Webinar | Financial Education in the Age of FOMO (rebroadcast)

Webinar
Financial Education in the Age of FOMO (rebroadcast)

Recorded on: Thursday, February 20, 2019
Duration: One hour
Cost: FREE
Speaker: Stacy Yanchuk Oleksy
Director of Education and Community Awareness
Credit Counseling Society

 

If you would like to request the webinar recap and supporting documentation, please complete the form on this page.

Keeping up with Joneses used to mean competing with your neighbors with homes, cars, and vacations. Now, thanks to social media, it means keeping up with the Kardashians with Instagram worthy shots of lavish homes, designer bags, and champagne trips on a beer budget.

 

A majority of Millennials report that social media wreaks havoc on their spending, and yet FOMO (fear of missing out) keeps leading them into debt. Add in the ease of accessing money via fintech (mobile payments), and it’s a perfect recipe for financial disaster.

 

How can we prepare students to say no in a world of nonstop peer pressure to spend, while technology makes it ever easier to do so?

 

In this Inceptia rebroadcast, originally presented in 2019, the impact still applies as we explore the effects of social media on spending and saving, the drawbacks of fintech, and how to tailor financial education programs to inform and empower students to resist.

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Research Brief | The State of Student Finances 2018: Results from a Multiyear Assessment

Research Brief
The State of Student Finances 2018
Results from a Multiyear Assessment

Since the spring of 2016, Inceptia has collected survey data from college and university students across the country in order to better understand financial behaviors. Analyzing the choices that students make about money, the steps they take to be financially well, or the ways in which they view their own competency, can provide a valuable baseline regarding their levels of financial capability. In addition, it can better inform the learning objectives and areas of focus for financial education programming, aligning our efforts to meet the needs of our students.

This brief discusses the results of data from over 60,000 respondents weighing in on a number of topics that initially self-rates their financial knowledge and then asks key questions regarding saving, protecting and preparing to determine the degree of disparity between perceived knowledge and applied behaviors.

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Webinar | Same Campus, Miles Apart: Addressing the Racial Wealth Divide

Webinar
Same Campus, Miles Apart
Addressing the Racial Wealth Divide

Recorded on: Thursday, November 8, 2018
Duration: One hour
Cost: FREE
Speakers: Lillian Singh, Director of the Racial Wealth Divide Initiative; Prosperity Now
Kristin Bhaumik, Associate Director Financial Wellness, Advising and Eligibility Units; University of Michigan | Office of Financial Aid
Niki Pechinski, Financial Literacy Educator; University of MN Duluth

If you would like to request the webinar recap and supporting documentation, please complete the form on this page.

As educators seeking to empower all students, we sometimes view education as a panacea to level the playing field for all. Yet, there is a silent and often overlooked factor that heavily influences the student experience and ability to persist and thrive in college: the racial wealth divide.

 

At a time when black families hold only $5.04 in wealth for every $100 held by white families, with household wealth for minorities on a 50-75% decline since 1983, it is imperative to examine how this gap plays out across academics and how we can take steps to broaden the discussion on our campuses.

 

This one-hour webinar combines thought-provoking research and practice to examine how minority students struggle against systemic economic disparity. With expert speakers from Prosperity Now, the University of Michigan, and the University of Minnesota – Duluth, attendees will learn about:

  • Data surrounding the current realities of how people of color are impacted by racial wealth inequality, and practical solutions on how practitioners can better serve students to improve their financial stability
  • How to introduce students to the topic via course integration
  • How to provide peer mentor training that incorporates awareness of and reflection on economic inequality

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Research Brief | Adapting to Gen Z: A Higher Education Guide

Research Brief
Adapting to Gen Z
A Higher Education Guide

The Millennials changed everything. Being the first group of “digital natives,” these students ushered in the era of online forms, email advising, and student portals. As with previous generations, they forced colleges and universities to adapt, but to a greater degree and with more sweeping change than their predecessors.

