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So Much Financial Literacy: So Few Results. Toward a Behaviorist Model of Financial Literacy. PCC, Debt and FinLit. Demographics PCC’s Response to CDR and Student Debt Fin Lit Programs: Online Mandatory Financial Literacy In-person Financial Literacy Grace Counseling Program
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So Much Financial Literacy:So Few Results Toward a Behaviorist Model of Financial Literacy
PCC, Debt and FinLit • Demographics • PCC’s Response to CDR and Student Debt • Fin Lit Programs: • Online Mandatory Financial Literacy • In-person Financial Literacy • Grace Counseling Program • Delinquency Management
We had to ask ourselves, “Why” • The Why Questions!? • Economics + Psychology = Behavioral Finance • The Cognitive Horizon • Hyperbolic Discounting • Base Rate Fallacy • Atrophy Effect
Even worse under conditions of poverty • Scarcity (Poverty) • Generational Poverty
Toward a New Model • We need to rethink the problem • A behavior based model: • Recognizes the effects of poverty on learning and cognition • Looks to expand the cognitive horizon over a longer period • Based on a life coaching framework to help folks fix their finances • Integrates financial aid, scholarships, career preparedness, personal finance • Middle Class Financial Literacy Is not Sufficient