Student Money Advice ServiceAnglia Ruskin University

Shannon Lynn Norton

Reason for the Project Changing funding model in the UK

Find out how aware students are of StudentMoney Advice and their current funds

Find ways to increase students financialawareness and capabilities

Research Questions1. How aware are students of Student Money

Advice Service and their funding?

2. How do students use their funding?

3. How can Student Money Advice increase thestudents’ financial awareness and capabilities?

Methods Qualitative with quantitative measures

Email questionnaire and one-on-one in person questionnaire

Current UK/EU students in May 2013 at ARU Cambridge and Chelmsford campuses

Data input into excel, short answers broken into themes, and tallied

Questions 1. Do you know where to get help with sorting out your funding or managing your

finances? Yes/No If Yes, is that within our university?

2. Do you know how much your funding is for this year? Yes/No If Yes: Fees? Maintenance?

3. Are you able to make your money last for the whole year? Yes/No If No, why not?

4. Aside from housing costs, on what do you spend the majority of your money?

5. Would you like to attend a money management workshop to improve your financial awareness? Yes/No If no, why not?

6. Did you know that the Student Money Advice Service had money management workshops both in Chelmsford and Cambridge during National Student Money Week earlier this year? Yes/No If Yes, how? If No, how would you like to be contacted about similar events in the future?

7. Do you think that money management and financial awareness should be taught as part of the curriculum at university? Yes/No

8. How can the Student Money Advice Service help you improve your financial capability/awareness?

Findings 100 total responses

40 from email questionnaire

60 from one-on-one in person questionnaire

Discussion Points Student Money Advice is valued

Student know where to go but not always aware of all theservices provided

Student want information early in their education

Food, Car/Petrol and Travel are biggest expenses

Students see value in classes or workshops but need incentives to attend

Students want emails but don’t always read

Need distinction between Financial Services and StudentMoney Advice

Short Term RecommendationsBefore the Fall Term Make ARU website easier to navigate to Student Money Advice page (especially from my.anglia)

http://my.anglia.ac.uk/Pages/staff.aspx

Send out flashy emails

Provide incentives for programs

Advertise the Money Advice Central mailbox

Shock Posters

Update Facebook/Twitter accounts regularly

Short Term RecommendationsIn the Next Six Months Continue progress on events calendar on webpage

Hold current programs• Cheap as Chips and Money Doctors

Develop interactive budget for webpagehttp://www.balancetrack.org/collegestudents/index.html

Short Term RecommendationsIn the Next Twelve to Eighteen Months Update 2014 Undergraduate Prospectus Catalog

Update Information for new students handout

Send Information to Parents

Add Yearly Expense sheet to student handoutshttp://www.sfa.osu.edu/awardguide/index.asp?tab=e;

Collaboration with Financial Services

Develop new workshops

Long Term RecommendationsIn the Next Three Years Compile scholarships in central location

Create on-line training• must complete to receive funding

Create permanent on-campus student jobs

Create meal plan and extend dining hourshttp://www.wrightstatedining.com/plans/index.html

http://urds.osu.edu/dining/meal-plans/

Take fees (accommodation/meal plans) out of maintenance funds upfront

Long Term RecommendationsIn the Next Three Years (Cont.) Change disbursement of funding

Students deposit funds into ARU account before start of classes

Long Term RecommendationsBeyond Three Years MyAnglia Card

• OSU BUCKID: https://buckid.osu.edu/• Wright1 Card: http://www.wright.edu/wright1-card

Create First Year Experiencehttp://www.sc.edu/fye/

http://www.wright.edu/uc/firstyear/experience/

One Stop for Studentshttps://www.wright.edu/raider-connect/loans-scholarships-and-grants

Create “work study” program

Increase number of advisers

Additional Resources Wright Financial Path: http://www.wright.edu/studentorgs/wfp/ shannon.norton@wright.edu ReferencesCreswell, J. W. (2007). Qualitative inquiry & research design: Choosing among five approaches (2nd ed.). Thousand Oaks, CA: Sage.

QUESTIONS?