Progress 06/15/05 to 09/30/07
Outputs
OUTPUTS: An integrated research-extension financial literacy project was developed to address the lack of financial education for incoming students at the University of Hawaii at Manoa (UHM). A needs assessment to identify money management topics and information delivery methods was developed and conducted with 411 UHM students. In addition, a similar survey was administered to 21 faculty/staff who work with students as instructors or advisors. Another University's successful peer educator financial literacy program was studied while existing curricula for college students were reviewed. A UHM committee was formed to support a peer education financial literacy project on campus. The Life Skills curriculum from USA Funds was selected, three faculty and one credit union staff were trained, and pilot workshops were conducted to verify suitability of the curriculum and evaluation tools. Fifteen students were recruited as peer educators from various programs on campus. One Life Skills
workbook was utilized and supplemented by materials from UH Cooperative Extension Service and UH Credit Union to introduce two modules (budgeting/goal setting and credit use). After being trained, the Peer Educators conducted over 20 sessions in two person teams that reached more than 500 college students in a 16-month period. In addition, 95 students were recruited as a control group.
PARTICIPANTS: Kutara, P. was the principal investigator and director of Extension activites on this project; Masuo, D. was the lead researcher for the needs assessment study; Wall, R. contributed expertise in all phases; Cheang, M. replaced Masuo for the second study regarding peer educator lead workshops. Partners included: UH Cooperative Extension Service, UH CTAHR Department of Family and Consumer Sciences, USA Funds, UH Federal Credit Union, UH New Student Orientation/Student Services, UH Shilder College of Business USA Funds provided Lifeskills curriculum training to three UH faculty and one credit union staff member. UH Cooperative Extension Service, UH New Student Orientation/Student Services, UH Shilder College of Business,and UH Federal Credit Union collaboratively provided training to 15 undergraduate students to become peer education financial literacy volunteers.
TARGET AUDIENCES: The target audience were undergraduate students at University of Hawaii at Manoa.
PROJECT MODIFICATIONS: none
Impacts
As a result of the needs assessment, new information about college student financial education interests and dissemination preferences have been obtained and published in a peer reviewed journal. The study has provided empirically-based information that can be used in financial educational programs for UHM students. The overlapping topics derived from the analysis of the student and professional surveys determined the basis for the educational modules ultimately selected for participants. Findings from the peer education sessions indicated that 471 participants gained new knowledge and understanding of practices that contribute to good basic financial management. Evaluations showed that 80% of participants found the information presented at the workshop useful, 85% said it was easy to understand, and 86% said that the leader's presentation was effective. Further analysis indicated that students increased their awareness and improved money management practices. When
participants were compared to a control group of students who did not participate in workshops, there were differences in 13 out of 20 indicators with significance in 5 of the indicators. In a separate analysis of 201 paired samples on money management, significance was found in 10 of the 20 indicators. As a result of attending the budgeting and goal setting sessions, the participants reported that they would: budget better, save money, watch spending, assess needs vs. wants, and find out expected earnings upon graduation. After the credit use sessions, the participants indicated that they would: select credit cards wisely (i.e., look for low APR and longer grace periods), not be late in paying their credit card bills, try to pay their credit bills in full each month, use credit cards only when necessary and able to pay them off, and reduce student loans soon after graduation. Collaboration with UHM departments and other organizations has been the key to success in creating a viable
project. Partnerships with USA Funds, UH Credit Union, and 3 UHM Colleges (Family & Consumer Sciences, Education, and Business) have led to a collegial environment for sustainability. Through this group and its collective enthusiasm, financial literacy has become a component of a UH education for incoming students and select classes.
Publications
- Masuo, D., Kutara, P., Wall, R., and Cheang, M. (2007). Financial Information Project: Assessing the Financial Interests of College Students, Journal of Family & Consumer Sciences (99:3): 29-36.
