1.
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
2. 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 Pellegrini
Consumer 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
5. College students and savings
America Saves and America Saves
Week
A successful pilot model for reaching
college students and staff
How you can replicate the University
of Illinois model
Questions and answers
5
7. What type of organization are you affiliated with?
a. Higher education
b. Military
c. Government
d. Non-profit
e. For-profit
7
8. To what degree have you been involved in an
America Saves campaign?
a. None
b. Participant
c. Partner
d. Campaign Coordinator
e. Other _________
8
10. 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
11. 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 Mae's National Study of Usage Rates and Trends
2009")
11
12. 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
13. 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, 2010
8 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
14. 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
15.
an opportunity to respond to the need for savings
16. 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
17. 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 people
Collaborators/Partners
FDIC -- Federal Reserve Board
JumpStart -- Social Security Administration
OCC -- Department of Defense
Cooperative Extension -- ABA Educational Foundation
CUNA -- Many others
17
18. America Saves Week 2012 Results
America 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
20. 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
21. 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
22. 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
23. Competition began
February 19th (during
America Saves Week
Competition ended April
19th (during Money Smart
Week)
Nine weeks for the
competition
23
25. To create a competition you need a natural competitor.
25
26. Economic Awareness
Council
o Planning
o Sponsor of I Save Conference
Consumer Federation of
America
o Planning
o Website development
o America Saves
26
27. Urbana-Champaign Chicago Springfield
Human Resources Human Resources Human Resources
Wellness Center College of Medicine- Housing
Financial Aid
Housing Division Student Activities
Undergraduate Student
Daily Illini Newspaper Government The Journal
Career Center College of Business
Campus Recreation Campus Programs
Financial Aid Project CHANCE
Graduate College
UIC Calendar
Athletics
27
39.
Sent: Wednesday, April 11, 2012 1:13 PM
Subject: Re: UI Saves wrap up brief
Thanks, Michele. I don't want Springfield to win either! So I'll 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
41. 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
42. 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
44. 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
45. 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
47. George Barany, Director of Financial Education
Consumer Federation of America
gbarany@consumerfed.org
Kathy Sweedler, Consumer Economics Educator
University of Illinois Extension
sweedler@illinois.edu
Andrea Pellegrini, Visiting Assistant Director Student Money Management Center
USFSCO, University of Illinois
apelleg3@uillinois.edu
Susan S. Shockey, Ph.D., CFCS, CPFFE, National Program Leader -
Family & Consumer Economics
USDA, National Institute of Food and Agriculture
Division of Family and Consumer Sciences
sshockey@nifa.usda.gov
Download this presentation and a resource kit at
www.AmericaSaves.org
47
Editor's Notes
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
