Financial Literacy
Importance Of Financial Literacy
Most college students enter college without proper education on personal finances. Students open credit cards and loans and end up in debt before they finish college. Unfortunately, students are unfamiliar with even the most basic economic concepts needed to make saving and investment decisions. In the article, “ Schools Should Educate Teens in Financial Literacy” by Braun Mincher he asks “How do we expect to make wise financial decisions when we have little education on even the basics?(1). Basically how can a person make a financial choice when they are lacking basic knowledge of personal finances. In order, for students to succeed financially, it is important that RCBC college provide a financial literacy …show more content…
A finance course would teach students how to manage their income and expenses, while teaching them how to save money. It’s important to teach students how to save money. Student should The earlier students learn how to save, the better off they will be in life, in terms of having money saved for the big expenses like buying a house. Moreover, this course would teach students how to live within their means. In the article, “ College prep starts with Finance 101” by Michael Schramm he emphasizes on the importance of creating a financial plan “-- an itemized look at money coming in and money going out, often on a spreadsheet--”(1). Schramm's point is that by constructing a financial plan this would help students figure out what they can afford from what they can’t afford. Also, the spreadsheet would keep a track of students finances reminding students about an upcoming bills to prevent late fees. With education on how to manage their finances, all students will have the knowledge to make healthy decisions, hence avoiding being in …show more content…
Which could equal to repaying more than what was initially borrow because of cumulating interests rate and late fees. Also, consequences of continuing missed payments or nonpayment can lead to a direct hit to student's credit score and will have difficulties approving for a loan in the future. To avoid students from facing horrible fees and repercussions offering a financial literacy at RCBC to all students would be
Most college students enter college without proper education on personal finances. Students open credit cards and loans and end up in debt before they finish college. Unfortunately, students are unfamiliar with even the most basic economic concepts needed to make saving and investment decisions. In the article, “ Schools Should Educate Teens in Financial Literacy” by Braun Mincher he asks “How do we expect to make wise financial decisions when we have little education on even the basics?(1). Basically how can a person make a financial choice when they are lacking basic knowledge of personal finances. In order, for students to succeed financially, it is important that RCBC college provide a financial literacy …show more content…
A finance course would teach students how to manage their income and expenses, while teaching them how to save money. It’s important to teach students how to save money. Student should The earlier students learn how to save, the better off they will be in life, in terms of having money saved for the big expenses like buying a house. Moreover, this course would teach students how to live within their means. In the article, “ College prep starts with Finance 101” by Michael Schramm he emphasizes on the importance of creating a financial plan “-- an itemized look at money coming in and money going out, often on a spreadsheet--”(1). Schramm's point is that by constructing a financial plan this would help students figure out what they can afford from what they can’t afford. Also, the spreadsheet would keep a track of students finances reminding students about an upcoming bills to prevent late fees. With education on how to manage their finances, all students will have the knowledge to make healthy decisions, hence avoiding being in …show more content…
Which could equal to repaying more than what was initially borrow because of cumulating interests rate and late fees. Also, consequences of continuing missed payments or nonpayment can lead to a direct hit to student's credit score and will have difficulties approving for a loan in the future. To avoid students from facing horrible fees and repercussions offering a financial literacy at RCBC to all students would be