This is our Response TeamProgram delivery responsibility for Cooperative Extension, Education, and Research:The federal, state, and local partnerships are recognized as the most valuable delivery system. At the Local Level there are over 3,000 counties throughout the United States with a Cooperative Extension System presences in each county. At the State Level there are Land Grant Colleges and Universities (1862, 1890, and 1994) and at the Federal Level is USDA – NIFA, Division of Family and Consumer Sciences.
College Students and Saving – why it is importantAmerica Saves and America Saves Week as an opportunity to respond to the need for savingsA successful model developed at the University of IllinoisHow you can replicate the University of Illinois modelQuestions and Answers – throughout webinar with chat & at end of presentation
Today’s objective: describe our project in a way that you can evaluate whether you can utilize some of our strategies in your program. To encourage that, we’d like this to be an interactive webinar.
Students now foot an expanding share of the college tuition bill, while parents scale back. Drawing from savings, income, and loans, students paid 30 percent of the total cost of attendance last academic year, up from 24 percent four years earlier. Sallie Mae, 2012, https://www1.salliemae.com/about/news_info/newsreleases/Sallie+Mae+Releases+2012+How+America+Pays+Study.htmFor young college graduates, the unemployment rate was 10.4 percent in 2010 and 9.4 percent over the last year, while the underemployment rate was 19.8 percent in 2010 and 19.1 percent over the last year. Economic Policy Institute, 2012http://www.epi.org/publication/bp340-labor-market-young-graduates/Two-thirds of college seniors who graduated in 2011 had student loan debt, with an average of $26,600 per borrower. Project Student Debt, http://projectonstudentdebt.org/, 10/18/12Credit card ownership by college students has dropped two years in a row. Overall, 35 percent of undergrads carried a credit card, down from 42 percent in 2010, with the sharpest drops among sophomores and juniors. Of those with a card, the average balance was $755. Sallie Mae, 2012
On of the biggest questions we get is “What can we do during America Saves Week?”
America Saves quarterly newsletterAmerica Saves “Savers Tracking Tool”E-Newsletters from University of Illinois ExtensionFinancial Wellness for College StudentsPlan Well, Retire Well
Three motivating factors in the competition
Talk about what they didArticle announcement in Inside Illinois too; Michelle submitted itAsk participants for ideas here
709 people indicated a college campus
32% of savers opted to receive one of the extra newsletters from University of Illinois Extension; this suggests that many participants were seeking financial education in order to improve their financial practices.
Numbers run on Monday following week; closed it on Thursday 8 weeks plus 4 days
Higher involvement of staff at UIUC; perhaps due to Wellness Center contributions at UIUC – also announced at UI Extension statewide staff meeting
Email news announcements and newsletters that people were familiar with proved to be very helpfulGrad CollegeWellness CenterHuman Resources
About 150 likes on winning photo
Ask for participants ideas for other marketing ideas
Add in particular hot spots
pictures had more impact than any other type of post. So updates about the competition being in a graphic format was beneficial for driving the competition.
Katie and George – I think this would be good in the resource packet. Kathy
Using Competition to Motivate Students
Susan S. Shockey, Ph.D., CFCS, CPFFE USDA, National Institute of Food and Agriculture George Barany, Consumer Federation of America Andrea Pellegrini, University of Illinois, USFSCO, Student Money Management Center Kathy Sweedler, University of Illinois Extension
George Barany Director or Financial Education, Consumer Federation of America Susan Shockey Susan S. Shockey, Ph.D., CFCS, CPFFE Kathy Sweedler USDA, National Institute of Food and Andrea PellegriniConsumer Economics Educator, Agriculture Visiting Assistant Director, Student University of Illinois Extension Money Management Center, University Student Financial Services and Cashier Operations, University of Illinois 2
College students and savings America Saves and America Saves WeekA successful pilot model for reaching college students and staff How you can replicate the University of Illinois model Questions and answers 5
Students now foot an expanding share of the college tuition bill, while parents scale back. Difficult job market Increasing student loan loads Source: Sallie Mae, 2012, https://www1.salliemae.com/about/news_info/research/how_america_pays_2012/ 10
84% of undergraduates admitted the need for more financial management education. Of these, 64% would have preferred some type of financial literacy education in high school and 40% as college freshman. (Source: Sallie Mae, "How Undergraduate Students Use Credit Cards: Sallie Maes National Study of Usage Rates and Trends 2009") 11
In a CFA/Financial Services Roundtable 2009 Study: 68% of low income households do not have a saving or money market account 52% of moderate income households do not have a saving or money market account 42% of middle income households do not have a saving or money market account 12
The average employee spends 28 hours each month worried about, calculating, or stressed over finances, costing employers $5,000 a year in lost productivity. The Federal Reserve, 20108 out of 10 people identify money as a significant source of stress. American Psychological Association, 2009 Personal finance is the number one personal issue causing stress in the workplace. ComPsych printed in USA Today, 2010 13
