Financial literacy for college student financial aid
Money Habitudes is used by colleges and universities in to promote financial literacy for college students. It may be a student financial aid office running a financial aid workshop or using the tool in financial counseling sessions. It’s also used in a number of colleges’ peer financial counseling programs. And it’s used in residence life programs on financial literacy. This is, of course, in addition to financial planning and family & consumer science classes that use the materials in financial classes.
Typical ways the cards are used on campuses for student financial aid:
- To hook people and get them into financial education classes. Using the Money Habitudes cards for a standalone class is an easy, fun, low-stress way to engage with college students for the first time. It may be something you can do at another event, as part of a student financial aid program, or in residence halls. Although this is an example from military dorms, it’s a similar idea.
- As the first class in a series. Often student financial aid offices teach a series like: Budgeting, Getting Banked, Credit Reports and Scores. Now, many organizations just bolt on Money Habitudes as the first class (so the budget class becomes Class #2). Using the money games, they focus on habits, attitudes, values and behaviors in Class #1. It also builds camaraderie in financial aid classes and sets a tone of fun and open sharing. And it helps people understand why they do what they do with money and allows people to set better goals.
- As an icebreaker and get-to-know-you tool to be used by financial peer counselors. In short, Money Habitudes helps people talk about money. There are a number of colleges that have financial peer counseling programs like this; a great example is work being done by Red to Black at Texas Tech. This is a similar financial peer coaching case study.
- Finally, Money Habitudes cards are used a lot in financial aid training and financial literacy training sessions. This may be either for financial coaches, financial counselors, volunteers and peer coaches. It’s partly as a training to help people talk about money — always a difficult topic — relate better to clients and be more sensitive to different people who see/use money differently than they do. This relies on the money personality aspect of the cards which helps people better understand themselves and others when it comes to money.