Teaching financial literacy in a co-curricular service-learning model

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  • Laura D. DeLaune a,1, Jessica S. R b c,a 3101 Patrick Taylor Hall, Department of Accountingb Federal Bureau of Investigation, 2111 W. Rooseveltc Saint Xavier University, Graham School of Managem

    a r t i c l e i n f o

    toward reaching life goals and achieve nancial well being (AICPA, 2008, p. 5). Recent surveys andstatistics provide a startling reality of how a lack of personal nancial education is affecting collegestudents. A survey of 13,000 college students found that more than half had more than $5000 in credit

    Corresponding author. Tel.: +1 773 298 3614.E-mail addresses: delaune@lsu.edu (L.D. DeLaune), rakow@sxu.edu (K.C. Rakow).

    1 Tel.: +1 225 578 6227.

    J. of Acc. Ed. 28 (2010) 103113

    Contents lists available at ScienceDirect

    J. of Acc. Ed.0748-5751/$ - see front matter 2011 Elsevier Ltd. All rights reserved.of learning between members of Beta Alpha Psi and their audience,college underclassmen. The results indicate that the project is suc-cessful in educating both presenters and audience members onbasic nancial knowledge as well as developing technical and com-munication skills of Beta Alpha Psi members. The project outlinepresented in this paper provides a framework for others to use.

    2011 Elsevier Ltd. All rights reserved.

    1. Introduction

    The American Institute of Certied Public Accountants (hereafter, AICPA) denes nancial literacyas the ability to effectively evaluate and manage ones nances in order to make prudent decisionsArticle history:Available online 2 April 2011

    Keywords:Financial literacyPersonal nanceService-learningdoi:10.1016/j.jaccedu.2011.03.002akow , K.C. Rakow, Louisiana State University, Baton Rouge, LA 70803, United StatesRoad, Chicago, IL 60608, United Statesent, 3825 W. 103rd Street, Chicago, IL 60655, United States

    a b s t r a c t

    The current economic environment has brought to light the nan-cial literacy epidemic in this country. A lack of personal nancialeducation has contributed to the increase in consumer credit debt,a trend evident for many college students who often have signi-cant credit card debt. One way to combat this problem is throughnancial literacy education. This paper describes a service-learningproject implemented through a Beta Alpha Psi chapter, which ful-lls the educational objectives of the accounting curriculum andaddresses an educational need. The project provides reciprocityTeaching and Educational note

    Teaching nancial literacy in a co-curricularservice-learning model

    journal homepage: www.elsevier .com/locate/ jaccedu

  • card debt, and one third had more than $10,000 in credit card debt (Sallie Mae., 2007). While the Cred-it Card Accountability, Responsibility, and Disclosure Act recently passed by Congress makes it harderfor credit card companies to lure college students into opening an account, the underlying problem ofcollege students not understanding how to manage their personal nances has not been solved. Putt-ing this together with student loan debt and costs associated with moving into the working world, itis not surprising that nancial problems continue after graduation. Bryant, Stone, and Wier (2007)document the growing amounts of debt facing college students caused by pressures to look successful

    104 L.D. DeLaune et al. / J. of Acc. Ed. 28 (2010) 103113after graduation. While there is no single solution to this growing problem, there are numerous meansto educate college students on personal nance. The purpose of this paper is to describe one innova-tion in teaching nancial literacy to college students by using a student organization in a service-learning model.

    The Beta Alpha Psi (BAP) Board of Directors established Financial Literacy of College Students asthe organizations Best Practices topic for the 20072008 school year. The Board realized that manycollege students do not acknowledge the importance of a nancial plan until they have graduated,which may be too late due to nancial mismanagement during their college years. Louisiana StateUniversitys BAP chapter joined this initiative at the beginning of the 20072008 academic yearand developed a service-learning project to educate college underclassmen on the importance ofnancial literacy. The service-learning project consists of BAP members presenting three skits toundergraduate students. The topics of the skits are credit, spending wisely, and retirement. The goalof the project is to provide students with a foundation of basic personal nancial knowledge andencourage them to build on their nancial literacy skills going forward. The project also developstechnical, communication and teamwork skills, which are important for a successful career inbusiness.

