Financial Literacy
APRIL IS FINANCIAL LITERACY MONTH
College is the first chance for many young adults to make significant financial decisions on their own. When young people learn and practice sound financial skills during their college years, they build a foundation for lifelong financial well being.
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“One of the greatest challenges facing the current generation of college students is the ability to manage credit effectively rather than credit managing them. Too many students are yielding to the enticement of quick and easy money, becoming victims of predatory lenders, and obtaining credit cards with exorbitant interest rates. It is our moral obligation as educators, parents, and concerned citizens to equip our students with as much knowledge as possible to help them make informed decisions which could impact them for the rest of their lives.”
- Dr. Eric Cole, Bennett College
Spending Habits Affect a Lifetime
Most high school students have spending money, either from earnings or allowances. But with little need to pay for living expenses, many teens develop spending habits that become unrealistic when they must support themselves. Once young adults become accustomed to high-spending lifestyles it can be hard for them to develop new habits that contribute to long-term financial well being. In a recent survey of students (16 to 22 years old), 40 percent said they probably would buy a pair of jeans (or something similar) they really wanted, even if they did not have the money to pay for it. More than one-fifth (22 percent) said they would pay for it with a credit card.
