Increasing financial literacy among Utahs youth: An ethics practicum

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Increasing financial literacy among Utahs
youthAn ethics practicum

• Paul C. Godfrey
• Marriott School of Management
• Brigham Young University
• November 2003

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Presentation Overview

• Project overview and rationale
• Report of current status
• Plans for future and key next steps

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Project Overview and Rationale
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What is the practicum?

• Service-learning component of MBA ethics course
• Field-based project where students
• Teach financial literacy skills to children and
  youth
• Evaluate the effectiveness of their efforts
• Refine the product and/or process
• Involves 250 MBA students this year
• Ongoing commitment that can expand scope and
  reach over time

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Why do a practicum? Internal reasons

• Ethics education seeks to eliminate two lapses of
  judgment
• Type I doing that which is bad
• Type II not doing that which is good
• We are inquiring not in order to know what
  virtue is, but in order to become
  goodAristotle
• Project focuses on type II ethical lapses
• Consistent with Marriott School/BYU objectives
• BYU Enter to learn, go forth to serve
• Marriott School Graduates with a concern for
  serving humanity
• Professionals have unique skills to help solve
  social problems
• Goal Create behavioral intentions for future
  service

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Why do a practicum? External reasons

• Financial services are becoming increasingly
  sophisticated, consumers increasingly ignorant
• Financial misbehavior causes hardships on
  families
• Major source of stress and marital breakup
• Binds families under burden of debt
• Limits opportunities for parents and children
• Utah leads the nation in personal bankruptcy
  filings
• Financial literacy is effective
• Long term changes in savings consumption
  patterns
• The problem isnt knowledge, its distribution
• Outstanding content exists, resources and access
  the hurdles

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ExploratoryResearch 2003
Interventions 2004--
Expansion

• Interventions
• Elementary Schools
• Jr. High
• High School
• Infrastructure
• Website
• Partner development
• Evaluation and refinement

• Other Utah Schools
• Training modules for teachers
• Distance-learning for adults and youth
• LDS Church curriculum and contributions

• School based-research (2 elementary, 2 Jr. High,
  3 High School)
• What do students know?
• Where do they learn about finances?
• Best Practice identification
• Government programs, NGOs, Education Theory,
  Technology, Distance Learning
• Cultural influences
• Legal system
• Religious activities and influences
• Ethnic cultural influences

Academic Research
Mentored learning with PhD track students on
financial literacy and bankruptcy
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Current Status
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Phase I results
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Phase I results
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Phase I results
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Current Community partners

• Provo School District

• Alpine School District

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Current Business Partners

• Marriott School of Management
• Ray, Quinney, Nebeker
• Zions Bank
• KSL-TV

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Future plans and key next steps
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2004 plans

• First Block
• Early January-Mid February
• 2nd Year MBA Students
• Design work
• Financial Literacy Modules
• Website
• PR and Marketing Plans
• Administration Plan
• Strategic Plan

• Second Block
• Late February-Early April
• 1st Year MBA Students
• Implementation work
• Teach Modules
• Build Website
• Do PR and Marketing

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Thank you for your support