    Service-learning (S-L) is a type of experiential education dened as a teaching and learning strat-egy that integrates meaningful community service with instruction and reection to enrich the learn-ing experience, teach civic responsibility, and strengthen communities (National Service-LearningClearinghouse., 2009, p. 1). Within the accounting discipline, there are several examples of S-L projectsbeing used in specic courses.2 However, it is not always feasible to include S-L projects within the cur-riculum. An alternative would be for students to experience S-L projects through extracurricular activi-ties, such as student organizations (Mech, 1998). In fact, the Accounting Education Change Commission(AECC, 1993, p. 433) suggests that students seek campus opportunities to build communication andbusiness skills.

    Cook, DeBerg, Michenzi, Milano, and Rama (2003) discusses advantages of using S-L activities instudent organizations. First, there is more exibility since the service activities do not have to belinked to a specic course. Second, there is increased development of personal competencies suchas leadership, interaction, communication, and teamwork. Third, there is prolonged student involve-ment since the activities typically last more than one semester. Finally, there is opportunity for assess-ment through formal evaluations such as presentations at regional and national competitions. Thispaper continues the discussion of Cook et al. (2003) and adds to the body of S-L literature by describ-ing the implementation of a S-L project that meets the national requirements of BAP, promotes devel-opment of technical and communication competencies of the BAP members, and includes formalevaluation of outcomes.

    In Section 2, we provide a description of the nancial literacy project used at Louisiana State Uni-versity. This detailed description should aid other student organizations that may want to implementa similar project. We conclude the paper in Section 3.

    2 Examples of S-L used in tax courses include Carr (1998), Milani (1998), Oestreich, Venable, and Doran (1998), Strupeck andWhitten (2004), and Anderson and Bauman (2004). Examples of S-L used in accounting information systems courses includeMichenzi (1998), Lenk (1998), and Rose, Rose, and Norman (2005). Pringle (1998) describes a S-L project in the rst intermediateaccounting course. Woolley (1998) discusses using S-L activities in a capstone course. Examples of S-L used in accounting ethicscourses include Ravenscroft (1998) and McPhail (2005). Still and Clayton (2004) provide examples of S-L used in auditing and

    government/not-for-prot courses.

  • accounting problem.

    college students. Before designing their project, BAP members looked for dened groups of students

    to whom they could present. BAP members approached the Business Residential College, a residencehall for business freshman, requested and were granted permission to hold a nancial literacy presen-tation for its residents. In addition, faculty teaching introductory accounting classes were asked if theywould encourage their students to attend nancial literacy presentations hosted by BAP. The facultynot only agreed to encourage their students to attend, they also decided to offer bonus point incen-tives to their students for attending. Therefore, the target audience of this S-L project was primarilyfreshman and sophomore business majors.

    2.3. Design and budget the project

    After the audience was established, the BAP members were given the task of creating a nancialliteracy presentation that would be informative as well as hold the audiences attention. In the springof 2007, the chapter presented a nancial literacy workshop to a group of local high school studentsand their parents. Based on the feedback from that workshop, discussing the needs of college under-classmen, and after researching various personal nance topics, the BAP chapter decided to covercredit, spending wisely, and investing. The members chose to use an interactive skit format whichincorporated humor to keep the audiences attention while still delivering the message to the targetaudience of college underclassmen. Crossroads of Financial Literacy (hereafter, Crossroads) waschosen as the theme and used to promote the presentation. Based on corporate donations to BAP, abudget of $1000 was established to use during the course of the project.

    BAP members were divided into four groups; one for each nancial literacy topic (Credit, SpendingWisely, and Investing) and one for overall project coordination. Financial literacy topic groups con-sisted of eight members each, including a designated leader. The fourth group was composed of 24BAP members addressed all three of these objectives over the course of the nancial literacyproject. Members conducted in-depth research of nancial literacy topics, thus increasing theirtechnical competence in that area. Teams were used throughout all phases of the project, and thedelivery format of the nancial literacy education component was an oral presentation. The followingsub-sections provide more information on how the project was designed, implemented, andevaluated.

    2.2. Identify the target audience of the project

    The target audience for the project, as set forth by the national BAP best practices initiative, was2. The nancial literacy project

    2.1. Determine the community need and educational objectives of the project

    S-L projects should fulll a community need and be planned and coordinated with the educationalobjectives of the respective curriculum (Bringle & Hatcher, 1999). The community need being ad-dressed by the BAP project is nancial literacy education of college students. The educational objec-tives being met by the BAP project are those of the department of accounting at Louisiana StateUniversity. The following learning objectives are from the department of accountings assurance oflearning plan for the undergraduate accounting degree:

    1. Students will demonstrate technical competence in the area of nancial accounting.2. Students will deliver an effective oral presentation on an accounting topic and incorporate appro-

    priate technologies to enhance the effectiveness of the presentation.3. Students will work effectively in a team environment to generate an acceptable solution to an

    L.D. DeLaune et al. / J. of Acc. Ed. 28 (2010) 103113 105additional members who worked on planning, organization, and marketing.

