By Sarah Elabid
Learning about financial literacy early on sets students up for a successful future. When it comes to practical financial skills, students should learn about budgeting, saving, understanding credit, and managing debt. These skills will help them make informed decisions, avoid financial pitfalls, and prepare for a successful financial future.
College students often make a few common financial mistakes. When it comes to financial pitfalls, students can sometimes fall into the trap of overspending on unnecessary things, not budgeting, misusing their credit cards, and not saving enough. Additionally, many college students aren’t informed on terms like, interest rates, and repayment options when it comes to paying for their college tuition.
“While being at Lehman, I had a lot of friends who were going into debt while applying for their student loans process or overspending with credit cards. They did not know how to manage their expenses.” An economics major, Juan Santos mentioned in an interview with the Meridian.
Given that college is a significant financial investment, students must become knowledgeable about selecting loans that will not negatively impact their credit score. This can be achieved by learning about interest rates and repayment alternatives.
According to polls conducted by NEFE and AmeriSpeak, “80% said they wish they were required to take a semester or year-long financial education course during high school.” Financial literacy not being taught in schools is a missed opportunity. Because of this, in recent years there has been a push to include this knowledge in the high school curriculum.
This article from The Hill states that financial literacy courses will soon be offered for kindergarten through twelfth grade in 25 states. While the programs are still being implemented in 17 of those states, eight are already offering them. “85% of U.S. high school students say that they are interested in learning about financial topics in school, and 95% of students who currently receive financial curriculum find it helpful,” according to the Intuit Financial Education survey.
In addition to how to manage finances responsibly and understanding student loans, tax literacy is a crucial life skill that will be useful for students to acquire while in school and throughout their lifetimes. Learning about taxes can go on to help students understand how that system works and can help students navigate their financial responsibilities as they start earning more income.
A great place to start learning about finances is by reading books or articles on personal finance. There are also online resources and Lehman courses available, such as BBA 204 and BBA 207 that cover topics like budgeting, saving, investing, and much more. Additionally, you can reach out to financial institutions or organizations that offer financial literacy programs for students.
“There is nobody in the finance field who is an expert in everything. Everyone I know in this field is constantly learning and educating themselves. It is important to keep learning either through courses here at Lehman, other sources of information online, books, or webinars to upskill your knowledge.” says Assistant Professor Dr. Stein Smith.
For those who are not accounting or economics majors, the Financial Learning Group is a fantastic way for students to grow their financial knowledge here at Lehman College. The Financial Learning Group was established by Lehman College students to encourage and educate their peers to manage and build their wealth responsibly. This club meets weekly on Wednesdays in the Bloomberg Lab of the Leonard Lief Library, from 4 PM to 5 PM.
Racielly Mella, a biology major states, “As a chemistry major, FLG has allowed me to have access to information that I would otherwise have to pay for or just not have enough time for. I consider the club a haven for learning just about anything that has to do with finance. The club is a true gem and I feel like there truly is a place for everyone there.”
The club covers a wide range of subjects, including investing, tax planning, wise budgeting, mastering credit card rewards programs and debt management. They also have offered students an introduction to cryptocurrencies and bitcoin investing, and are always accessible to help with any financial queries you may have.
