10 Colleges That Are Taking on Personal Finance

As the economy struggles to recover from the downturn that has marked the past few years, many are focusing increased amounts of attention on their personal finances, hoping to spend less, save more, and plan for the future. The trouble is, the majority of young people have no idea where to start. A 2011 survey by Charles Schwab found that only 52% of high school students have savings accounts, even though 75% of them claim to be knowledgeable about money management. Somewhere along the line, students are missing out on key pieces of financial education and many schools are starting to take note.
Several states now require personal finance courses at the high school level, but colleges are getting in on the game as well, with some even making personal finance courses a requirement for graduation. Whatever the rules, it’s clear that young people need a bit of help when it comes to learning how to manage money, and these colleges are making sure that their students will be ahead of the game. Mark this year’s Financial Literacy Month by learning about just a few of the colleges and universities that are stressing financial education.

1. Penn State Erie

   In a partnership with National Educators Council, Penn State Erie is taking part in the Financial EduNation Campaign. Starting in April 2012, the college will be providing free personal finance programs to students, parents, educators, and other organizations throughout the state as their part of promoting the campaign. Aimed at teens and young adults, the programs are completed online through a program that features celebrities, business leaders, and sports stars. So far, the school has reached out to more than 25,000 students in middle school through college, but they hope to expand the program during the coming month.

2. Indiana University Kelley School of Business

   Students at this business school can get a crash-course in financial education in a sophomore course taught by Professor Brian Jbara. Jbara has reported an increased interest in his course in recent years, as students worried about a poor job market, student loan debt, and a generally poor economy look to build real-world skills before graduation. Jbara believes that helping students to learn more about their financial lives is critical to their success in their first jobs and beyond. His course has grown from just 25 students to 225 over the past 10 years he has been teaching it, a testament to the growing popularity of personal finance education on college campuses.

3. NYU

   At NYU’s School of Continuing and Professional Studies, there are a number of personal finance courses students can take. While the courses may have been largely ignored in past years, that isn’t the case anymore, as students flock to the office to register for personal finance courses. In fact, the courses were so popular and had so much interest from students outside of professional fields that the school actually added several other sections to their line-up. In addition, the school has been approached by family members of students who want to learn more about how to address their own financial situations, and the school may branch out further in coming years to meet the needs of a community that increasingly wants to build better personal finance skills.

4. Washington University, St. Louis

   Professor Michael Gordinier has taught a personal finance course at Wash U since 2003, open to any student at the school in their junior or senior year of study. Over the past few years, the course has grown in popularity and has become one of the better-attended and most-requested classes on campus, boasting a class size of almost 200 students, up from just 80 a decade ago. The course is often more full than that, however, as many business students often audit the course (they cannot take it for credit) just to get information. At the end of the semester, many students thank Gordinier for helping them save more or get out of debt, a big payoff for a semester of work. Gordinier thinks all schools should offer similar programs, which are currently pretty uncommon, to students so that they can learn practical skills in money management.

5. Champlain College

   At Champlain College, students don’t get a choice when it comes to taking courses in finance; they’re required. Undergrads at Champlain must attend two sessions on financial literacy during their time at the school, a change that was made because administrators felt too many students were graduating without basic financial skills. The courses cover topics like credit scores, saving, budgeting, retirement, and credit strategies, among others. Students learn fundamentals that will help them get jobs, buy homes, and manage debt. In addition to the required courses, students at Champlain can continue their financial education through courses in student loans and employment benefits. The school hopes to host a financial literacy conference in the coming years.
   
   
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