  • 2.4. Develop the project

    Money A How-to Guide by Carmen Wong Ulrich (2006). Other members relied on websites like the

    to stand according to the color on their card. Each group of participants was used to visually repre-

    106 L.D. DeLaune et al. / J. of Acc. Ed. 28 (2010) 103113sent the percentage of college students that statistics show have over $25,000 in loan debt after theygraduate from college, have a credit card without their parents approval, and are at risk for identitytheft.

    The Spending Wisely group incorporated the Crossroads theme by showing good versus badspending habits. The group demonstrated how to create a basic budget and gave advice on cost-cut-ting tips and controlling debt in a skit titled, The Wild West. The presentation included a damsel indistress who was throwing her money away on useless items, an evil credit card cowboy, a cashcowboy, and a budgeting bartender.

    The Investing group used a Vacation Getaway skit to promote the benets of investing for retire-ment early as opposed to waiting. The group decided to use investing through a retirement plan as thefocus of the presentation. The skit included a chance meeting of two former high school sweethearts.The group showed a disparity between Linda, who started saving for retirement at 25, and Howie, whowaited until 35 to start saving. The group showed amounts invested for Linda and Howie in both aRoth IRA and a 401(k) and their value at retirement age.

    2.5. Coordinate and market the project

    BAP members who were not part of the skit groups were charged with marketing and coordi-nating the project. These students created yers, emails, and website postings to advertise the pre-sentation. The group also designed T-shirts for all participating members to wear at eachpresentation. Corporate sponsors were listed on T-shirts and all other marketing material. Otherresponsibilities of this group included reserving rooms on campus for presentations, providing food,drinks, and door prizes, and insuring that all necessary equipment and materials for skit groupswas provided. The BAP members managed their costs and completed the project under budgetusing only $976.76.4

    2.6. Implement the project

    Our BAP chapter hosted a total of three presentations, one to freshman in the Business ResidentialCollege and two presentations for students in introductory accounting classes. Multiple presentationswere planned to accommodate the anticipated attendance, which totaled 490 students.

    3 The topic brochures were created as a tri-fold Microsoft Publisher document and are available upon request.AICPAs 360 Degrees of Financial Literacy and Feed the Pig campaigns to nd information. Afterdeciding what material to cover, each group developed its skit and incorporated it into the overallCrossroads theme. Each group developed a nancial literacy brochure for its topic which listedimportant information, tips, and websites.3

    The Credit group chose to include information on credit reports and calculating credit scores. Fol-lowing the Crossroads theme, the group created a skit called The Rating Game, which high-lighted the differences between good credit and bad credit. The skit scenario was based on aconversation between three college freshmen: one with good credit, one with bad credit, and onewith no credit. In addition to the skit, color coded note cards were handed out to audience membersat the beginning of the presentation. The group interacted with the audience by asking participantsEach of the four groups was given a specic timeline and task list for the project. The topic groupsworked separately to develop their presentations but also had a few combined meetings to ensureconsistency. Groups were encouraged to use any method they preferred to research their topic anddecide on specic material within their topic to cover. Some members read books such as The MoneyBook for the Young, Fabulous, and Broke by Suze Orman (2005) and Generation Debt: Take Control of Your4 The majority of the costs went to the purchase of shirts ($671), pizza ($130), and door prizes ($120).

  • All BAP members participating in and coordinating the presentations wore matching T-shirts de-

    sentation. The total length of the presentation was between an hour and a half and an hour and

    L.D. DeLaune et al. / J. of Acc. Ed. 28 (2010) 103113 10745 min depending on the location and the audience size.Attendees were surveyed on their level of knowledge and asked to complete comment sheets

    regarding content and overall effectiveness of the presentation.5 Comment sheets included the follow-ing three questions:

    1. Was there something that you thought you were going to learn at BAPs Financial Literacy, but thetopic was missing? Please describe.

    2. What do you think is the most important thing you learned from BAPs Financial Literacy presen-tation? Please describe.

