Making the Case for Financial Literacy
We all know that money management is an important lesson college students must learn. But, how do you convince those who don't see eye-to-eye? How do you make the case for financial education stand out among the many other important topics students need to learn?
::Why does financial literacy matter?::
- According to the Colorado Society of CPAs, 57% of households don’t have a budget.
- On average, Americans spend approximately $1.22 for every $1.00 they earn, according to the U.S. Commerece Department of Economic Analysis.
- According to a study by the Jump$tart Coalition in 2006, 12th grade students surveyed on their understanding of financial principles scored an average of 52 percent—a failing grade.
::Why should campuses be concerned?::
- According to the Chronicle for Higher Education, financial concerns—NOT academics—are the number one reason students drop out of college.
- A National Council on Economic Education survey showed that 94 percent of students learn money management from their parents. Parents also received failing grades when tested on their understanding of financial principles.
- Only 10 percent of schools in America teach personal finance. Some states require financial education be taught to students. Luckily, Oklahoma is one of them. View the Passport to Financial Literacy standards.
- It costs three to five times more to recruit one student than to retain one student. (Noel-Levitz, 2008)
When students arrive on campus, they may be unprepared to deal with the financial choices they encounter before graduation. Yet, college students are prepared and excited to learn more about the world around them. This makes a college campus the ideal place for students to learn personal finance basics. OKMM can help you establish a quality financial education plan that will reach a large majority of your campus population. This will ensure that by the time they graduate, students will be armed with the knowledge they need to succeed, in the workforce and in life.