financial literacy at the university of minnesota duluth niki pechinski, financial literacy educator
TRANSCRIPT
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Financial Literacy at the University of Minnesota Duluth
Niki Pechinski, Financial Literacy Educator
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Presentation Synopsis Live Like a Student at the University of Minnesota Duluth was created in June 2013 by Niki Pechinski, Financial Literacy Educator in the Office of Financial Aid.
The mission of Live Like a Student is to inspire positive financial behavior in students.
This presentation will demonstrate best practices and future trajectory in Financial Literacy at UMD.
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Agenda• Best practices
– Get started– Initiatives– No such thing as “one size fits all” program!
• The future– For-credit financial literacy peer mentoring
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“Housekeeping”• Financial Literacy at UMD is located in the Office of
Financial Aid– Provides a “holistic” approach to student finances– where financial aid meets personal finance.
• The Financial Literacy Educator position is full-time!
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Best Practices• Start with young minds• Meet students where they are • Use your network• Don’t be a secret resource!
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Initiatives at UMDWelcome Week Game Show
In-class presentations
1:1 meetings
Semester poster campaigns
Website and Social Media
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Use Your Network• Be flexible with your message.• Future manager with a
departmental or R&D budget? – Manages your own
finances competently first! • Communicate with other
financial literacy professionals – Don’t reinvent the wheel – Share resources
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Emphasize Financial Security
…not financial success.
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Teach Fluency in the Basics
1. Budgeting
2. Borrowing
3. Credit
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Provide Relevancy and Context
Two things happen for students in college:
1. Increase in financial complexity
2. Decrease in timely information related to finances
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Paint the Big Picture• Provide resources that inform students about
their own financial situation– How to track spending and make a budget– Where to view student loan information– Where to retrieve and understand a credit report
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The Future
• Debt Report Card• For-credit financial literacy peer
mentoring
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Debt Report Card
• Student loan debt and repayment projection will appear in the online portal
• Comparison to national averages• Modeled after the wildly successful
“Debt Letters” initiative at Indiana University
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Financial Peer Mentor Program
• Coming Spring 2016!• Train 25 mentors in financial literacy basics and
mentoring via a two-credit upper division elective• “Match” mentors with one or two mentees• Mentees and mentors work together for one
semester on mentee’s personal financial situation• Completely free for mentees!
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Thank youNiki Pechinski, Financial
Literacy Educator
(218) 726-7039