- Spence, S. (and Kutara, P. interviewed and edited article) 2006. USA Funds Life Skills Helps Students Teach Peers About Budgeting, Credit Cards, USA Funds Education Access Report, Indianapolis, IN. available: http://www.usafunds.org/news/31oct2006/dmp103106b.htm
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Progress 10/01/05 to 09/30/06
Outputs
Upon the conclusion of the student and faculty/staff needs assessments, the data were analyzed utilizing SPSS. There were 411 University of Hawaii @ Manoa (UHM) students and 21 faculty/staff who participated. The students seemed to be interested in learning about a variety of money management topics primarily investing, credit, and budgeting. They preferred learning this information through sessions with a financial aid counselor or special events with free food. The faculty/staff in a similar study responded likewise, that students should be concerned about budgeting, credit, and loans. They also suggested that events with free food would attract a student audience. A manuscript summarizing the results has been submitted to a referred journal and is currently under review. Drawing upon the information from the needs assessment, a review of existing financial education programs for college students, a site review, and assessment of the current department situation, a
curriculum from USA Funds, called Life Skills was selected. Pilot sessions were conducted at a UHM dormitory for 20 student residents and 53 College Opportunities Program students to verify suitability of the curriculum and evaluation tools. To conduct the project as a peer delivery mode, interested students were recruited to work in pairs as facilitators of these financial literacy modules. In the summer, four peer leaders who were trained in group process and leadership by the UHM New Student Orientation program were instructed in financial management concepts and the USA Funds curriculum. These peer leaders conducted five sessions focusing on the topics of goal setting, budgeting, and credit. They reached 109 entering freshmen and transfer students prior to the fall term as part of UHM student services orientation. Additionally, ninety-five students were recruited to provide information for control group samples. During fall semester, arrangements were made so that four students
needing practicum experience for an educational administration course in leadership were enlisted to become peer leaders. Their training in financial literacy with the USA Funds Life Skills curriculum was supplemented by The ABCs of Credit Card Finance booklet provided by the Hawaii Credit Union League, and other materials from the University of Hawaii Cooperative Extension Service. USA Funds has been a supportive partner with not only no-cost workbooks, but biannual visitations by the regional representative. Her interest in our project has lead to the inclusion of new evaluation questions for the USA Funds curriculum. Subsequently, she requested our assistance in testing the new tools as well as a brand new website to supplement existing materials. This UHM project was recently featured in a USA Funds national newsletter.
Impacts
Findings from the needs assessment offer information on college student interests in specific financial literacy topics as well as preferred format for dissemination. The importance of the topics and optimal delivery were confirmed by faculty/staff who work with students as advisors or instructors. This study provides outreach and financial specialists with empirically-based information that can be used in their educational programs for college students. The pilots and first round of peer leader training appear to demonstrate the appropriateness of the selected curriculum for college students utilizing a peer education methodology. Results of pre-post tests used in the student facilitated workshops indicate that 81.6% of student participants found the information presented at the workshop useful, 80.2% said it was easy to understand, and 83.8% said that the peer educator's presentation was effective. Students reported changes in their attitude about money management.
Responses included: 'will now pay attention to budgeting', 'watch the money I spend and purchase things wisely', and 'cut back on buying little pointless things'. Some said they would review disclosures prior to selecting a credit card and look for low APR and no annual fees. Other students said they would start saving money. Partnerships with other UHM programs that already provide group leadership training appear to be a worthy collaboration. It is a win-win situation for all parties who recognize that financial literacy is an important aspect of a college education.
Publications
- No publications reported this period
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Progress 06/15/05 to 09/30/05
Outputs
The Peer-Education Financial Literacy Project was designed and organized into three major components: 1) survey of literature and review of existing financial management curriculum appropriate to college students; 2) program consultation and observation; and 3) research survey of University of Hawaii at Manoa (UHM) students and faculty/staff. A preliminary review was conducted of financial education curricula potentially adoptable or adaptable for a financial education program taught by peer-educators at UHM. Curricula were ranked by sufficiency of information available and orientation as well as quality of material provided. Summaries of six financial education curricula were summarized in detail as a primary focus and information on six secondary sources were also provided. A site visitation was scheduled to the University of Arizona's (UA) successful program in personal financial education conducted through a student organization called, Credit-wise Cats. Funded by
Take Charge America, Inc. and the UA School of Family and Consumer Sciences, it reaches college students and faculty as well as the Tucson community. Interviews were conducted of the part-time project director, graduate student project trainer, students, and evaluator. A student colloquium that included presentations on the project and a Credit-Wise Cats meeting were attended. Educational materials utilized in the project were obtained for the training of student leaders as well as a copy of the project organizational handbook. A preliminary draft of an in-depth evaluation was also obtained. After pilot-testing two 30-question survey instruments, 45 surveys were distributed to faculty/staff and 400 surveys were conducted in person with students attending the New Student Orientation program days for incoming freshman and transfer students, or distributed in Family Resources classes between August and October, 2005. The instruments asked the respondents to identify money management
topics that would be of interest to college students and ways in which the information could be presented to students. The data have been coded and are currently being analyzed using SPSS version 13.0.
Impacts
A comprehensive report is being generated to include the curriculum review, program consultation and observation, and student faculty/staff survey results. The final paper will include recommendations for the creation of a peer educational financial literacy project for college students in Hawaii. It is anticipated that these project findings will be used by Extension for an outreach program that will assist college students with financial management of their current and future income. Already, discussion of the project has generated interest beyond UHM. Due to Extension networking with community organizations, USAFunds, the Hawaii Credit Union League, and the UHM Career and Technical Education have expressed an interest in the pending results for a possible collaborative effort. A product donation (pens and post-its) by USAFunds, a designated guarantor of student loans was received and distributed to those who completed a survey. These organizations are amongst the
many who desire to see our young people improve their financial competency so that the economic health of Hawaii's future generations grow and prosper.
Publications
- No publications reported this period
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