1. EXAMINING THE CONNECTIONS BETWEEN STUDENT FINANCIAL PRESSURES AND OTHER CHALLENGES TO WELLNESS AND SUCCESS Bryan Ashton and Mandi Schweitzer, The Ohio State University Phil Schuman and Morgan McMillan, Indiana University

2. Student Loan Debt Outpacing Other Forms of Debt Percent of Balance 90+ Days Delinquent by Loan Type

3. Loan Debt Outpacing Median College Grad Income

4. Reported Reasons Why Students Do Not Persist Source: Hoffman, McKenzie, & Paris, (2008); Chiang, (2007)

5. First Year Students say they are stressed about their finances in general (CSSL) 69% 40% more than of students are Concerned/Very Concerned about their ability to pay for next years education expenses (SERU) 79% of students say they frequently worry about debt 1 in 3 students described their finances as “traumatic” or “very difficult” (NCHA) Impact of Financial Strain on Students

6. Academic Impact of Financial Strain on Students More than 25% said they did not purchase required academic materials because they didn’t want to take out extra loans 80% of students who self-reported being “financially stressed” say concerns frequently affected academic performance and/or investigated dropping out As levels of student concern about education finances increased, cumulative GPA decreased When working 20+ hours per week, cumulative GPA decreased Source: Student Experience in the Research University (SERU) survey

7. said finances caused them not to participate in an activity 40% said they frequently investigated working more hours to pay for expenses 40% 12% said they frequently investigated withdrawing from college due to cost Impact of Financial Strain on Student Retention regularly skip meals to save money 26%

8. Employment 1/3 of respondents admitted personal financial issues have been distracting them at work  97% of them spend time at work either thinking about or dealing with issues related to their personal finances (PwC study) A 2010 Federal Reserve study reports that financial stress costs employers $5,000 on average per employee per year in lost productivity 83% of HR professionals said that personal financial problems have some or a large impact on the work performance of employees  More than 50% said that employees have dipped into retirement savings in the past 12 months to make ends meet

9. Employment 47% HR professionals noticing employees’ struggle with their “ability to focus on work” 46% Noticing issues with “overall employee stress” 26% Observing a negative impact on “overall employee productivity” 24% Say money woes are leading to “employee absenteeism and tardiness” Source: Society for Human Resource Management

10. College Students Financial Literacy Scores Source: Inceptia, January 2013 Scores on 50 Knowledge Questions College students scored 62% Graduating Seniors scored 65%

11. (Harnish, 2010) “Low levels of financial literacy may lead to poor health, decreased quality of life, and lower college attainment levels.”

12. When it comes down to it…. Student financial literacy is low, and stress is high Stress about finances could negatively impact: Academics Health Retention Future Employment

13. Practical Preparation for Life After College Goal: To link research to practice with effective and engaging programming that provides students with the tools, skills, and experiences to be successful in their post collegiate endeavors

14. Understanding our Populations Levels of student engagement and habits How students interact with our campuses and resources, and their lives after college Aims and intentionality behind timely student development interventions

16. Financial literacy vs. Financial wellness Our Approach

17. Financial Wellness & SGF at The Ohio State University 2001 Credit card task force MNBA funds educational efforts 2003 Financial wellness incorporated into Student Wellness strategic planning 2006 Scarlet & Gray Financial founded SWC & EHE 2012 Huntington National Bank partnership Growth of SGF

18. 2013 - 2014 Numbers Outreach Over 1,600 one on one appointments (next year projected: 2000) Over 150 presentations Over 7,000 students reached Additional marketing campaigns – FASFA, etc. Coaching Team 43 peer coaches  Receive Semester Long Training (Leadership Development Program)  Receive On-Going Coach Training  Peer Shadowing and Peer Coaching Plans

19. The Ohio State University Second Year Transformational Experience Program Requirement Holistic Second Year Experience for Students 1,000 students currently enrolled in a pilot program All students must complete a financial wellness requirement to receive their fellowship 1 st Part: Online Module (Knowledge Gain) and 2 nd Part: In Person Appointment (Attitudes and Behaviors)

20. The Ohio State University Research Currently conducting research on the effect of peer to peer coaching (efficacy, attitudes, behaviors and stress) in a mandated one on one (preliminary pilot data available) Closed the collection of a national research instrument on over 55 campuses (with just under 19,00 respondents) looking at student financial wellness Diving into our borrowing profile and default profile in partnership with our office of Student Financial Aid