Now that Gen Z has taken over as the new “traditional” college student, institutions may see them as little more than “Millennials on steroids.” However, this view would do injustice to a generation that, while also adept users of technology, diverge from Millennials in a number of areas that present both opportunities and challenges to higher education professionals.

This research brief aims to help schools better understand the unique needs of Generation Z.

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Webinar | Full Minds, Empty Stomachs: Food Insecurity on Campus

Webinar
Full Minds, Empty Stomachs
Food Insecurity on Campus

Recorded on: Tuesday, April 24, 2018
Duration: One hour
Cost: FREE
Speakers: Shanah Bell, Holistic Health Advisor and Owner, AdaptiveNourishment, LLC
Clare Cady, Director, Community Engagement; HOPE Center for College, Community, and Justice at Temple University
Megan Scherling, Program Coordinator, Student Money Management Center at University of Nebraska Lincoln
Carissa Uhlman, Vice President of Student Success, Inceptia

If you would like to request the webinar recording and supporting documentation, please complete the form on this page.

As part of our Financial Capability Month series, Inceptia explores the growing epidemic of students going hungry on campus. Despite massive dining halls and excessive food buffets, an increasing number of college students lack access to the basic nourishment necessary to support their academic dreams. This epidemic is spreading from the smallest of community colleges to the largest of elite institutions, often a source of quiet shame for those students who suffer in silence. What can we, as campus communities, do to provide support so that no student goes hungry?

In this one hour webinar, we’ll discuss how food insecurity happens in such a food-rich environment, and how going hungry impacts every area of life for these students. Utilizing a body of growing research, we’ll look at how some institutions are working to tackle this problem head on. Finally, we’ll hear from one school on what it takes to open and run a campus food pantry, as they provide insights from their first year of operation.

 
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Webinar | Handling Money Like a #GirlBoss: Empowering Women Through Financial Literacy

Webinar
Handling Money Like a #GirlBoss
Empowering Women Through Financial Literacy

Recorded on: Tuesday, April 2, 2018
Duration: One hour
Cost: FREE
Speakers: Sophia Bera, owner of Gen Y Planning and CNBC contributor
Jennifer Hemphill, an Accredited Financial Counselor and host of the Her Money Matters podcast

If you would like to request the webinar recording and supporting documentation, please complete the form on this page.

From the time they are born, studies show that women are behind the curve when it comes to money: we talk finances with boys more than with girls, parents save less for their daughters’ college education than their sons’, and straight out of college, men earn over $6,000 more per year than their female counterparts, on average. The end result is a gender divide that equates to women working longer hours, for more years, with less wealth and retirement security.

 

In honor of Equal Pay Day, join Inceptia to learn more about what the financial education community can do to address the unique financial struggles that women face. Guest speakers will include Sophia Bera, owner of Gen Y Planning and CNBC contributor, and Jennifer Hemphill, an Accredited Financial Counselor and host of the Her Money Matters podcast. They’ll share their insights into the female financial literacy gap, challenges facing minority women, and suggestions for empowering female students to take control of their finances.

 
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Research Brief | The Financial Aid Office in Transition: Adapting to Meet the Needs of Millennials and Gen Z

Research Brief
The Financial Aid Office in Transition
Adapting to Meet the Needs of Millennials and Gen Z

Perhaps more than any generation before them, the Millennial and Gen Z generations are forcing higher education institutions to adapt to their needs and preferences. As "digital natives," these students are demanding that schools employ technology and online solutions to address what have traditionally been paper-driven processes.

And with an overwhelming majority of Millennials reporting the financial aid process is confusing (74 percent) and stressful (76 percent), the financial aid office, perhaps more than any other campus department, stands to reap the greatest benefits as a result of meeting these technological demands.

This research brief aims to help schools develop strategies to better align student financial aid expectations with institutional outcomes.

Please fill out the form and click submit. A PDF of the research brief will be delivered to the email address you provided.

