financial stress: the overwhelming impact on students

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

3© 2014 Inceptia Confidential. Do not copy or redistribute without expressed written permission from Inceptia.

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

18© 2014 Inceptia Confidential. Do not copy or redistribute without expressed written permission from Inceptia.

Student Respondents by Institution Type

19© 2014 Inceptia Confidential. Do not copy or redistribute without expressed written permission from Inceptia.

Top Stressors

20© 2014 Inceptia Confidential. Do not copy or redistribute without expressed written permission from Inceptia.

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

32© 2014 Inceptia Confidential. Do not copy or redistribute without expressed written permission from Inceptia.

• 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

brendam@inceptia.org

Inceptia.org

Follow us on Twitter | @InceptiaFollow us on Twitter | @Inceptia36

MIKE LUBBENVice President of Business Development

402.661.9455

mikel@inceptia.org

Inceptia.org

Follow us on Twitter | @InceptiaFollow us on Twitter | @Inceptia37

TONY MARINDIRECTOR, STUDENT AFFAIRS

575-646-1416

amarin@ad.nmsu.edu

http://careerservices.nmsu.edu/red-to-green/

Follow us on Twitter | @InceptiaFollow us on Twitter | @Inceptia38