21. Summary Results Pre-/Post- Responses of Participants Strongly DisagreeStrongly Agree

22. Increase Knowledge/Awareness Gain Increase in Efficacy (Substantial) Small Behavior Change Except for goal setting Positive Attitude Change Summary Programmatic Impact

23. Indiana University Office of Financial Literacy 2012 Student Debt Task Force Establishment of Office Launch of IU MoneySmarts Website 2013 Required Financial Literacy piece implemented IU MoneySmarts Team created Establishment of campus teams 2014 Partnership with School of Public Health Borrowing reduction of 12.4% between 2013 - 2014 2015 Expansion of MoneySmarts Team across campuses and wellness issues Added professional development component for peer team, student population, faculty, staff

24. Indiana University Office of Financial Literacy  First-Year Required Program  All Incoming IU first-year students (international students excluded)  Utilize EverFi’s Transit module- based program  Implementation varies by campus  Messaging indicates required, but no ramification if not complete  ~24,000 completers (80%) in first year  Business Practice Changes  Standardization of award letter  Annual debt letter  Budgets for part-time students  Standardized cost of attendance  Review of loans before acceptance  Payment Plan

25. Indiana University MoneySmarts Website  Portal to all financial literacy programming  Opportunity for departments to provide financial literacy info from their perspective  “How Not to Move Back in with Your Parents”  Podcast updated weekly with new finance topics and tips with an intentional college student angle  Holistic approach to reaching all IU  Student and financial planning personality co-hosts  Interactive features  Calculator  Quizzes

26. Next Steps… Know Your Students Know Your Campus Climate Know Your Institutions Goals/Missions

27. National Summit on Collegiate Financial Wellness. June 28-30, 2015 – Bloomington, IN Connect those tackling financial wellness in Higher Ed and progress the field 160 attendees from 33 states in 2014 Keynotes from Tahira Hira and Lewis Mandell, international financial literacy experts Call for proposals and registration are live Nscfw.org @NSCFW

28. Final Questions or Comments Bryan Ashton and Mandi Schweitzer Office of Student Life Student Wellness Center B130 RPAC, 337 West 17th Avenue Columbus, OH 43210 (614) 292-4527 Office (412) 979-6194 Mobile ashton.53@osu.edu swc.osu.edu Phil Schuman and Morgan McMillan Office of Financial Literacy 980 W. Indiana Ave., #4415 Indianapolis, IN 46202 (317) 274-7430 Office (574) 229-3077 Mobile phaschum@iu.edu moneysmarts.iu.edu

29. Resources American College Health Association. (2013). National College Health Assessment II: Reference Group Executive Summary Fall 2012. Hanover, MD: American College Health Association. Center for the Study of Student Life (2011). Ohio Student Financial Wellness Survey: Student Loans, Credit Cards, and Stress. Retrieved from http://cssl.osu.edu/posts/documents/09-01-11-ohio-financial-wellness-report-final-no-watermark.pdf Center on Education and the Workforce. (2013). Hard times: College majors, unemployment and earnings. Retrieved from http://www9.georgetown.edu/grad/gppi/hpi/cew/pdfs/HardTimes.2013.2.pdf Chiang L (2007). Statistics on college student Drop out Rates in US. Duck9. Retrived on 1 August 2013. http://www.duck9.com/College-Student-Drop-Out-Rates.htm Consumer Finance Protection Bureau [CFPB]. (2013). Financial literacy annual report. Retrieved from http://files.consumerfinance.gov/f/201307_cfpb_report_financial-literacy- annual.pdfhttp://files.consumerfinance.gov/f/201307_cfpb_report_financial-literacy- annual.pdf Harnish, T.L. (2010). Boosting financial literacy in America: A role for state colleges and universities. Perspectives. Retrieved from http://www.aascu.org/policy/publications/perspectives/financialliteracy.pdf Hoffman, M., McKenzie, K. & Paris, S. (2008, September). Paper or plastic? CPAs can educate college students on responsible credit card use. The CPA Journal, 17-20. National Survey of Student Engagement. (2012). Promoting Student Learning and Institutional Improvement: Lessons from NSSE at 13. Bloomington, IN: Indiana University Center for Postsecondary Research. U.S. Department of Education, National Center for Education Statistics. (2012). Digest of Education Statistics, 2011 (NCES 2012-001), Table 349. Retrieved from http://nces.ed.gov/programs/digest/d11/tables/dt11_349.asp http://www.washingtonpost.com/blogs/wonkblog/wp/2013/12/30/peter-thiels-graph-of-the-year/