The Student Money Management Center (SMMC) student staff will gain knowledge on the topic of financial literacy, through their employment with the SMMC in order to perform peer counseling services of the SMMC.
Objective
Student Staff Skill & Knowledge Development
The Student Money Management Center (SMMC) student staff will gain knowledge on the topic of financial literacy, through their employment with the SMMC in order to perform peer counseling services of the SMMC.
Indicator
Student Employee Exit Survey Question #9
Student Employee Exit Survey question number nine will document what the student reports learning during employment with the SMMC.
Criterion
Indication Of Knowledge Gained
Exiting student staff members will complete the SMMC's student employment exit survey and indicate they gained knowledge on the topic of financial literacy.
Finding
Exiting Student Staff Members Gained Valuable Knowledge And Skills
Two exiting student staff members were administered the SMMC Employment Exit Survey. Both students indicated on question number nine, that they gained knowledge of financial literacy through their employment with the SMMC. The knowledge was beneficial to their performance at the SMMC and in their personal lives. However, they also indicated that more training would be welcomed through other parts of the exit survey. **Please see attached completed exit survey results.**
Action
Provide More Extensive Training
The Student Money Management Center learned from its exiting peer counselors that more extensive training is wanted during their employment. As a result, the SMMC will add five more weeks of training to the current training schedule. The following new personal finance training modules for the coming year are: Identity Theft Protection; Smart Shopping & Saving Money; Investment Basics; Retirement Planning; and Insurance. These specific modules were chosen as they complete the available personal finance education modules provided in standard Personal Finance textbooks. Revising the assessment procedures to be less vague will help us identify strengths and weaknesses in the training more specifically.
Goal
Increase The Utility Of The Student Money Management Center
Increase number of services provided by the SMMC.
Objective
Peer Counselor Certification
A series of training sessions will be created to increase the counseling effectiveness of peer counselors. Successful completion of the training sessions will identify the participant as a Certified SHSU Personal Finance Peer Counselor. The task is to develop a certification program for peer counselors that will include five weeks, and a total of ten hours of training in the areas of Budgeting, Goal Setting, Credit Cards, Debt Management and Financial Aid.
Indicator
Peer Counselor Certification
The pre- and post-test exams were created to determine the effectiveness of the training series from the peer counselors’ learning standpoint. The target task will be to pilot a training series for peer counselors using Student Money Management Center student assistants.
Criterion
Completion Of Training Series
At least 50% of Student Money Management Center student assistants will complete the certification series.
Finding
Completion Of Training Series And Test Results
100% of the Student Money Management Center’s two student assistants completed the peer counselor training series. Reviewing the data from pre- to post-test related to Peer Counselor Training, three areas emerged as weaker than others: budgeting fundamentals, federal withholding, and savings accumulation. Many budgeting fundamentals were mastered, such as emergencies, tracking spending, and credit card use. Hence, the training appears to have been successful and contributed to the peer counselors’ skill at working with student clients to the SMMC.
**Please see attached Certificates of Completion.**
Action
Provide Supplementary Training
The SMMC will provide supplementary training in the areas of budgeting fundamentals, federal withholding from paychecks, and savings accumulation to make the peer counseling even more effective.
Goal
Financial Literacy Promotion
To develop and promote financial literacy educational opportunities for SHSU students.
Objective
Student Knowledge
The Student Money Management Center will develop outreach activities that increase students’ knowledge of personal finance-related topics.
Indicator
Program Assessment
The program assessment results for specified activities will serve as evidence of the successful completion of this objective.
Criterion
Student Knowledge
50% of students who attend Financial Literacy Week events will increase their comfort level to comfortable from pre-test to post-test on the topics of Knowing How To Save Money, Understanding Financial Aid and Setting Financial Goals.
Finding
Student Knowledge
The Financial Literacy Week data indicate that percentages between 5% and 37.5% were gained from pre- to post-test except for two areas: preventing identity theft and understanding interest rates. The top two ratings (somewhat comfortable and comfortable) on these issues remained the same from pre- to post-test. However, an issue that significantly impacts the data is the difference between the number who completed the pre-test (44) and those who completed the post-test (9).
Action
Student Knowledge
SMMC will address preventing identity theft and understanding interest rates more diligently during 2010-2011 by reviewing the programs presented during the Financial Literacy Week of 2009-2011 and providing more hands-on practice. Additionally, we will work diligently to encourage participants to complete the post-test by stressing how important the post-test is to evaluating the program’s success. We will also investigate incentives for those who complete the post-test.
Goal
Quality Personal Finance Counseling Services
To provide SHSU students with the highest quality and most effective personal finance counseling services.
Objective
Certification For Certified Personal Finance Counseling
Professional staff members will achieve certified financial counselor status to provide SHSU students with effective personal finance counseling programs.
Indicator
Certificate Of Completion
The indicator for this objective is the Center for Financial Certifications Certificates of Completion for both the Director and Assistant Director of the Student Money Management Center.
Criterion
Certification Achieved
The Director and Assistant Director of the SMMC will achieve personal finance counselor certification this year and become Certified Personal Finance Counselors (CPFC®).
Finding
Certified Personal Finance Counselors (CPFC) On Staff
The SMMC Assistant Director and Director have completed the certification process and have been awarded Certificates of Completion indicating they are now Certified Personal Finance Counselors (CPFC®). This certification allows the Assistant Director and Director to more effectively counsel students, as they now have a more extensive and complete knowledge of personal finance and counseling techniques. **Please see attached copies of certificates.**
Action
Peer Counselors To Complete (CPFC) Certification
The Peer Counselors will complete the personal finance counselor certification next year and become Certified Personal Finance Counselors (CPFC®). This certification will allow the peer counselors to more effectively counsel students, as they will now have a more extensive and complete knowledge of personal finance and counseling techniques.