    3. Do you have other comments or suggestions? Your feedback will be used to help us prepare forfuture presentations.

    BAP members collected the sheets after the presentation, compiled the comments, and distributedthem to the BAP chapter so everyone could read the feedback from the audience and use it to improvefuture presentations. The attendee sign-in sheets for each presentation were distributed to the teach-ers of the introductory accounting classes to verify attendance.

    Each BAP group was given a time sheet and asked to track and report their time for the project.These sheets were turned into the BAP Vice President of Membership. This ofcer compiled the timesheet data and submitted the chapters service hours on this project to the national headquarters ofBAP.

    2.7. Audience outcomes

    The survey results of the audience members showed a 42% improvement on the level of knowledgeregarding the personal nance topics addressed in the presentations. The comments received from theaudience were all positive and provided evidence of possible behavioral changes on the part of someaudience members. Several audience members said they were going to sign up for credit monitoring,which they learned through the presentation is free to students at Louisiana State University. Someaudience members said they planned to start using a budget and others commented on opening a RothIRA. The consensus throughout all of the comments received was that the audience learned valuablepersonal nance information, which they planned to use in the future. Positive feedback regarding thepresentation style was also received. Audience members commented on how funny and entertainingthe presentation was and how much they enjoyed the skit format. One comment stated, You shoulddo this for all college students, very good information.

    5 An example of the post-survey is presented in Appendix A. The pre-survey asked the same questions but did not include thesigned for the event so they could be easily recognized to help with organization and directingattendees. Members greeted students, facilitated sign in tables, and distributed nancial literacy bro-chures. They helped move the ow of trafc and ensured presentations started on time. Membersalso helped serve pizza and drinks, which were provided for the Business Residential Collegepresentation.

    The presentation started with an explanation of the purpose of the event and an outline of how thepresentation was structured. The groups began each skit by showing a YouTube clip related to per-sonal nances. For example, a commercial from FreeCreditReport.com was shown as an introductionto the Credit presentation. Door prizes were also awarded between skits. The video clips and doorprizes entertained the audience and allowed presenters time to set up new skits. The skit groupsended their section of the presentation by summarizing the nancial information their skit had en-tailed and explaining their portion of information included in the nancial literacy brochure. Each sec-tion lasted approximately twenty minutes, including the clip shown at the beginning and thesummary at the end of each section. A question-and-answer session was held at the end of the pre-questions for the student comments.

  • B contains excerpts from the BAP members reection comments.

    An advantage of implementing a S-L project through a student organization is the opportunity for

    formal evaluation and assessment of the project at regional and national competitions (Cook et al.,2003). In February of 2008, the LSU chapter participated in the BAP southeast regional conference BestPractices: Financial Literacy competition. In preparation for this competition, the BAP members collec-tively reected on their experiences with the Crossroads project. The members held a brainstormingsession to discuss what they learned from the project and to prepare a summary of the project thatcould be presented at the regional competition. At the competition, the BAP ofcers delivered a tenminute summary of what their Crossroads of Financial Literacy presentation entailed including a vi-deo clip of their presentation and a breakdown of the organization of each event. They received rstplace, which enabled them to compete in the national BAP Best Practices: Financial Literacy competi-tion in August of 2008. The ofcers competed against six other regional winners in the national com-petition and were awarded rst place. The judging was done by a panel of International Board ofDirectors members and Advisory Forum members, which includes prominent members from acade-mia, the profession, and the community. The rubric used for judging each presentation is includedin Appendix C. This national rst place recognition supports the overall effectiveness and quality ofthis service-learning project.

    2.9. Project limitations and ideas for future implementation

    A limitation of this project was that the BAP members were restricted to serving their peers, collegestudents, instead of interacting with a more diverse audience from the surrounding community. Forfuture presentations, BAP members could target a more diverse audience from the community, deter-mine what specic nancial literacy topics the community audience may be interested in learning,and alter the presentation to meet the needs of the community audience.

    Another recommendation for future presentations is to incorporate more reection activities forthe BAP members and for the audience members. The BAP members could be required to keep a per-sonal journal of their experiences participating in the project. Also, at the conclusion of the presenta-tion, the audience members could participate in shared reection with the BAP members. Theaudience members could provide feedback directly to the BAP members in an open dialog. Finally,on the comment sheet that the audience was asked to complete, a question could be added that spe-cically asks the audience if they will change their nancial literacy behavior based on informationthey learned from the presentation. Then, an idea for future presentations would be to somehow fol-low up with the audience members to determine if they did indeed change their nancial literacybehavior. This type of follow up information could provide strong evidence of the effectiveness of2.8. Reection and evaluation of the project

    An important component of S-L is reection, which provides the link between the service activ-ity and the educational learning objectives (Bringle & Hatcher, 1999). For student organization pro-jects to be considered S-L, Rama (1998) states the project should be structured to meet thefollowing requirements: (1) fulll a community need, (2) improve understanding of accountingcourse content, (3) help in developing an appreciation for the accounting profession, (4) promotea sense of civic responsibility, and (5) develop communication, teamwork, and interpersonal skills.Rama (1998) emphasizes that a critical reection component is imperative to enhance learningfrom service projects. The reection can take the form of journals, reports, presentations, and otherstrategies.

