Students show interest in finance education for personal know-how

With the economy in recession, professors said they have not seen dramatic enrollment increases in finance courses, but they are beginning to notice a greater sense of awareness among their students.

‘I don’t see a difference in terms of enrollment, but I see it in the class discussion that students are particularly interested about how the current economy will affect their careers,’ Northeastern University finance and insurance professor Donald Margotta said.

Students interested in finance however are not looking to make it their career, NU finance and insurance professor Richard Goettle said.

‘There are no jobs out there, so one might only be interested in financial literacy for personal reasons,’ Goettle said.

Though finance courses will probably not lead to jobs, private seminars hosted by smaller organizations have an increase in enrollment, Jump$tart Coalition for Financial Literacy Executive Director Laura Levine said.

The Jump$tart Coalition is an organization of 180 smaller groups that share an interest in financial literacy and aims to teach students about financial management, according to their website. Coalition members include American Consumer Credit Counseling, Cardratings.com and Young Americans Center for Financial Education.

‘Public interest is the silver lining of the economic crisis. People always say financial literacy is a good thing but never place a priority on it,’ Levine said.’ ‘Now, people are focusing more on financial literacy.’

Levine said the biggest mistake college students make is when they accept credit card offers and realize later their debt is out of control. College students also risk their ability to get jobs when they accrue debt, she said.

‘In recent years, we have seen an increased number of employers checking credit reports of potential applicants,’ Levine said.

American Institute of Certified Personal Accountants spokeswoman Beth Gamel said the majority of a student’s habits are formed before they come to college.

‘Money management skills developed before coming to college really establish a set of rules that students can fall back on and, as a result, not feel completely at sea when they get to college,’ Gamel said.

The financial situations of other people on campus often cause students to mismanage their money, she said.

‘I think, especially at BU, there is a huge variation where there are some phenomenally wealthy people, and it’s a real burden for kids who aren’t in those circumstances,’ Gamel said.

A financial literacy course would help students learn how to manage money well, Gamel said. However, she said when students take full course loads it might not be possible.

‘I would say the second best way is to access websites such as feedthepig.org or 360financialliteracy.org or buy a book on personal finances,’ Gamel said.

Students agreed that financial literacy courses would benefit their education.

‘A course designed to teach students about personal finances would be really helpful in understanding how to manage money well,’ College of Arts and Sciences freshman Lea Tzigizis said.

CAS 2006 alumna Jessica Cerullo said she would have appreciated a course on money management during her days in school.

‘ ‘I think a financial literacy course would be a phenomenal idea,’ Cerullo said. ‘Not even due to the current economy, but because it would teach students money management skills you need in the real world . . . such as handling paying rent and credit card debts.’