SLA 2010 Financial Literacy Survey Finds 49% Of Colleges Offer Financial Literacy Program; Budgeting, Credit Cards, Loan Repayment Are Top Subject Areas

Full results for the SLA 2010 Financial Literacy Survey are available here (view 2009 results here). 

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!