    BAP members were asked to individually reect on their experiences with the Crossroads presen-tation by providing written comments about how the presentation affected their understanding ofaccounting, what skills were developed or improved during the process, and their sense of civicresponsibility as it related to the project. The member responses were extremely positive. Studentsexpressed the importance of not only providing a service to college underclassmen, but enhancingtheir own learning experience through development of technical and communication skills. Appendix

    108 L.D. DeLaune et al. / J. of Acc. Ed. 28 (2010) 103113the project.

  • L.D. DeLaune et al. / J. of Acc. Ed. 28 (2010) 103113 1093. Conclusion

    A lack of personal nancial education has contributed to the increase in consumer credit debt by59.4% (Federal Reserve Statistical Release., 2009). Based on the alarming statistics for college studentsand the recognition that many nancial mistakes can be avoided, this project provides one way to startghting this growing problem. S-L projects like the one presented here can provide college studentswith a nancial literacy foundation that can improve their future nancial decisions and develop com-petencies that are required to be successful in the profession. There exists an ever increasing need formethods to educate the public on nancial literacy, and this project provides one possibility.

    A Beta Alpha Psi national Best Practices topic for the 20072008 school year provided the initialframework for this S-L project. The project builds on prior S-L literature (Cook et al., 2003; Mech, 1998;Rama, 1998) by demonstrating how S-L projects executed through student organizations can meeteducational objectives of the curriculum and fulll a community need. Projects like the one presentedhere can be implemented by any student organization and structured to reach any audience. In 1 year,this S-L project directly reached nearly ve hundred college students. While this project does not ad-dress all of the many different areas of nancial literacy, it can be adapted to include different topicsthat may be better suited for various target audiences.

    Acknowledgments

    We thank Barbara Apostolou, Jan Shoemaker, and the editor for providing helpful comments. Wealso thank Julie Chenier, Beta Alpha Psi co-advisor, Beta Alpha Psi members who participated in theproject, and Beta Alpha Psi sponsors for making this project a success.

    Appendix A

    Post-Survey

    Beta Alpha PsiFinancial Literacy SurveyPost Presentation

    Please circle the best answer:

    1. Which of the following is a good way to improve you credit score?A. Cancel all credit cards.B. Only pay the ones with the largest balances.C. Pay bills on time.D. File bankruptcy and start over.

    2. APR is known as:A. Accelerated Payment Rate.B. Actual Percentage Rate.C. Annual Percentage Rate.D. Always Prime Rate.

    3. Which of the following credit card users is likely to pay the GREATEST dollar amount in nancecharges per year, if they all charge the same amount per year on their cards?A. Vera, who always pays off her credit card bill in full shortly after she receives it.B. Jessica, who only pays the minimum amount each month.C. Megan, who pays at least the minimum amount each month and more, when she has the

    money.D. Erin, who generally pays off her credit card in full but, occasionally, will pay the minimum

    when she is short of cash.4. Which of the following statements is true?

    A. Your bad loan payment record with one bank will not be considered if you apply to another

    bank for a loan.

  • B. If you missed a payment more than 2 years ago, it cannot be considered in a loan decision.C. Banks and other lenders share the credit history of their borrowers with each other and are

    5. Karen has just applied for a credit card. She is an 18-year-old high school graduate with few valu-able possessions and no credit history. If Karen is granted a credit card, which of the following isthe most likely way that the credit card company will reduce risk?A. It will charge Karen twice the nance charge rate it charges older cardholders.B. It will start Karen out with a small line of credit to see how she handles the account.

    A. Only after age 71.B. At anytime without tax or penalty.C. Only in a month with ve Mondays.D. After you pay income taxes and a penalty.

