Financial overconfidence can lead to expensive financial blind spots for Gen Y. Offering clever, creative, and easy-to-digest content can help...
Nov 16 2009
Delivering Financial Education to Graduating College Students
Despite significant investments in financial education in the United States over the past 10 years, young adults lack adequate knowledge of personal finance facts and tools to navigate the financial marketplace. In this special report made possible, in part, by PSCU Financial Services, researchers Bob Hoel and Ron Smith found that conducting quick, low-cost financial education seminars to graduating college students could be a potent tool for credit unions to engage with young adults at a pivotal time in their financial lives.
To remedy this situation, Researchers’s Bob Hoel and Ron Smith developed a unique financial literacy program called the Financial Independence Seminar. This program is held in partnership with a local university, its alumni association, and the business school faculty. Specifically, credit unions should consider further developing similar financial literacy programs that are:
- Delivered to segmented audiences that are receptive to the customized information and ready to act on the suggestions.
- Developed and presented by uninterested third parties (sorry, no credit union staff ).
- Structured as voluntary programs with no “classroom hostages.”
- Measured for effectiveness and changes in participants’ behaviors.
Report Number 198