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Financial Wellness Assessment Recommendations

Preliminary Presentation of ideas
by

Kyle Thorson

on 7 August 2013

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Transcript of Financial Wellness Assessment Recommendations

UND Financial Wellness
What should UND do to Assess Financial Literacy?
Perform a Literature Review
FINAL
THOUGHTS
"Empowering Students to make healthy financial decisions"
Identify Best and Promising practices
Conduct Gap analysis
Summarize findings and present
By the end of this presentation, you will be able to:
Identify the need for Financial Wellness Assessment
Explain the different assessment areas
Compare the gap between UND's current assessment offerings and those of other institutions
Critique the recommended 5-year plan for UND

Finish
Literature Review
University of North Texas -
5 year plan
Current Assessment
Intake, Exit, 30-day forms
Assessment Recommendations
Add a slide that talks about PURPOSE of program at public university
Needs Assessment -
Benchmarking -
Satisfaction -
Grants Review -
Outcomes Assessment -
Program Review -
Most used Resources:
Student Financial Literacy
Financial Planning and Counseling Scales
Financial Wellness Concept Paper
University of North Texas (UNT) Business Plan
Program Goals
Serve the Campus community

Expand knowledge and application of personal finance

Alleviate financial stress

Address issues of retention and academic performance

Encourage conversation and collaboration

Be exceptional by assessing and evaluating
Write out Learning Outcomes
Use Goals and outcomes to help make decisions.
Program Review
Satisfaction Surveys
Fundraising or Grants Review
Benchmarking
Needs Assessment
Determine Student's overall level of personal finance knowledge and application skills
UNT asks series of questions regarding knowledge, attitudes, and behaviors
Allows for comparison between years across campus
Completes in October/November
Determine strengths and weaknesses of existing programs and compare with selected set of standards
Compare all aspects of program with other universities
What are other schools offering?
Information to identify level of client satisfaction with financial wellness programs or presentations
Personal Consultations
Workshops and Outreach
Outcomes Assessment
Review of outcomes in student need and behavior
Program outcomes - accreditation
Learning outcomes
Developmental outcomes

Used to determine overall success and effectiveness of program
UNT is rewriting in late September
Report containing the considered and submitted fundraising efforts
Review effectiveness and value
Comprehensive Review of all programs and services
No standards currently exist (CAS)
Create standards based on model
Review is completed in intervals over the course of the academic year
Review includes new 5-year plan
Compare UNT with UND's plan
Program Review
Satisfaction Surveys
Fundraising or Grants Review
Benchmarking
Needs Assessment
UND concept paper includes general need information
Growing student debt & financial stress
Students and Parents surveyed -> would use service and think UND should provide it
Little to no data regarding key areas of financial literacy.
Must identify overall levels of personal finance and
money management skills
Limited Benchmarking has been done
UNT programs were used to benchmark assessment
Conducting campus-wide survey will help internally benchmark
Difficult to benchmark without formally recognized standards, terminology, and concepts
Following models from other Universities
Kansas State, Ohio State, UNT, Texas Tech, etc.
Good start to satisfaction surveys for consultations
Currently utilize exit survey to collect information related to consultation satisfaction
Excellent questions and responses
U-life classes and workshops have minimal surveys conducted during sessions
Outcomes Assessment
Currently have weakly implemented outcomes
Program outcomes - goals, training, etc
Learning outcomes - knowledge/application
Developmental outcomes - behaviors/stress

Must implement effective needs assessment to identify areas that need improvement.
Programs and outcomes should reflect
needed areas of improvement
No review has been conducted as we are in first year
Create a database of efforts and ensure consistency with program goals
No current structure for program review
Recommend
Follow UNT's guidelines by conducting review in intervals throughout the course of an academic year.
Gap Analysis
Needs Assessment Basics
Personal Financial Knowledge
Knowledge from education or experiences

Includes concepts of (Huston, 2010):
Basics of personal finance
Resource Intertemporality
Capital Protection
Application and ability
Ability to use existing financial knowledge
Confidence to use knowledge!
Does the student feel they have enough knowledge to make decisions?
Are there other factors influencing confidence?
Motivation - do students realize the need to be financially literate?
Financial Literacy Education
Combination of Knowledge and application provides good picture of a student's overall financial literacy

