Learn About Money Management for Students Here
The topic of money management for students is attracting more and more interest in today’s tough financial environment. If you’re one of the concerned individuals who want to learn more, you’ve come to the correct location. We cover key topics and challenges for money management education on this page to guide those interested in financial literacy programs for youth and young adults.
Leading Themes in Good Money Management for Students
Those who seek to teach personal finance for students using tried-and-true methods should focus on those areas that will give kids important life skills. Such a focus will encourage youth to stay interested and apply what they learn to situations they come across in the real world.
So what are the best themes to present when teaching personal finance for students? We suggest three: buying a car, college funding, and moving out on one’s own. All these topics are important ways in which we can prepare youth for the realities of the financial world.
A seminar on buying a car could usefully include such components as how to fit the purchase into one’s budget and how it meshes with one’s longer-term financial goals. How to approach the car salesperson and negotiate the deal is another key piece, as is the identification of all the expenses of car ownership, including insurance, fuel, and maintenance.
Classes on college funding will benefit college-bound students by teaching them various funding options and determining whether a certain educational path will give them a good return on investment. Budgeting for university living expenses and planning one’s career trajectory round out the curriculum for this seminar.
Finally, a personal finance class for high school youth that teaches how to move out on one’s own should cover valuable information about achieving self-reliance. These tips might include setting personal finance goals and budgeting to reach them; purchasing a vehicle; categorizing expenses; and risk management.
Personal Finance for Students Must Help them Clear Financial Hurdles
Young people are likely to confront a common set of hurdles when first starting out in life. That means personal finance for students must help them meet these challenges head-on. The first influence will come from the student’s family. Whether the family situation is poor or wealthy, and whether the parents are capable money handlers will have an effect on the child’s future. These aspects will determine the financial behaviors an adolescent develops and, in combination with influences by peers and advertising, the dynamics can be very powerful.
Financial sentiment also forms early. By “sentiment” we mean the emotional relationships people have with money. Finances raise a lot of different feelings in different individuals. Those feelings can cause them to manage their money either wisely, or poorly. With money management, building kids’ confidence levels is a critical element of financial literacy instruction for students.
Personal finance training is seldom offered as part of a high school curriculum, although that situation is starting to change. Therefore, those with the passion to help kids have a distinct opportunity to step in and fill this critical gap. Another central challenge personal finance for students should address is the lack of systems to manage money successfully. Youth need to organize their finances with systems like banking accounts with online tracking features. Good money management training for young adults should teach them how to systematize.
Helping kids clear all these hurdles can get them off to a better start in life as they move toward adulthood.
Students face monumental financial struggles upon graduation. To ensure they are prepared, the NFEC collaborates with school and nonprofit organization to share the money management for students program. The NFEC provides personal finance resources for schools and universities with one goal in mind: to improve youth financial capability.
From simple classroom materials to comprehensive financial education campaigns, the NFEC provides the resources that reduce the time, cost, and personnel required to implement a successful financial literacy initiative. These programs can help originations educate the students about finances while helping to improve graduation rates, reduce the student loan default rates, enlist parental involvement, raise awareness funds
Bring a comprehensive and sustainable financial literacy campaign to your campus. More
Financial Literacy Training to Avoid the Next Crash
Today’s economic conditions are brining challenges to recent graduates. An Associated Press study found that 50% all recent graduates are under-employed or unemployed. Already the student loan default rates have reached their highest levels reported since 1999 according to an article written by Chris Spurlock of the Huffington Post. With a 50% under-employment rate the NFEC expects the student loan default rate to continue to increase rapidly.
The student loan default problem can have a major impact on the overall economy. The National Association of Consumer Bankruptcy Attorneys president said “Take it from those of us on the frontline of economic distress in America, this
“The NFEC launched the Financial EduNation Campaign to proactively address the student load default problem. This campaign provides turnkey financial education resources for schools, colleges and universities to proactively address the problems that many graduates are facing today.
The NFEC’s money management for students program provides the personal finance resources that assist educators in improving the financial capabilities of their students. The turnkey financial education packages include: presentations, Certified Financial Education Instructor training, virtual learning center, student guides, resources for parents, financial literacy curriculum and the Money XLive celebrity interviews.
The National Financial Educators Council’s material is designed by a team of financial professionals (financial advisors, Realtors, mortgage specialists, debt experts, personal finance professionals, credit experts, etc.) and educators. It meets core educational standards and national financial literacy standards while providing real world knowledge to help students prepare for the financial realities of life.
“Most students today have already or are planning to take on college debt before they have a plan to pay off their student loans. By proactively addressing student load debt situation while students are in middle school or high school can help them avoid the stress that accompanies high debt loads. Money management for students programs helps today’s youth feel more confident about their future and it gives them a plan to follow,” says the Community Outreach Director for the NFEC, Cecile Abad.
The NFEC is a social enterprise organization who works with schools and universities to help students improve their personal finance knowledge. Through collaborative efforts with leaders in the education field, the NFEC designed a comprehensive money management for students program.