The SU must establish a necessary financial education program

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the follow young adults face after the angry GameStop saga proves why colleges need financial literacy programs.

A 2017 report suggested that only two fifths of the students think they understand student finance well. However a Many of the money problems college students face could be avoided if Financial education was taught in school.

In Syracusee universityersity, this could look like college students watching financial literacy videos, speaking to a smart money coach, and taking a financial foundations workshop once a year. It just depends on whether the students take advantage of these opportunities.

Financial education is especially important for college students because It’s the time when you start building financial habits that can set the tone for the rest of your life.

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“Lots of decorationDecisions you make in college – getting a credit card, for example – can affect you over the long term, ”said Kelsey Woodford, associate director of the Office of Financial Literacy. “It’s really important because it’s time to lay the foundation for your financial house.”

So many college students have difficulty with financial literacy because of that There is so much that young people have to deal with these days. As a result, other things take precedence over financial literacy learning.

Most college students who attend the Office of Financial Literacy ask questions about student loans and credit. From 2021, 45 million borrowers together owe nearly $ 1.7 trillion in student loan debt. That is in part because students hThey have little understanding of how student loans work. More than half of millennials take student loans without it calculation how much your payments will be, and 83% of graduates will be never Pay back their loans in full. Financial education would enable students to have a better understanding of interest rates, the best places to get personal and student loans, and various effective loan repayment strategies.

“Credit is very confusing and there are many myths about credit,” said Woodford. Simple things like the difference between your credit report and your credit score, and different types of credit scores, can create a world of confusion.

According to a Report from EVERFI and AIG, 36% of US college students already have more than $ 1,000 in credit card debt. Colleges and universities should mandate programs to help students build credit, find the right credit card, and learn smart methods of paying off credit card debt.

At the SU, students can use their financial foundations by taking Advantage of the Office of Financial Literacy Programs and Services. The office has the Smart Money Coaching Program, which Woodford believes is the greatest resource for students as the student coaches can relate to students in need of financial assistance, and the program offers monthly workshops on a range of Subjects.

Requirement for participation in the Office of Financial Literacy or create more programs likee the Money awareness programthat require students to speak to a smart money coach on a regular basis would help students get better financially. That year, all freshman students had to watch financial literacy comedy videos, which resulted in an increase of about 30 appointments in the Office of Financial Literacy, said Woodford.

However, many students do not visit the Office of Financial Literacy until they already have financial problems.

“Often students only come to a smart money coach when they have a problem. So it’s like going to the doctor every time you have a problem instead of just routinely going even when nothing is wrong. ” said Woodford.

A national survey in 2015 found that a graduation 70% of college students feel stressed out about their finances. Money worries can cause constantly Stress, anxiety and depression. Given that negative health experiences can affect the academic performance and social life of college students, a mandatory financial education program could significantly improve not only students’ mental health, but also their grades and relationships.

Mandatory programming would ensure that all students survive and thrive in today’s financial environment.

Jenna Wirth is a junior and studies magazine journalism. Your column appears every two weeks. She can be reached at [email protected]. She can be followed on Twitter at @jenna__wirth.

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