Using Competition to Motivate Students

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1. Susan S. Shockey, Ph.D., CFCS, CPFFE USDA, National Institute of Food and Agriculture George Barany, Consumer Federation of America Andrea Pellegrini, University of Illinois, USFSCO, Student Money Management Center Kathy Sweedler, University of Illinois Extension 2. George Barany Director or Financial Education, Consumer Federation of America Susan Shockey Susan S. Shockey, Ph.D., CFCS, CPFFE Kathy Sweedler USDA, National Institute of Food and Andrea PellegriniConsumer Economics Educator, Agriculture Visiting Assistant Director, Student University of Illinois Extension Money Management Center, University Student Financial Services and Cashier Operations, University of Illinois 2 3. 3 4. 4 5. College students and savings America Saves and America Saves WeekA successful pilot model for reaching college students and staff How you can replicate the University of Illinois model Questions and answers 5 6. 6 7. What type of organization are you affiliated with? a. Higher education b. Military c. Government d. Non-profit e. For-profit 7 8. To what degree have you been involved in an America Saves campaign? a. None b. Participant c. Partner d. Campaign Coordinator e. Other _________ 8 9. 10. Students now foot an expanding share of the college tuition bill, while parents scale back. Difficult job market Increasing student loan loads Source: Sallie Mae, 2012, 10 11. 84% of undergraduates admitted the need for more financial management education. Of these, 64% would have preferred some type of financial literacy education in high school and 40% as college freshman. (Source: Sallie Mae, "How Undergraduate Students Use Credit Cards: Sallie Maes National Study of Usage Rates and Trends 2009") 11 12. In a CFA/Financial Services Roundtable 2009 Study: 68% of low income households do not have a saving or money market account 52% of moderate income households do not have a saving or money market account 42% of middle income households do not have a saving or money market account 12 13. The average employee spends 28 hours each month worried about, calculating, or stressed over finances, costing employers $5,000 a year in lost productivity. The Federal Reserve, 20108 out of 10 people identify money as a significant source of stress. American Psychological Association, 2009 Personal finance is the number one personal issue causing stress in the workplace. ComPsych printed in USA Today, 2010 13 14. Think like a Saver o what do I need and where can I get it for the lowest price Shop like a Saver o Buy what is on sale, wait until it goes on sale, use coupons, pay in cash not credit Act like a Saver o Save a minimum amount every month even if it is only $25 14 15. an opportunity to respond to the need for savings 16. An opportunity for Americans to assess their financial condition and goals A dedicated time for financial action A time for organizations and institutions to emphasize Automatic Saving and make it easy to start 16 17. A national initiative with thousands of local partners including: Organizations encourage and assist Americans, especially lower- income households, to start saving and build wealth Over 300,000 Savers and growing Annual reach of more than 30 million peopleCollaborators/Partners FDIC -- Federal Reserve Board JumpStart -- Social Security Administration OCC -- Department of Defense Cooperative Extension -- ABA Educational Foundation CUNA -- Many others 17 18. America Saves Week 2012 ResultsAmerica Saves Week 2012 saw the largest organization participation since its inception 815 organizations signed up on An estimated 2,000 organizations involved in America Save Week activities across 48 states Reached over 31,000,000 people. 18 19. 20. 