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Webinar | The ABC’s of Gen Z: Adapting Financial Aid Practices for Effective Outcomes

Webinar
The ABC’s of Gen Z
Adapting Financial Aid Practices for Effective Outcomes

Recorded on: Wednesday, June 12, 2019
Duration: One hour
Cost: FREE
Speakers: Andrea Pellegrini, Assistant Director, University Student Financial Services & Cashier Operations (USFSCO) - Student Money Management Center, University of Illinois System
Carissa Uhlman, Vice President of Student Success, Inceptia

If you would like to request the webinar recording and supporting documentation, please complete the form on this page.

Move over Millennials – Gen Z is coming! This next generation of students grew up with cellphones in hand, but rarely make phone calls. As “digital natives,” they demand that schools employ technology and online solutions to address what have traditionally been paper-driven processes. Thus, learning their language and partnering with technology can help colleges & universities adapt to these bright young minds.

Just employing technology, however, does not necessarily ensure student success, nor does it replace critical interpersonal interactions. A balance must be found between transactional and transformational services to provide students with the best experience—a balance that can only be achieved by better understanding what defines “best experience” for these generations.

In this one-hour webinar, Andrea Pellegrini from the University of Illinois System and Carissa Uhlman of Inceptia will present research and best practices to help colleges create effective communication outcomes by aligning their messaging with Gen Z preferences. The presentation will cover:

  • General understanding of Gen Z traits and influences
  • Communication and engagement strategies for Gen Z
  • Real-world scenarios from the University of Illinois to easily meet Gen Z where they are

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  • Navigating the Evolving Landscape: Strategies for Overcoming Challenges in Higher Education Support
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    Show Description

    The effects of the COVID-19 pandemic are still playing out in society at large and on college campuses. Some impacts are immediately apparent; others take time to fully manifest themselves.

    This research brief addresses four areas of concern — four challenges — that are faced by higher education institutions today and may have been aggravated by the events of the last several years. They range from costs, to enrollment, to the long-term viability of the institutions themselves, to how well financial aid departments are managing to address changing circumstances with constrained resources.

    These challenges will not be news to higher education administrators. But a view of recent research and current statistics may help provide additional perspective on fashioning approaches for the future. In the area of financial aid administration, enrollment management and admissions, that future may very well include a reliance on third-party partnerships to effect better educational and financial outcomes for students.

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  • Managing Your CDR: A guide to the CDR timeline, key impacts of repayment, and tips for preparedness.
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    Show Description

    All borrowers were brought current effective March 2020, resulting in all borrowers reentering repayment in October 2023.

    This also makes it likely that a larger number of borrowers will become delinquent at the same time whether it’s because they can’t afford it, don’t know how to start repayment or don’t realize they have loans at all. Also, with the economic changes and using natural disaster trending data, there is typically a higher than normal delinquency rate following a disaster.

    It’s vital for schools to prepare now for the influx of student repayment in order to curb default rates, improve student success and enhance the school’s reputation. This guide works through the importance of the CDR, how it is calculated, what happens if your CDR is too high for too long, the key impacts to repayment from the CARES Act, and actions you can take now to prepare.

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  • The State of Student Finances 2021: Multiyear Comparisons and Pandemic Effects
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    Show Description

    In 2018, Inceptia published the results of our first round of a behavioral assessment to examine student financial behaviors at the outset of participation in college-sponsored financial education programming. Based on surveys conducted with over 60,000 students from across the country, this study highlighted the difference between self-perceived knowledge versus application, providing educators with insight to target interventions to foster behavior modification.

    While the plan was always to conduct a follow-up study, the events of 2020 created unique circumstances that allowed us to view, on a mass scale, a snapshot of how a global pandemic factored into shifting financial behaviors amongst college students. Thus, this research brief serves two purposes: comparing year-over-year changes in a relatively stable economic climate, versus insights from within the unfolding COVID-19 upheaval.

