Kirkwood Students in Free Enterprise to help Gen Y take charge of their finances
Kirkwood Community College’s SIFE team will participate in this year’s TIAA-CREF Financially Empowering Gen Y Project Partnership. Through the challenge, the team of students will create and implement financial education programs for members of Generation Y, typically considered those who were born in the 1980’s and now range from age 18 to 32.
The SIFE students conducted a “Financial Personality Survey” with more than 200 classmates, roommates and friends, to determine their views on money. Results showed almost 60 percent of those surveyed consider themselves savers, while about 12 percent consider themselves big spenders.
“Often times we hear about college students not saving money,” said Todd Saville, Kirkwood SIFE advisor and Financial Services faculty member. “It’s refreshing to hear that more students are saving money, instead of spending everything they get. It’s clear that people are starting to get the message that saving is important.”
In working with the project, TIAA-CREF awarded $1500 to the SIFE team. Cedar Valley Habitat for Humanity will receive a $250 donation from the Kirkwood club. The other $1250 will support the club’s ongoing financial workshops with Metro High School in Cedar Rapids.
“As a nation, we need to do a better job of promoting financial literacy, especially among future generations – and who better to do that than their peers,” said Teresa Hassara, senior managing director and head of Institutional Client Services at TIAA-CREF. “We are excited to see the many creative ideas and financial education programs that will emerge from this challenge and to witness this next generation of leaders take the reins in this important educational area.”
This is the first year for the TIAA-CREF Financially Empowering Gen Y Project Partnership. Through the challenge, SIFE teams from across the United States develop creative, sustainable programs that encourage Gen Y to take control of their financial well-being. Kirkwood’s SIFE team is among 25 competing teams tasked with combining basic economic concepts with an entrepreneurial approach to increase their peers’ financial aptitude in fun and innovative ways.
All 25 teams will compete for additional grand prizes. The winning SIFE teams will be announced in May during the SIFE USA National Expo, taking place in Kansas City, MO. All top finalists will receive additional cash awards to continue the important work initiated through this project.