Campus Connection

UWL students benefit from unique financial literacy program

UW-La Crosse students participated in a national survey that found about seven out of 10 college students feel stressed about their personal finances. [caption id="attachment_42151" align="alignright" width="240"] Amanda Gasper[/caption] “I wish I could say that I am surprised or shaken by the results, but I am not,” says Amanda Gasper, UWL’s financial literacy coordinator. “The cost of college and the cost of living in general is a stress for students and the average American family.” UWL’s tuition is currently frozen, but it has risen in past years as state support for higher education has steadily declined for more than a decade. The National Student Financial Wellness Study (NSFWS) surveyed about 18,800 undergraduate students at 52 colleges and universities across the country, including four-year public and private and two-year public institutions. About 14 percent of UWL students responded to the survey. Nearly 60 percent of UW-L’s respondents said they worry about having enough money to pay for school. On this question and others related to financial stress, UWL student responses were similar to respondents from other four-year public universities. The national survey found that despite the stress of paying for college, more than three-quarters of students think college is a good investment and believe they will be able to support themselves after graduation. The problem of financial stress stems in part from a lack of communication about money and too little financial education happening in K-12 and college, says Gasper. Because the need for financial education is so great, financial literacy programs are a hot topic in academia and are starting to emerge on college campuses. UWL’s financial literacy program, It Make$ Cents!, is one of a handful of established collegiate money management centers across the country and one-of-a-kind program within UW System, says Gasper. The program, which has won two awards from the Wisconsin Department of Financial Institutions, provides financial workshops, presentations and peer-to-peer consultations. It also offers outreach and programming that is more blended than other universities by incorporating the arts to reach and relate to more students. The program ultimately aims to make "money talk" more relatable, entertaining and fun while educating students about their finances, explains Gasper. “Our program is trying to break down the stigma and barrier around personal finances,” she says. “We all need money as a means to live and survive in this world. It is that simple, yet so mysterious. We need to talk about it, we need to learn about it and it doesn't have to be scary.” Developed and administered by The Ohio State University, the survey aimed to examine the financial attitudes, practices and knowledge of U.S. college students. Students participated in the survey during fall 2014 and winter 2015. Learn more about the study.