Money Management Skills for College Students Make University Life Easier
Promoting money management skills for college students certainly will benefit them post-graduation. Money problems are the number one reason young people cite for dropping out of college. When they gain important financial competencies, students are more likely to graduate and become successful, contributing society members.
But learning how to manage money in college also will make students’ lives easier while they’re still in school. When young people go away to school, they face a lot of tough decisions for which their parents may not have adequately prepared them. For example, they’re likely to be bombarded with credit card offers. On a limited income, using credit cards to pay for clothes, luxuries, or even food can get college students into a lot of trouble.
Before they even leave their parents’ home, many college students face the decision whether or not to take on a student debt burden. New laws now are being proposed that, if passed, would make financial literacy for college students a prerequisite for taking out a student loan. Such a requirement has potential to make a significant contribution toward creating a knowledgeable, successful, fiscally responsible generation of young adults.
An effective, comprehensive money management college student program recently became available through the National Financial Educators Council (NFEC). The NFEC is a for-profit organization with a social conscience. They have multiple resources and materials from which college and university administrations may draw to build a custom-tailored financial literacy program to achieve a variety of objectives. Not only does the NFEC have curriculum to educate students; they also offer community outreach tools to attract media attention and increase the reach and impact of an initiative. In addition, they provide consultation and resources to help schools build partnerships and raise funds. Thus these financial literacy events have the opportunity to become sustained on campuses and in communities over the long-term.