Partnership = Success for High School Financial Planning Program

Problem:
American teens spent over $169 billion dollars in 2004. With this huge spending power, there is a growing need to increase the financial skills and knowledge of youth. According to a 2004 Nellie Mae survey, the average credit card balance for undergraduate college students is $2,169, another indicator of the need for early financial education for youth.

Response:
ISU Extension has partnered with the National Endowment for Financial Education (NEFE) to offer the High School Financial Planning Program since 1988 when 2 schools and 30 students enrolled in HSFPP. Until 1999, ISU Extension was the sole partner with NEFE offering the HSFPP curriculum in Iowa. In 2000, NEFE signed a national agreement with the Credit Union National Association. As part of the agreement, the Iowa Credit Union League (ICUL) began to work closely with ISUE to market the HSFPP materials. The ISUE and ICUL partnership is one of only six functioning Extension/credit union partnerships in the United States.

Impact:
In Iowa collaboration between the National Endowment for Financial Education, Iowa State University Extension and the Iowa Credit Union League has dramatically increased the number of Iowa teens benefiting from the HSFPP curriculum. In 2005, 13,845 students in 244 Iowa schools enrolled in HSFPP. Between 2001 and 2005, 54,798 students in 98 Iowa counties benefited from HSFPP.

Other impacts of the partnership include team presentations on HSFPP by Dianne Taylor, ICUL and Sue McDonnell, ISU Extension at:

  • March 2005, Family, Community, Career Leaders of America, Des Moines - 10
  • June 2005, Trends in Family & Consumer Sciences, ISU, Ames – 65
  • July 2005, Jump$tart Financial Literacy for Educators, West Des Moines – 125
  • July 2005, American Association of Credit Union Executives Conference, Boston – 45

In addition, the Iowa Credit Union Foundation provides funds for printing and postage ($600) for the HSFPP newsletter which is mailed twice a year to 614 Iowa educators.

The impact of HSFPP in a 2003-2004 survey of students completing the HSFPP curriculum documented:

  • 60% increased knowledge about credit, auto insurance and investing.
  • 60% changed their saving patterns.
  • 59% changed their spending patterns.
  • 40% began to write goals for managing money, saving money and tracking expenses.
  • 41% increased confidence in making financial decisions

Contact:
Susan E. McDonnell
Family Resource Management Specialist
509 1/2 State Street
Osage, IA 50461
Phone or FAX 641-732-5574
Email suemcd@iastate.edu

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Last update: January 31, 2006  
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