Introduction to Finance

Need for personal finance education

Many college and high school students lack the knowledge and skills needed to make important financial decisions. Most typical at the University level one finds a single – but elective - course on personal finance, which fails to reach the vast majority of students. At the high school level, only three states require a semester-long course in personal finance (Utah, Missouri, and Tennessee). Seventeen states require personal finance topics to be integrated into other curriculum (e.g. mathematics); the remaining states have no requirement. To see your state’s requirements visit: http://www.jumpstart.org/state_legislation/

Statistics indicate 80% of parents believe the school system prepares their children for the world of finance; 87% of college students and 90% of high school students report they rely on their parents for financial guidance. The Young American’s Center for Financial Education found more students quit college because of credit card debt than because of academic failure. One in three college students felt their financial situation was “likely” or “somewhat likely” to affect their ability to complete a college degree.

It seems each constituency is relying on the other; however, it is clear that our young adults are not getting the necessary education and information.

So, why is this application better than creating a class?

Well, technically it is not. A semester-long, face-to-face, course would be the best way for our high school and college students to learn personal finance. Having said that, history has proven that our schools are extremely reluctant to add yet another course requirement. The next best option? This application. Why?

Inclusiveness
No student need left behind; that is, the Modules have been created to be used as an “add-on” to an existing required course. Students can complete the material entirely outside of class (although integrated classroom activities are offered). Volunteer CFP practitioners monitor the Q&A chatroom, alleviating concerns of faculty that they are not trained to deliver personal finance curriculum. Reporting mechanisms make it easy for faculty to monitor students’ progress, as assigned.

Targeted
Content-rich, online Financial Planning Modules present key financial topics in a high-tech format. An essential feature of the Modules is that they were created by a combination of faculty, practitioners, and students. The application itself is being designed “for Generation Y, by Generation Y”. The topics covered are specific to high school and college students, and your student will be engaged.

Need for personal finance education

So, why is this application better than creating a class?

Links to Help You Succeed

Financial Resources

For Educators