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Financial Stress: The Overwhelming Impact on Students NMASFAA March 27, 2014

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Financial Stress: The Overwhelming Impact on Students. NMASFAA March 27, 2014. Speakers. Brenda McCafferty Strategic Business Director Inceptia. Mike Lubben Vice President of Business Development Inceptia. Dr. Anthony Marin Director of Student Affairs & Enrollment Mgmt. - PowerPoint PPT Presentation

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Page 1: Financial Stress:  The Overwhelming Impact on Students

Financial Stress: The Overwhelming Impact on Students

NMASFAA

March 27, 2014

Page 2: Financial Stress:  The Overwhelming Impact on Students

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

Page 3: Financial Stress:  The Overwhelming Impact on Students

Agenda

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

Page 4: Financial Stress:  The Overwhelming Impact on Students

What is financial literacy?

4© 2014 Inceptia Confidential. Do not copy or redistribute without expressed written permission from Inceptia.

Page 5: Financial Stress:  The Overwhelming Impact on Students

5© 2014 Inceptia Confidential. Do not copy or redistribute without expressed written permission from Inceptia.

Page 6: Financial Stress:  The Overwhelming Impact on Students

Skills and Abilities

6© 2014 Inceptia Confidential. Do not copy or redistribute without expressed written permission from Inceptia.

Page 7: Financial Stress:  The Overwhelming Impact on Students

Confidence

7© 2014 Inceptia Confidential. Do not copy or redistribute without expressed written permission from Inceptia.

Page 8: Financial Stress:  The Overwhelming Impact on Students

Perspective

8© 2014 Inceptia Confidential. Do not copy or redistribute without expressed written permission from Inceptia.

Page 9: Financial Stress:  The Overwhelming Impact on Students

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

Page 10: Financial Stress:  The Overwhelming Impact on Students

10

Page 11: Financial Stress:  The Overwhelming Impact on Students

Cost of attendance is going up

Why?

11© 2014 Inceptia Confidential. Do not copy or redistribute without expressed written permission from Inceptia.

Page 12: Financial Stress:  The Overwhelming Impact on Students

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

Page 13: Financial Stress:  The Overwhelming Impact on Students

• 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.

Page 14: Financial Stress:  The Overwhelming Impact on Students

Financial Aptitude Analysis

14© 2014 Inceptia Confidential. Do not copy or redistribute without expressed written permission from Inceptia.

Page 15: Financial Stress:  The Overwhelming Impact on Students

• 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.

Kate Trombitas
I need some updated CDR info for this slide
Page 16: Financial Stress:  The Overwhelming Impact on Students

• 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.

Page 17: Financial Stress:  The Overwhelming Impact on Students

Inceptia Financial Stress Survey

17© 2014 Inceptia Confidential. Do not copy or redistribute without expressed written permission from Inceptia.

Page 18: Financial Stress:  The Overwhelming Impact on Students

Student Respondents by Rank

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

Page 19: Financial Stress:  The Overwhelming Impact on Students

Student Respondents by Institution Type

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

Page 20: Financial Stress:  The Overwhelming Impact on Students

Top Stressors

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

Page 21: Financial Stress:  The Overwhelming Impact on Students

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

Page 22: Financial Stress:  The Overwhelming Impact on Students

“My mom was in an accident and my parents’ income took a big hit.”

Page 23: Financial Stress:  The Overwhelming Impact on Students

“Not being able to afford groceries has been a cause for concern that I find frequently distracts me while doing my school work.”

Page 24: Financial Stress:  The Overwhelming Impact on Students

“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.”

Page 25: Financial Stress:  The Overwhelming Impact on Students

“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.”

Page 26: Financial Stress:  The Overwhelming Impact on Students

Impact of Financial Education

26© 2014 Inceptia Confidential. Do not copy or redistribute without expressed written permission from Inceptia.

Page 27: Financial Stress:  The Overwhelming Impact on Students

• 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.

Page 28: Financial Stress:  The Overwhelming Impact on Students

• 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.

Page 29: Financial Stress:  The Overwhelming Impact on Students

• 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.

Page 30: Financial Stress:  The Overwhelming Impact on Students

• 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.

Page 31: Financial Stress:  The Overwhelming Impact on Students

• 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.

Page 32: Financial Stress:  The Overwhelming Impact on Students

• 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.

Page 33: Financial Stress:  The Overwhelming Impact on Students

• 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.

Page 34: Financial Stress:  The Overwhelming Impact on Students

• 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.

Page 35: Financial Stress:  The Overwhelming Impact on Students

Q&A

35

Page 36: Financial Stress:  The Overwhelming Impact on Students

BRENDA MCCAFERTYStrategic Business Director

601.214.7224

[email protected]

Inceptia.org

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

Page 37: Financial Stress:  The Overwhelming Impact on Students

MIKE LUBBENVice President of Business Development

402.661.9455

[email protected]

Inceptia.org

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

Page 38: Financial Stress:  The Overwhelming Impact on Students

TONY MARINDIRECTOR, STUDENT AFFAIRS

575-646-1416

[email protected]

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

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