As we approach Financial Literacy Month in April, CAST Connections will be hosting a Financial Wellness series throughout the month.
The Financial Wellness Series is a partnership between CAST Connections and different units and students on campus including the Division of Students Affairs through Redbird Well, Milner Library, the Department of Family and Consumer Sciences, the College of Business, the Financial Aid Office, Student Accounts, and Student Government Association.
It is set to address gaps in student financial literacy through multiple workshops.
The need
According to a 2019 report by EVERFI, a survey of about 30,000 college students from more than 440 schools across the U.S., revealed that only 53% of the number felt prepared to manage their money.
Another survey on students’ personal finance realities reported that one in five students are unaware of how much debt they will have and of the nearly half who are aware they still cannot tell what their approximate monthly payment will be.
In fact, CAST students at Illinois State University expressed their desire for additional education on the subject by proposing a linear focus on financial enlightenment.
Speaking on the premise of the Financial Wellness series, Tamekia Bailey, the Director for CAST Connections said, “I have to give credit to the students. The idea to create this series was born from students who developed and facilitated a wellness event through the CASTing Change Social Impact program last fall.”
Bailey emphasized that although the Wellness event was designed to help students become aware of all aspects of wellness, the participants gravitated towards financial wellness the most and indicated a need for more events centered on financial literacy.
What to expect
The Division of Student Affairs will offer resources for this series through the Redbird Well Campaign. Dawn Pote, the Executive Director for Well-being and Recreation at the Division of Student Affairs expressed her enthusiasm to collaborate with CAST Connections.
“This Financial Wellness series will not only provide students with opportunities to learn specific information, but it will also share ways for them to continue that learning process long after leaving Illinois State University. I am thankful to have the opportunity to partner with CAST Connections on this exciting new series,” she said.
Milner Library will also partner with CAST Connections through a financial book chapter discussion titled ‘Smart Moves Chapter Chat,’ which features a section of a book in the library. Time will be spent discussing key takeaways from the book chapter and how students can apply the content to their lives.
Speaking on the resources that are available at Milner, Mallory Jallas, Milner Library representative and assistant professor said, “Milner has many books and articles which focus on financial literacy, and students might not realize that the library has access to many resources that can support their personal and financial success. Our hope is that this program inspires students to see how libraries can offer a support system for lifelong learning.”
“Collaboration between different units is vital for creating a richer learning experience for students, fostering innovation, optimizing resources, reducing duplication of services, and ultimately, creating a more vibrant and successful community for students,” said Bailey.
Carlos Vargas, a computer science student who will help facilitate the round table discussions set for April 4 and April 18, highlighted the benefits that students will gain.
Vargas further spoke of his hope that more and more students will gain independence and power over their spending habits, stating, “students who come from environments where financial literacy was not a priority will be able to learn skills they may not know until after college. These include how they can save money, what rules and tips will help save money, how their money could be used more effectively, as well as how the bank they choose is much more important than they may think.”
Mahalia Jackson, the graduate assistant for CAST Connections, spoke on the personal and professional development that students will receive from the series stating, “By attending the events in this series, students can expect to become more empowered and educated to make better financial decisions and understand what financial literacy will mean for them at the college level and even as they enter the workforce in adulthood.”
While this event is geared toward CAST students, all participants are welcome. Participants will receive free merch including shirts, budget planners, and books for those who attend the ‘Smart Moves’ chapter chat.
For more information on this and other events, visit the CAST Connections page.