Campus-wide survey could be used to benchmark for individual consultations.
Recommendations:
Examine other in-state institutions
What efforts are there? Big, small, creative ideas
SFA, SAS, Business Schools, default divisions
Compare with Regional Programs
St. Kate, UMN, University of MT, etc.
Compare with National Data
Jump$tart, Financial Literacy and Education Commission, American Life Panel survey, CashCourse
UNT, Ohio State, K-State, Inceptia, U-Louisiana Monroe
Develop or pay attention to CAS standards
Work to develop good norm-referenced tests internally
Recommend
Implement electronic way to collect information from U-life//workshops
Continue to collect satisfaction data from Consultations
Analyze questions from other surveys for best results.
Recommend:
Conduct a campus-wide needs assessment
Finalize program goals
Write outcomes for peer training and development
Write outcomes for existing workshops
YEAR TWO
YEAR THREE
YEAR FIVE
YEAR FOUR
YEAR ONE
Year One (2013-2014)
FALL SEMESTER:
Satisfaction Surveys - Conduct Yearly
Use existing exit survey
Add surveys for workshop and U-life (possibly use clickers)
Create Needs Assessment questions
Rewrite intake form to include questions to coincide with needs assessment
Further evaluate benchmarking data - compare previous semester, UNT, etc
SPRING SEMESTER
Satisfaction Surveys
Complete campus-wide Needs assessment survey
Year Two (2014-2015)
FALL SEMESTER:
Satisfaction Surveys - Conduct Yearly
Needs Assessment (conduct yearly or every other)
Consultation surveys - intake, exit, 30-day
Implement ongoing Outcomes assessment to workshops/U-life

SPRING SEMESTER
Satisfaction Surveys
Implement Grants review - every 2-3 years
Consultation Surveys
Year Three (2015-2016)
FALL SEMESTER:
Satisfaction Surveys - Conduct Yearly
Needs Assessment (conduct yearly or every other)
Consultation Surveys
Benchmarking
SPRING SEMESTER
Outcomes Assessment - evaluate success of programmatic goals and meeting needs based on needs assessment
Should utilize intake, exit, and 30 day form data + workshops/classes
Satisfaction Surveys
Consultation Surveys
Year Four (2016-2017)
FALL SEMESTER:
Satisfaction Surveys - Conduct Yearly
Needs Assessment (conduct yearly or every other)
Consultation surveys - intake, exit, 30-day

SPRING SEMESTER
Satisfaction Surveys
Consultation Surveys
Re-evaluate Benchmarking data
Year Five (2017-2018)
FALL SEMESTER:
Satisfaction Surveys - Conduct Yearly
Consultation surveys - intake, exit, 30-day
Program Review - every five years
Should comprehensively evaluate all areas
Should perform throughout the year
SPRING SEMESTER
Satisfaction Surveys
Consultation Surveys
Program Review
Intake Form
Exit Form
30 Day Survey

UND 5-year Plan Timeline
Intake
Demographic information such as financial background, amount of loans, work/class load, grades, etc.
Can collect other demographics from Registrar's office
Currently ask about stress -> could expand
Should use this to collect knowledge/ability of client

Exit
Consultation satisfaction questions -> peer and process
Should incorporate confidence questions/knowledge questions
This is an immediate follow-up with intake questions.
30-day
Designed to determine whether or not action plan was implemented
Follow-up to reschedule appointment
Lasting effects on financial stress
Needs serious attention
Campus Survey Opportunities
Office of Institutional Research
CIRP - incoming freshmen
Currently asking questions about first generation students
Can add questions to this survey
Student Questionnaire - Pre-enrollement survey

In addition to needs assessment... (outcomes?)
Financial Behaviors, perception of peer spending, effect on academics and retention, perception of money's value, self-esteem and spending, etc.
Existing Data
Let's Begin
Plan in Action
Recommendations:

Create a campus-wide survey to allow for examination of behaviors and attitudes across student populations.
Identify needs related to financial literacy education.
Use findings to inform services and outcomes.
Full transcript