business Development
402.661.9455
Inceptia.org
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TONY MARINDIRECTOR, STUDENT AFFAIRS
575-646-1416
http://careerservices.nmsu.edu/red-to-green/
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