Educating the Next Generation: Using KPIs to Assess the Impact of Student Financial Education Programs
The Financial Health Network partnered with Michigan State University Credit Union (MSUFCU) to analyze its financial education programming for high school and college students, revealing some signs of positive impact on business outcomes and the students’ financial health.
Measuring the financial health of members can enable credit unions to develop solutions that make a real difference. MSUFCU worked with the Financial Health Network to track KPIs over six months for its Reality Fair program, a one-day financial education experience for high school and college students. The analysis revealed:
Some early signs of gains in student financial health, including reductions in fees and credit card balances
While early findings were encouraging, more research is needed to prove causality between Reality Fair and changes in KPIs
The program is an effective recruitment tool for the credit union, especially for college students
The Financial Health Network and MSUFCU developed a list of 21 potential KPIs for the Reality Fair program, ultimately selecting those that would provide the greatest insight into student financial health and business impact.
This evaluation was generously sponsored by the National Credit Union Foundation.