Office for Financial Success reopening begins Missouri Saves Week

The Office for Financial Success aims to minimize financial stress for MU students after graduation.

By Katie Yaeger

Published Feb. 21, 2012

Justin Pierce/Staff Photographer

Vice Provost for Undergraduate Studies Jim Spain presents Gov. Jay Nixon's proclamation for Missouri Saves Week at the Office for Financial Success's grand reopening ceremony in Stanley Hall.

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With a new location and a newly remodeled space, the Office for Financial Success is open for business.

The office held its grand reopening ceremony at 10:15 a.m. Monday in Stanley Hall after remodeling began this past fall. Formerly located in the basement, the office now resides on the first floor with the Personal Financial Planning Extension and MU Center for Economic Education offices.

"(The office) is more visible for students," Office for Financial Success Director Ryan Law said. "We'll be able to offer services better up here since more students will see our offices and know that we are here to serve them."

A student-run organization, the Office for Financial Success provides free individual financial counseling services for MU students, faculty and staff. Topics discussed include budgeting, paying loans and establishing credit.

"It's a low-pressure environment, a student-to-student relationship and we're just here to answer questions and provide the help needed," Office for Financial Success President Thomas Duffany said. "You don't have to have specific questions. If you want to know something about a general topic, we'll help with that as well."

The Office for Financial Success hosts seminars and prepares presentations to provide groups such as Freshman Interest Groups with basic financial planning information. The office also partners with Volunteer Income Tax Assistance, coordinated by MU Extension, to provide free tax preparation. They have already filed more than 250 tax forms this year and annually average more than 1,300 tax forms.

Being in the same office with Personal Financial Planning Extension staff and the MU Center for Economic Education will make it easier for the Office for Financial Success to provide services not only to MU students, faculty and staff but also to people statewide, Law said.

"All three offices can now team up better to provide more comprehensive, integrated services across campus, the community and the state of Missouri," he said.

The reopening ceremony featured Vice Provost for Undergraduate Studies Jim Spain reading a proclamation from Gov. Jay Nixon declaring the week of Feb. 20 as Missouri Saves Week. The reopening kicked off the celebration around the state.

Missouri Saves Week is part of America Saves Week, a national campaign in which nonprofit, corporate and government institutions collaborate to help others save and build wealth, said Brenda Procter, Consumer and Family Economics State Extension specialist.

"We promote solid savings behavior and asset building," she said.

This is the first year MU Extension has celebrated Missouri Saves Week.

"Our faculty is fully aware people are not saving enough to prevent financial emergencies, so we're excited to be part of Missouri Saves and help people develop strategies for saving," she said.

MU Extension is sponsoring events this week across the state to help individuals save and build wealth. Events include a workshop series and radio and social media efforts designed to help Missouri residents with their finances.

Law said during this financial recession, the average amount of student loan debt is $24,000, and some students are graduating with even greater student loan balances, credit card debt and auto loans.

He said the Office for Financial Success hopes to minimize financial stress for MU students after graduation.

"If we can help students be smart about their finances and graduate without a lot of debt, they're going to be farther ahead when they enter the workforce and begin to work toward their financial goals," he said.

Duffany, who learned the importance of having an emergency savings fund after purchasing a car, said planning ahead can help guide decisions and make handling finances easier for students still in school.

"(Financial planning) applies to students even though we don't think how it can benefit us now," he said.

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Office for Financial Success reopening begins Missouri Saves Week