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  • Missed Opportunities and Abandoned Ambitions: Understanding and Combating Student Melt
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    Show Description

    Every year, hundreds of thousands of current and would-be college students fall through the cracks. For current students, the roadblocks they face as they attempt to remain enrolled continue to present themselves after the abundant freshman year support has fallen away. For incoming students, the final stretch in a college-bound marathon proves to be the most difficult part of the journey, with many failing to cross the finish line.

    This brief reviews the current research and best practices to offer a better understanding of what causes these issues, how they contribute to student attrition, and how schools can take action to combat their negative effects to help students persist despite these hurdles.

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  • Adapting to Gen Z: A Higher Education Guide
    Request research brief
    Show Description

    The Millennials changed everything. Being the first group of “digital natives,” these students ushered in the era of online forms, email advising, and student portals. As with previous generations, they forced colleges and universities to adapt, but to a greater degree and with more sweeping change than their predecessors.

    Now that Gen Z has taken over as the new “traditional” college student, institutions may see them as little more than “Millennials on steroids.” However, this view would do injustice to a generation that, while also adept users of technology, diverge from Millennials in a number of areas that present both opportunities and challenges to higher education professionals.

    This research brief aims to help schools better understand the unique needs of Generation Z.

  •  
  • Financial Aid Management Practices: The Benefits of Outsourcing Verification
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    Show Description

    It may be an understatement to say today’s financial aid professionals are a little stressed. With staffing constraints and increased regulatory requirements, as well as serving students who expect modern, streamlined, user-friendly experiences, institutions are more challenged than ever to get everything done. It’s clear that schools need help. And outsourcing is a viable option. This brief looks at the pain points financial aid professionals are feeling today, according to the latest NASFAA data, and addresses how outsourcing can help schools provide more personalized service to students and their families while reducing the need for time-intensive technical support and regulatory compliance updates.

    The brief specifically addresses the benefits of outsourcing verification and the impact of helping institutions refocus their resources. Data provided will assist those evaluating their verification strategy and provide guidance and support for schools considering a third-party servicer.

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  • It Takes a Campus: Gathering Internal Support to Promote Financial Education
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    Although important to all, the execution of a financial education program is often relegated to the financial aid department. For an all hands on deck approach, such a massive and critical undertaking is daunting, but is simply system overload for one department to manage alone. Here are the reasons and data as to why financial education is everyone’s job, and how to gain buy-in for campus-wide collaborative efforts.

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  • Loan Summaries: Nudging Students Toward Smart Borrowing
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    As students increasingly rely on student loans to finance part or all of their college education, the need for relevant, timely information to help make informed borrowing choices has become more critical than ever. Students themselves are indicating a need for such initiatives; 48% of surveyed borrowers reported either not knowing or incorrectly estimating the amount they have borrowed. The ramifications for borrower confusion can be significant. When students do not invest in or avail themselves of existing loan counseling resources, those students, as well as schools and society at large, suffer from the effects of over borrowing, lower degree attainment, increased attrition, and student loan default.

    A number of schools and states, however, have used a simple yet innovative approach to help students actively manage loan debt as they progress toward degree completion. These institutions use loan summaries, sometimes called “debt letters,” to keep students apprised of their borrowing levels and allow them to make informed choices about future repayment scenarios. This brief explores the mounting research that has emerged to support the effectiveness of this strategy and examines institutional case studies that illustrate implementation techniques and the positive implications loan summaries have on not only borrowing behavior, but also academic outcomes.

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  • The ROI of Financial Education
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    Show Description
    Financial education programming, while gaining in popularity among colleges and universities, still faces an uphill battle in proving its value to decision-makers and educators. At a time when outcomes are king, the very nature of financial education dictates that its results are often not immediately seen. This can make it difficult to know which strategies are effective or will gain schools the greatest return on their efforts. This brief examines the effects of financial education on student satisfaction and financial stress levels, retention and cohort default rates and lifelong financial behaviors. A simplified review of the numbers will provide a basis for calculating the return on investment for financial education programs.
 
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