Here are the highlights:
- Prevalence of programs: 48% of the 230 respondents indicated that their school is currently offering a financial literacy program. For those schools that don't currently offer a program, 51% expect to start one over the next 12-18 months.
- 66% of schools with a financial program did not have any budget monies set aside for this purpose; 16% had a budget less than $5,000.
- Reasons provided for not having a financial literacy program: No budget, lack of staffing, lack of support from senior administration, limited turnout from previous efforts, school has low default rate.
- Financial literacy a requirement?: Only 13% of schools with a financial literacy program made it a requirement for their students
- Delivery of financial literacy content: 71% offer in-person workshops, 49% provide a reference page on their website, 39% provide online tutorials (e-learning) and 37% provide a one-time orientation session on the topic
- Top five topics covered in financial literacy education: Budgeting (96%), Credit Cards (89%), Planning for Loan Repayment (80%), Protecting Privacy/Identity Theft Prevention (75%), Reading Credit Report (63%)
- Content development: Almost 3/4 of respondents (74%) indicated that the financial aid office developed the content for the program with guarantors mentioned by 24% of respondents
- Coverage: 47% of respondents (with a financial literacy program) indicated that less than 10% of students were served by their financial literacy program.
- Growing interest in programs: 48% of respondents with a financial literacy program in place indicated an increased interest in their program over the past 12 months.
- Satisfaction: Less than 10% of respondents rated their financial literacy program as "Excellent." 45% rated their program as "good."
- Recommended programs: The top five companies named were NEFE/Cash Course, Guarantors (not specified), USA Funds, Texas Guaranteed (TG) and EdFund. For a listing of all programs recommended by at least one respondent, see earlier SLA Blog post.
- Sample size: 230 respondents: 43% 4-year privates, 31% 4-year publics, 18% 2-year publics
Thank you to all participants who responded to the survey!