1) Embed an annual time for college students and staff to be motivated to save 2) Create a replicable model 3) Motivate people to set a savings goal. 4) Connect people to continuing financial education 5) Encourage the development of positive financial behaviors 20 21. People Want to Save Money o UI Saves provides an easy way to set goal and take step towards saving Competition between University Campuses o University of Illinois at Chicago, at Urbana-Champaign, at Springfield o Included students, staff and faculty o Winner determined by percent of participants 21 22. Prizes o Weekly drawings for $15 gift cards from TCF Bank o Prizes at end of competition for winning campus participants An iPad 2 from TCF Bank Three $500 Gift Cards from Chase $500 Gift Card from University of Illinois Employees Credit Union Two $250 Gift Cards from PNC Bank $100 Visa Gift Card from Busey Bank 22 23. Competition began February 19th (during America Saves Week Competition ended April 19th (during Money Smart Week) Nine weeks for the competition 23 24. 24 25. To create a competition you need a natural competitor. 25 26. Economic Awareness Council o Planning o Sponsor of I Save Conference Consumer Federation of America o Planning o Website development o America Saves 26 27. Urbana-Champaign Chicago SpringfieldHuman Resources Human Resources Human ResourcesWellness Center College of Medicine- Housing Financial AidHousing Division Student Activities Undergraduate StudentDaily Illini Newspaper Government The JournalCareer Center College of BusinessCampus Recreation Campus ProgramsFinancial Aid Project CHANCE Graduate College UIC Calendar Athletics 27 28. 28 29. 30. 31. UIUC Week 1 Week 2 Week 3 Week 4 Week 5 Week 6 Week 7 Week 8 Competition CloseStaff/Faculty 83 97 115 130 150 157 159 161 164Student 8 44 65 84 93 110 114 164 195Total 91 141 180 214 243 267 273 325 359% Population 0.170% 0.264% 0.337% 0.400% 0.455% 0.500% 0.511% 0.608% 0.67%UIC Week 1 Week 2 Week 3 Week 4 Week 5 Week 6 Week 7 Week 8 Competition CloseStaff/Faculty 39 53 63 64 69 71 71 71 74Student 13 47 64 67 72 74 78 89 193Total 52 100 127 131 141 145 149 160 267% Population 0.130% 0.256% 0.325% 0.335% 0.361% 0.371% 0.381% 0.409% 0.68%UIS Week 1 Week 2 Week 3 Week 4 Week 5 Week 6 Week 7 Week 8 Competition CloseStaff/Faculty 7 9 9 26 31 33 35 35 35Student 1 1 1 36 44 48 49 50 50Total 8 10 10 62 75 81 84 85 85% Population 0.136% 0.169% 0.169% 1.033% 1.271% 1.372% 1.423% 1.440% 1.44% 31 32. 32 33. Facebook Twitter Posters Newspaper Articles E-list Announcements Financial Fairs In-Person Events Posters 33 34. Engagement! 34 35. 35 36. 36 37. 37 38. @ILStudentMoney@FinWellnessUIE 38 39. Sent: Wednesday, April 11, 2012 1:13 PM Subject: Re: UI Saves wrap up brief Thanks, Michele. I dont want Springfield to win either! So Ill do my best! Doris Subject: UI Saves wrap up brief Hi Doris, Heres a brief announcing the wrap up of the UI Saves competition. I realize youve already promoted this, but if you have room, wed really appreciate a last burst of promotion Springfields ahead right now, and we just cant have that! Please let me know if you have any questions or want any changes made. Thanks so much, -Michele 39 40. 40 41. Credible sources helped promote competition Competition provided immediacy to set goal Competition motivated people to spread the word Images had most impact with social media Human Resources was an important partner for staff participation 41 42. Change prize structure Plan for images/photos to be used with social media Have email notes, news releases and partners ready to go prior to kick-off 42 43. 44. Find a competitor o How to calculate winner fairly Create a planning and implementation team Define structure of competition o Targeted audience o Length and dates of competition o Main messages Identifyand approach partners America Saves staff available for technical assistance and support 44 45. Websites o America Saves, o University of Illinois Saves, o Student Money Management Center, o Financial Wellness for College Students, Twitter o o o Facebook o o o YouTube o o o 45 46. 47. George Barany, Director of Financial EducationConsumer Federation of Americagbarany@consumerfed.orgKathy Sweedler, Consumer Economics EducatorUniversity of Illinois Extensionsweedler@illinois.eduAndrea Pellegrini, Visiting Assistant Director Student Money Management CenterUSFSCO, University of Illinoisapelleg3@uillinois.eduSusan S. Shockey, Ph.D., CFCS, CPFFE, National Program Leader - Family & Consumer EconomicsUSDA, National Institute of Food and AgricultureDivision of Family and Consumer Sciencessshockey@nifa.usda.govDownload this presentation and a resource kit 47