    Was there something that you thought you were going to learn at BAPs Financial Literacy, but the

    110 L.D. DeLaune et al. / J. of Acc. Ed. 28 (2010) 103113topic was missing? Please describe:

    What do you think is the most important thing you learned from BAPs Financial Literacy presen-tation? Please describe:

    Do you have other comments or suggestions? Your feedback will be used to help us prepare for fu-ture presentations.employer matching, prot-sharing and/or qualied non-elective contributions

    12 True Falseher pay as a 401k contribution each monthSome employers choose to add to participants 401k contributions through11 True False

    expensesEach participating employee decides the amount to be withheld from his or10 True False

    affordYou should keep enough in your savings account to cover 3 months of9 True False

    apartmentCredit card companies only approve credit limits that an individual is able toPlease Circle your selection for True or False:

    7 True False Interest rates and fees are about the same on all credit cards8 True False Your credit history has no effect on your ability to get a job or rent anC. It will make Karens parents pledge their home to repay Karens credit card debt.D. It will require Karen to have both parents co-sign for the card.

    6. You can withdraw your contributions to a Roth IRA ().likely to know of any loan payments that you have missed.D. People have so many loans it is very unlikely that one bank will know your history with

    another bank.

  • L.D. DeLaune et al. / J. of Acc. Ed. 28 (2010) 103113 111Appendix B

    Excerpts of Reection Comments from BAP Members

    This project has enhanced what I have learned in my accounting classes by taking thetextbook information and applying it to real-world situations. While classroom curriculums focuson business applications of the information, Financial Literacy enabled me to see how important anancial understanding can be on a daily basis. (Most) people do not think in terms of debits andcredits, and this was a great chance to translate the technical knowledge into an applicableknowledge.

    The accounting classes focus more on the theoretical practice of accounting and business. Thenancial literacy project, though, focused entirely on the practical side of business and personal -nances. Through researching and preparing to give the nancial literacy presentation, we combinedour theoretical understanding with the practical side to fully understand how to manage ones per-sonal nances and why it is important.

    My experience with Financial Literacy opened my eyes to things I had not realized about theaccounting profession. Most signicantly, this knowledge is not reserved for the minds of a fewaccountants, but is really important for everyone to grasp, especially in todays society. The account-ing profession is not just bean-counting anymore; it is a dynamic and highly communicative eldthat demands interaction and places a high value on personal development and communityadvancement.

    This experience shattered the stereotype that accountants spend their time sitting behind acomputer screen working through spreadsheets. This presentation required that we perform seriousresearch about our topics, prepare informative yet interesting presentations, and present our topicsto an audience. This experience taught me that accountants not only need to fully understandaccounting, but also must have the talent and condence to present their knowledge to largeaudiences.

    The most noticeable skills I developed from my participation in nancial literacy were my com-munication skills. I had no previous experience of speaking in front of large groups of people. Havingthe opportunity to speak to over 200 business students at a time gave me condence in communicat-ing clearly and effectively to large groups of people.

    The role I played in my group was creator and organizer. Through the project, my creative andleadership skills improved. I feel that majoring in accounting inhibits your creative thinking to a de-gree (there is always a correct method or process to do something). By transforming the topics intoskits that relate/entertain college students, helped rejuvenate my creativity. Also, the project in-creased my ability to delegate and communicate with peers.

    I feel that working on a project like thisone that is not for a gradegives students who partici-pated in it a glimpse of what working on a project in the real world is like.

    My understanding of civic responsibility has changed as a direct result of my involvement withFinancial Literacy. Financial knowledge and responsibility should be used as a way to expand oppor-tunities for people. Instead, it is often the lack of nancial knowledge that is a source of confusion anddebt for many people. I think that those of us who understand credit and nances and budgeting arecharged with dispersing this knowledge as much as possible, and making sure that all people under-stand the long-term implications of their decisions today.

    Through giving this presentation, I was amazed to discover how nancially illiterate mostpeople are, and I realized just how important what we did was. I would not say that my sense of civicresponsibility necessarily changed. Rather, I simply realized that nancial literacy is just as importantas other social issues that are plaguing society today. It makes me wonder how our current nancialcrisis would be different if people fully understood how to properly manage their money andnances.

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    Teaching financial literacy in a co-curricular service-learning modelIntroductionThe financial literacy projectDetermine the community need and educational objectives of the projectIdentify the target audience of the projectDesign and budget the projectDevelop the projectCoordinate and market the projectImplement the projectAudience outcomesReflection and evaluation of the projectProject limitations and ideas for future implementation

    ConclusionAcknowledgmentsAppendix AAppendix BAppendix CReferences

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