Page 28 - index

advocates that post-secondary students learn about fnances partnerships across departments with emphasis on how
as basic knowledge for citizenship (Kezar & Yang, 2010). Te fnancial literacy is synthesized and delivered.
Council defnes fnancial education as “the process by which 3. Mentoring (peer and faculty) - Utilization of peer and/or
people improve their understanding of fnancial products, faculty members as resources and support.
services and concepts, so they are empowered to make
informed choices, avoid pitfalls, know where to go for help 4. First-Year Experience (FYE) - Inclusion of fnancial
and take other actions to improve their present and long-term literacy component.
fnancial well-being” (Kezar & Yang, 2010). Tis instruction 5. Orientation - Inclusion of fnancial literacy and information
challenges students to hone critical thinking, judgment, and for all incoming students.
other skills needed by a responsible citizen. Tese activities 6. Social Media - Promotion through social media.
reach beyond acquisition of basic skills to involve complex
understanding of credit and debt, philosophical decisions about 7. Workshops - Implementation of out-of-classroom sessions and
appropriate risk, and judgment in making consumer choices workshops promoting sound fnancial behavior.
(Kezar & Yang, 2010). 8. Entrance and Exit Counseling - Institutionalization of
required sessions related to loan use.
EDUCATION STRATEGIES 9. Community Engagement - Identifcation and collaboration
Financial literacy programs attempt to directly address student with community members and business representatives to
behavior and are ofen embedded in retention-based programs maximize fnancial education and resources.
at the institutional level. Four broad areas typically addressed In a 2013 study of approximately 40,000 frst-year college
include curriculum, co-curriculum, services, and faculty/staf students across the United States, Money Matters On Campus
development (Kezar & Yang, 2010). Looney (2011) describes (Higher One, 2013), it was similarly concluded that institutions
specifc strategies commonly included:
should assist students in making good fnancial decisions
1. Faculty Development - Support for professional development through one-on-one counseling; workshops; worksheets; multi-
and proposed collaborations within disciplines to embed year plans; student success courses; academic counselors in the
fnancial literacy education within curriculum. fnancial aid ofce; meeting with counselors and faculty; and
2. Cross-Departmental Collaboration - Development of early warning systems.

28 LEADERSHIP Vol. 20.3 Winter 2015

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