Campus Program Is Working
to Help Students Gain Financial Literacy
Program educates students on personal
finance to continue second years thanks to fundings from EdFund.
June 9, 2005 :: No. 236
A Cal State Fullerton program that
educates students on the ins and outs of personal finance
— from opening a bank account and using a credit card
to financing large purchases — has begun its second
year, thanks to an additional $40,000 in funding from EdFund,
a student loan guarantee service provider.
“How to handle money has really not been
addressed in the K-12 education system,” noted Elahe
Amani, director of student financial services, who secured
the grant funding. “Students need to know how to save,
spend wisely and when to resist the temptation of easy credit.”
Last fall, incoming freshmen — nearly
3,500 students — were surveyed about establishing a
budget, saving money and use of credit cards. From that group,
approximately 650 students signed up to become part of the
university’s fledgling Financial Literacy Program.
“We developed the questionnaire to obtain
and assess information on the level of personal financial
literacy among incoming freshmen and transfer students,”
said Amani. “We found that there is a need to help students
learn to budget, to be more alert to how they are spending
their money, using credit, handling checking and saving accounts.”
How Students Learn to Manage Money
In the survey, 72 percent reported that they
learned the most about managing money from their family; 69
percent said they save regularly; 65 percent have ATM cards;
and 62 percent reported they could pass up a bargain and only
buy what they need and will use.
Still, 58 percent of those surveyed noted that
they have not developed a budget; 20 percent said they don’t
know how much debt they are carrying; 18 percent reported
that they have no money left after paying bills; and 29 percent
said dealing with money creates stress and chaos in their
lives.
“Such information is invaluable in devising
educational materials to address the needs specific to our
student population,” said Amani.
Among the educational materials being developed
are a CD and a website to provide resources and information
to assist students in forming strong money management skills.
Students have been involved with the two projects to ensure
that the material presented is relevant to students at large.
To see the website, go to http://www.fullerton.edu/financialliteracy.
Program Expands With Corporate Support
Amani also is asking local lenders to identify
possible guest speakers who could talk about various financial
matters with students during noon gatherings. Topics may include
investment planning, student loans and debt management, Amani
added. American Express recently donated $10,000 to support
the effort.
In addition, a campus advisory board has been
established to oversee the development and execution of the
program. Those serving on the board are: Deborah McCracken,
director of financial aid; Jeremiah Moore, director of student
academic services; Larry Martin, acting senior program coordinator,
New Student Programs; and Ross McCollum, Associated Students
vice president of finance who is majoring in kinesiology and
biological science.
Next step, Amani said, will be to expand the
program to include community college students from institutions
with high numbers of students who enroll at Cal State Fullerton.
“We want to develop a relationship with
incoming students,” said Amani. “This is a new
time and new experience for students. It’s important
that we provide them with the skills it takes to succeed —
not only in the classroom but financially too.”
For more information about the program, call
657-278-2495.
Media Contacts: |
Sam Leong of Student Financial Services
at 657-278-407
Pamela McLaren of Public Affairs at 657-278-4852 or pmclaren@fullerton.edu |
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