Think like a Saver o – what do I need and where can I get it for the lowest price Shop like a Saver o Buy what is on sale, wait until it goes on sale, use coupons, pay in cash not credit Act like a Saver o Save a minimum amount every month even if it is only $25 14
an opportunity to respond to the need for savings
An opportunity for Americans to assess their financial condition and goals A dedicated time for financial action A time for organizations and institutions to emphasize Automatic Saving and make it easy to start 16
A national initiative with thousands of local partners including: Organizations encourage and assist Americans, especially lower- income households, to start saving and build wealth Over 300,000 Savers and growing Annual reach of more than 30 million peopleCollaborators/Partners FDIC -- Federal Reserve Board JumpStart -- Social Security Administration OCC -- Department of Defense Cooperative Extension -- ABA Educational Foundation CUNA -- Many others 17
America Saves Week 2012 ResultsAmerica Saves Week 2012 saw the largest organization participation since its inception 815 organizations signed up on AmericaSavesWeek.org An estimated 2,000 organizations involved in America Save Week activities across 48 states Reached over 31,000,000 people. 18
1) Embed an annual time for college students and staff to be motivated to save 2) Create a replicable model 3) Motivate people to set a savings goal. 4) Connect people to continuing financial education 5) Encourage the development of positive financial behaviors 20
People Want to Save Money o UI Saves provides an easy way to set goal and take step towards saving Competition between University Campuses o University of Illinois at Chicago, at Urbana-Champaign, at Springfield o Included students, staff and faculty o Winner determined by percent of participants 21
Prizes o Weekly drawings for $15 gift cards from TCF Bank o Prizes at end of competition for winning campus participants • An iPad 2 from TCF Bank • Three $500 Gift Cards from Chase • $500 Gift Card from University of Illinois Employees Credit Union • Two $250 Gift Cards from PNC Bank • $100 Visa Gift Card from Busey Bank 22
Competition began February 19th (during America Saves Week Competition ended April 19th (during Money Smart Week) Nine weeks for the competition 23
To create a competition you need a natural competitor. 25
Economic Awareness Council o Planning o Sponsor of I Save Conference Consumer Federation of America o Planning o Website development o America Saves 26
Urbana-Champaign Chicago SpringfieldHuman Resources Human Resources Human ResourcesWellness Center College of Medicine- Housing Financial AidHousing Division Student Activities Undergraduate StudentDaily Illini Newspaper Government The JournalCareer Center College of BusinessCampus Recreation Campus ProgramsFinancial Aid Project CHANCE Graduate College UIC Calendar Athletics 27
Sent: Wednesday, April 11, 2012 1:13 PM Subject: Re: UI Saves wrap up brief Thanks, Michele. I dont want Springfield to win either! So Ill do my best! Doris Subject: UI Saves wrap up brief Hi Doris, Here’s a brief announcing the wrap up of the UI Saves competition. I realize you’ve already promoted this, but if you have room, we’d really appreciate a last burst of promotion – Springfield’s ahead right now, and we just can’t have that! Please let me know if you have any questions or want any changes made. Thanks so much, -Michele 39
Credible sources helped promote competition Competition provided immediacy to set goal Competition motivated people to spread the word Images had most impact with social media Human Resources was an important partner for staff participation 41
Change prize structure Plan for images/photos to be used with social media Have email notes, news releases and partners ready to go prior to kick-off 42
Find a competitor o How to calculate winner fairly Create a planning and implementation team Define structure of competition o Targeted audience o Length and dates of competition o Main messages Identifyand approach partners America Saves staff available for technical assistance and support 44
Websites o America Saves, www.americasaves.org o University of Illinois Saves, http://www.universityillinoissaves.org/ o Student Money Management Center, http://studentmoney.uillinois.edu/ o Financial Wellness for College Students, http://web.extension.illinois.edu/financialwellness/ Twitter o https://twitter.com/AmericaSaves o https://twitter.com/ILStudentMoney o https://twitter.com/finwellnessuie Facebook o https://www.facebook.com/AmericaSaves o https://www.facebook.com/FinancialWellnessUIE o https://www.facebook.com/ILStudentMoney YouTube o http://www.youtube.com/user/AmericaSaves11 o http://www.youtube.com/user/ILStudentMoney/ o http://www.youtube.com/user/financialwellness 45
George Barany, Director of Financial EducationConsumer Federation of Americagbarany@consumerfed.orgKathy Sweedler, Consumer Economics EducatorUniversity of Illinois Extensionsweedler@illinois.eduAndrea Pellegrini, Visiting Assistant Director Student Money Management CenterUSFSCO, University of Illinoisapelleg3@uillinois.eduSusan S. Shockey, Ph.D., CFCS, CPFFE, National Program Leader - Family & Consumer EconomicsUSDA, National Institute of Food and AgricultureDivision of Family and Consumer Sciencessshockey@nifa.usda.govDownload this presentation and a resource kit atwww.AmericaSaves.org 47
A particular slide catching your eye?
Clipping is a handy way to collect important slides you want to go back to later.