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Using Competition to Motivate Students

  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
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  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
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  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
  9. 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, 10
  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 Mae's National Study of Usage Rates and Trends 2009") 11
  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
  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, 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
  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
  14.  an opportunity to respond to the need for savings
  15. 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
  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 people Collaborators/Partners  FDIC -- Federal Reserve Board  JumpStart -- Social Security Administration  OCC -- Department of Defense  Cooperative Extension -- ABA Educational Foundation  CUNA -- Many others 17
  17. America Saves Week 2012 Results America Saves Week 2012 saw the largest organization participation since its inception  815 organizations signed up on  An estimated 2,000 organizations involved in America Save Week activities across 48 states  Reached over 31,000,000 people. 18
  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
  19. 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
  20. 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
  21. Competition began February 19th (during America Saves Week  Competition ended April 19th (during Money Smart Week)  Nine weeks for the competition 23
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  23. To create a competition you need a natural competitor. 25
  24. Economic Awareness Council o Planning o Sponsor of I Save Conference  Consumer Federation of America o Planning o Website development o America Saves 26
  25. 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
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  27. UIUC Week 1 Week 2 Week 3 Week 4 Week 5 Week 6 Week 7 Week 8 Competition Close Staff/Faculty 83 97 115 130 150 157 159 161 164 Student 8 44 65 84 93 110 114 164 195 Total 91 141 180 214 243 267 273 325 359 % Population 0.170% 0.264% 0.337% 0.400% 0.455% 0.500% 0.511% 0.608% 0.67% UIC Week 1 Week 2 Week 3 Week 4 Week 5 Week 6 Week 7 Week 8 Competition Close Staff/Faculty 39 53 63 64 69 71 71 71 74 Student 13 47 64 67 72 74 78 89 193 Total 52 100 127 131 141 145 149 160 267 % Population 0.130% 0.256% 0.325% 0.335% 0.361% 0.371% 0.381% 0.409% 0.68% UIS Week 1 Week 2 Week 3 Week 4 Week 5 Week 6 Week 7 Week 8 Competition Close Staff/Faculty 7 9 9 26 31 33 35 35 35 Student 1 1 1 36 44 48 49 50 50 Total 8 10 10 62 75 81 84 85 85 % Population 0.136% 0.169% 0.169% 1.033% 1.271% 1.372% 1.423% 1.440% 1.44% 31
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  29.  Facebook  Twitter  Posters  Newspaper Articles  E-list Announcements  Financial Fairs  In-Person Events  Posters 33
  30. Engagement! 34
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  34. @ILStudentMoney @FinWellnessUIE 38
  35. 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
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  37.  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
  38.  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
  39.  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
  40. Websites o America Saves, o University of Illinois Saves, o Student Money Management Center, o Financial Wellness for College Students,  Twitter o o o  Facebook o o o  YouTube o o o 45
  41. George Barany, Director of Financial Education Consumer Federation of America Kathy Sweedler, Consumer Economics Educator University of Illinois Extension Andrea Pellegrini, Visiting Assistant Director Student Money Management Center USFSCO, University of Illinois 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 Download this presentation and a resource kit at 47

Editor's Notes

  1. 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.
  2. 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
  3. 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.
  4. 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, 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, 2012 of college seniors who graduated in 2011 had student loan debt, with an average of $26,600 per borrower. Project Student Debt,, 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
  5. On of the biggest questions we get is “What can we do during America Saves Week?”
  6. America Saves quarterly newsletterAmerica Saves “Savers Tracking Tool”E-Newsletters from University of Illinois ExtensionFinancial Wellness for College StudentsPlan Well, Retire Well
  7. Three motivating factors in the competition
  8. Talk about what they didArticle announcement in Inside Illinois too; Michelle submitted itAsk participants for ideas here
  9. 709 people indicated a college campus
  10. 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.
  11. Numbers run on Monday following week; closed it on Thursday 8 weeks plus 4 days
  12. Higher involvement of staff at UIUC; perhaps due to Wellness Center contributions at UIUC – also announced at UI Extension statewide staff meeting
  13. Email news announcements and newsletters that people were familiar with proved to be very helpfulGrad CollegeWellness CenterHuman Resources
  14. About 150 likes on winning photo
  15. Ask for participants ideas for other marketing ideas
  16. Add in particular hot spots
  17. 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.
  18. Katie and George – I think this would be good in the resource packet. Kathy