HESC Expands Financial Literacy Initiative to Include High School Students
Anita Phillips
Financial Literacy is Crucial
Did you know that seventy-five percent of college students have credit cards, most students have at least three cards, and many students are accumulating debt at a record pace—averaging around $3,000 in credit card debt alone. With credit more available than ever, students need financial information in order to make personal finance decisions and to use credit wisely.
That's why HESC has is pleased to provide schools with the Financial Awareness and Consumer Training for Students (FACTS) program. FACTS can help schools to increase student awareness of the dangers of accumulating too much debt and of the benefits of saving more of the money they do have.
FACTS Program
FACTS provides common sense financial management information for students. It is presented as modules, each targeted toward a different age level or concentration. The presentations are rich in content yet easy to understand and cover practical topics such as: how to manage credit, develop spending plans, and avoid identity theft. Each module includes a suggested presentation script.FACTS in Action
This spring, HESC staff presented modules directly to approximately two hundred students and thirty school staff at “train-the-trainer” sessions at colleges throughout New York State.The most recent session, held at The University at Stony Brook, included staff members from many different campus areas, including Enrollment Management, Financial Aid, Human Resources, and Marketing and Program Coordination. Stony Brook has adopted the philosophy that bringing financial literacy to the students will be a campus-wide effort. The half day session included a review of all the FACTS modules, suggestions on how and when to use the handouts, and tips on how to effectively present the information. The session was well received; attendees seemed excited to be able to offer such training to their students.
New FACTS Module Launched
In order to provide timely information to students, HESC recently developed a new module, Money Wise, Your Financial 411, specifically for high school students. This module reviews why savings is important, how to open a savings and checking account, how to write a check, how to determine “needs” versus “wants,” keys to understanding credit, and ways to avoid identity theft.Get the FACTS
The downloadable FACTS presentations and scripts are available to high schools and colleges at any time on HESC.org.For more information on this financial literacy effort, contact Pam Jerome at pjerome@hesc.org, (518) 402-3521.