student money advice service anglia ruskin university shannon lynn norton
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Research Questions 1. How aware are students of Student Money Advice Service and their funding? 2. How do students use their funding? 3. How can Student Money Advice increase the students’ financial awareness and capabilities?TRANSCRIPT
Student Money Advice ServiceAnglia Ruskin University
Shannon Lynn Norton
Reason for the Project Changing funding model in the UK
Find out how aware students are of StudentMoney Advice and their current funds
Find ways to increase students financialawareness and capabilities
Research Questions1. How aware are students of Student Money
Advice Service and their funding?
2. How do students use their funding?
3. How can Student Money Advice increase thestudents’ financial awareness and capabilities?
Methods Qualitative with quantitative measures
Email questionnaire and one-on-one in person questionnaire
Current UK/EU students in May 2013 at ARU Cambridge and Chelmsford campuses
Data input into excel, short answers broken into themes, and tallied
Questions 1. Do you know where to get help with sorting out your funding or managing your
finances? Yes/No If Yes, is that within our university?
2. Do you know how much your funding is for this year? Yes/No If Yes: Fees? Maintenance?
3. Are you able to make your money last for the whole year? Yes/No If No, why not?
4. Aside from housing costs, on what do you spend the majority of your money?
5. Would you like to attend a money management workshop to improve your financial awareness? Yes/No If no, why not?
6. Did you know that the Student Money Advice Service had money management workshops both in Chelmsford and Cambridge during National Student Money Week earlier this year? Yes/No If Yes, how? If No, how would you like to be contacted about similar events in the future?
7. Do you think that money management and financial awareness should be taught as part of the curriculum at university? Yes/No
8. How can the Student Money Advice Service help you improve your financial capability/awareness?
Findings 100 total responses
40 from email questionnaire
60 from one-on-one in person questionnaire
Discussion Points Student Money Advice is valued
Student know where to go but not always aware of all theservices provided
Student want information early in their education
Food, Car/Petrol and Travel are biggest expenses
Students see value in classes or workshops but need incentives to attend
Students want emails but don’t always read
Need distinction between Financial Services and StudentMoney Advice
Short Term RecommendationsBefore the Fall Term Make ARU website easier to navigate to Student Money Advice page (especially from my.anglia)
http://my.anglia.ac.uk/Pages/staff.aspx
Send out flashy emails
Provide incentives for programs
Advertise the Money Advice Central mailbox
Shock Posters
Update Facebook/Twitter accounts regularly
Short Term RecommendationsIn the Next Six Months Continue progress on events calendar on webpage
Hold current programs• Cheap as Chips and Money Doctors
Develop interactive budget for webpagehttp://www.balancetrack.org/collegestudents/index.html
Short Term RecommendationsIn the Next Twelve to Eighteen Months Update 2014 Undergraduate Prospectus Catalog
Update Information for new students handout
Send Information to Parents
Add Yearly Expense sheet to student handoutshttp://www.sfa.osu.edu/awardguide/index.asp?tab=e;
Collaboration with Financial Services
Develop new workshops
Long Term RecommendationsIn the Next Three Years Compile scholarships in central location
Create on-line training• must complete to receive funding
Create permanent on-campus student jobs
Create meal plan and extend dining hourshttp://www.wrightstatedining.com/plans/index.html
http://urds.osu.edu/dining/meal-plans/
Take fees (accommodation/meal plans) out of maintenance funds upfront
Long Term RecommendationsIn the Next Three Years (Cont.) Change disbursement of funding
Students deposit funds into ARU account before start of classes
Long Term RecommendationsBeyond Three Years MyAnglia Card
• OSU BUCKID: https://buckid.osu.edu/• Wright1 Card: http://www.wright.edu/wright1-card
Create First Year Experiencehttp://www.sc.edu/fye/
http://www.wright.edu/uc/firstyear/experience/
One Stop for Studentshttps://www.wright.edu/raider-connect/loans-scholarships-and-grants
Create “work study” program
Increase number of advisers
Additional Resources Wright Financial Path: http://www.wright.edu/studentorgs/wfp/ [email protected] ReferencesCreswell, J. W. (2007). Qualitative inquiry & research design: Choosing among five approaches (2nd ed.). Thousand Oaks, CA: Sage.
QUESTIONS?