Incorporating financial literacy education into your program
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Incorporating Financial Literacy Education into Your Program. Individual Development Accounts. Presenters: Adrianna Kezar and Hannah Yang Center for Higher Education Policy Analysis Rossier School of Education University of Southern California http://www.usc.edu/dept/chepa/accounts/.

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Incorporating Financial Literacy Education into Your Program

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Incorporating Financial Literacy Education into Your Program

Individual Development Accounts

Presenters: Adrianna Kezar and Hannah Yang

Center for Higher Education Policy Analysis

Rossier School of Education

University of Southern California

http://www.usc.edu/dept/chepa/accounts/


Opportunity

  • An existing tool to help the lowest of the low-income students gain access and be retained in college

    • Individual Development Accounts or IDAs.


What is an IDA?

An IDA is a matched savings account

Example:

For every $1 a student saves, receive $2 in matched funds

Save up to $2,000, earn up to $4,000 in matched funds

Savings and match can help pay for college!


and more...

IDA programs also include case management, asset-specific training, and financial education.


How does an Education IDA work?

  • Open an IDA account with a community agency

  • Save in a bank account

  • Complete a financial education course

    • Develop financial skills

    • Learn to establish & build credit

  • Create an education plan

  • Spend funds at an educational institution


Education IDA uses

  • No

  • Room & Board

  • Student loans

  • Electronics

  • Car/transportation

  • Parking

Yes

Tuition

Fees

Books

Supplies

Equipment


Who qualifies?


Study Findings

  • The major finding from this study is that education IDAs have the most potential, not as a stand alone tool, but offered bundled with other services. Especially those working with low-income students.

    • For example, TRIO and GEAR UP programs!

    • The IDA replicates the kind of work they are already conducting and they do not have to perform any tasks beyond their current responsibilities.


How do you start offering IDAs?

  • Partner with Community agency

    • Directory of IDA programs in your state http://www.cfed.org/focus.m?parentid=31&siteid=374&id=599

    • Assets for Independence (AFI) project locator: http://www.acf.hhs.gov/assetbuilding/

      • Example of CASA of Oregon


How do you start offering IDAs?

  • Partner with a education nonprofit you are related to

    • Potential example

  • Approach the leaders of your institution to offer IDAs

    • Potential example

  • Refer them to the AFI website for information on how to apply:

    • http://www.acf.hhs.gov/programs/ocs/afi/applying.html


Get Involved – Re-infuse financial education into your program

  • Directors of TRIO programs nationwide were emailed a survey

  • ~51% of TRIO programs offer financial education (caveat)

  • Why offer financial education?


Survey Results

  • Most financial education offered is optional

  • Most common format: in-person group sessions

  • 78% of financial education were taught by program staff who usually also created the curriculum/materials

    • Network with your colleagues, they may have a curriculum you can use!

  • If they didn’t teach it themselves other staff on their campus taught the financial education

  • Some programs worked with organizations outside of their intuitions to offer financial education


Financial Education Resources

  • See handout

    • AFI has a tool on how to choose a curriculum, although it is for IDA practitioners some of the concepts are helpful:

      • http://www.acf.hhs.gov/programs/ocs/afi/finlit/ChoosingaCurriculum.htm

  • See Curriculum example

    • Let’s review together


Any Questions?

  • Also visit our website for more information on IDAs and financial education:

    http://www.usc.edu/dept/chepa/accounts/

    • Thank you for joining this session!


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