Financial Literacy for College Students
Crystal Castrejon, University of Illinois at Chicago, Sophomore, Summer 2024 Interest, taxes, loans and debt. These words may cause anxiety for college students. As adolescents mature into young adults, greater responsibilities will be given, making it necessary for them to understand them. According to data from NASFAA, up to 60% of college students anticipate taking out loans, but only 15% believe they have enough knowledge to repay the debt in the future ( Bidwell, 2018 ). Below are a few of the resources to help you grow your financial literacy education: School Resources As many as 60% of college students have never taken a course on financial literacy, according to EBSCO ( EBSCO, 2024 ). Many universities provide financial literacy courses, as well as other services and support. Make sure to take advantage of this since it is included with your tuition. Furthermore, many institutions provide workshops and even one-on-one counseling sessions to further assist students in efficiently managing their funds. College student Madeline Matiarena said, “ I use the budgeting method as it allows you to see your income and expenses.” Financial educator, Moises Sanchez agrees with this technique and mentions that " physically seeing the amount of money you spend going out to eat or going on a shopping spree may help you cut down on some of those expenses. ” Your Local Library Another excellent resource for gaining additional money management skills is a library. You can check with your local library to see if they have any resources or programs specifically for college students, especially in college towns. Additionally, you can educate yourself by reading various books on the topics of banking, budgeting, credit, saving and investing. Online Make the most of the knowledge available online these days! There are services like Khan Academy, Quizlet, and others that might provide all the definitions and information you are looking for. Other free tools include Tik Tok and YouTube where you can have a more active community. However, keep in mind to fact-check and review different sources, as some can spread misleading information. There are even online budgeting simulators, like CollegeBudgetBuilder.org , that allow you to type in your exact information and it will create a college budget for you! With all of this knowledge, it's crucial to incorporate these skills into your everyday life. Some skills could be making a budget plan or keeping track of your transactions. Don't hesitate to seek out and take advantage of these learning opportunities! Sources: https://www.ebsco.com/resources/financial-literacy-among-american-college-students https://www.nasfaa.org/news item/14855/Survey_Incoming_College_Students_Struggle_With_Basic_Financial_Literacy Interviews: Madeline Matiarena, College student + Former Employee Moises Sanchez, Bank On Assistant Manager, Financial Educator, And Intern Supervisor , msanchez@econcouncil.org
