Typical college assignment:
Read the following studies about the need for Fin. Lit. Education for High School and College Students. --- Write 1 surprising or interesting bit of information that you learned from EACH article. - 2 comments
https://www.cgsnet.org/ckfinder/userfiles/files/College_Students_and_Financial_Literacy.pdf
http://www.aascu.org/policy/publications/perspectives/financialliteracy.pdf
Students were more likely to be financially fit if they had higher GPAs or had parents who were married.
ReplyDeleteStudents were more likely to be financially at risk if they had a credit card or were a minority or college senior.
The Most surprising fact that I read was found in the article "College Students and Financial Literacy:What They Know and What We Need to Learn". The interesting fact was, "Students were more likely to be financially fit if they had higher GPAs or had parents who were married.Students were more likely to be financially at risk if they had a credit card or were a minority or college senior (104)." I thought this was interesting because it furthers the idea that people are "products of their environment", if you come from a stable home you are more likely to do better than the student who come from the dysfunctional household. Or we could go a different direction and say that the people who are extremely successful in high school tend to continue that trend in college and the kids who do poorly in high school do the same in college. Although this is not true for every situation, it is valid in most of the arguments made throughout this article.
ReplyDeleteFrom the article "College Students and Financial Literacy: What They Know and What We Need to Learn" was that college students do pay their bills on time, but they do not save monthly. This surprised me because I thought that most students out of college would save monthly, but I guess not. In the article "Perspectives" the most interesting fact that I found was that financial literacy is low in the United States. This shocked me because I thought we would be in the top ranking of knowing about finances.
ReplyDeleteEach student that had parents that were still married or had higher GPAs were more financially stable than others. Although this is not the case in every situation, this was the dominating statistic.
ReplyDeleteFrom the first article College Students and Financial Literacy:
ReplyDeleteWhat They Know and What We Need to Learn I learned or found out was that most Students prefer immediate feedback in financial management, including using electronic and online financial services. A number of students described using online banking and online access to their credit card accounts. These students were not writing checks or balancing checkbooks. Which to me is true because of students being so close to technology and the usage of it. The other article I found to be interesting on State colleges and universities have a unique opportunity to provide leadership on this critical topic by weaving financial education into the fabric of their campus communities.
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ReplyDeleteCollege campuses may want to require that a personal finance course or financial life skills course be included as a general education requirement for graduation. The course would cover the basics of financial management that every college freshman needs to know.
ReplyDeleteCollege tuition has seen sharp increases in the last decade, yet the cost of not attaining post-secondary education and training remains even greater. It continues to be critically important to understand how to navigate the myriad of state and federal tax-advantaged savings programs, as well as the cadre of scholarships, grants, loans and other programs available to students and their families. Taking advantage of these incentives in the years leading up to college can bring substantial financial benefits to families, yet only one-third of the 40 percent of families that set aside money for their children’s education do so.
“Individuals who are financially literate are: 1) knowledgeable, educated, and informed on the issues of managing money and assets, banking, investments, credit, insurance, and taxes; 2) understand the basic concepts underlying the management of money and assets; and 3) use that knowledge and understanding to plan and implement financial decisions.”
ReplyDelete“In total, 44 states currently have some form of K-12 personal finance content standards in place. However, only 15 states require a course in personal finance.”
"Bodvarsson and Walker (2004) reported that, after controlling for a wide variety of factors that affect college performance, students receiving at least partial coverage from their parents for tuition and books were more likely than self-financed students to fail courses, to be placed on academic probation, and to earn lower GPAs."
ReplyDelete"Low levels of financial literacy may lead to poor health,decreased quality of life and lower college attainment levels.4 The cost of poor financial decision-making and planning often gets shifted on to other members of the community, state and nation through higher prices for financial products, the diversion of economic resources and greater use of public “safety net” programs".
Increased use of credit cards by college students has generated a concern that credit card debt puts college students at risk for financial problems after graduation.
ReplyDeletelow levels of financial literacy may lead to poor health, decreased quality of life and lower college attainment levels.
1.) Students who had parents that were still married or had higher GPAs were more financially stable than others.
ReplyDelete2) Increased use of credit cards by college students has caused a concern that credit card debt puts college students at risk for financial problems after graduation.
On the first article, "College Students and Financial Literacy:What They Know and What We Need to Learn", I learned that credit cards are one of the main concerns when being put into debt and parents that are helping should start to lay off on the student and allow them to grow into checking their own accounts and balancing what must be paid for then and later. It was interesting to me when I know students go off to college for their own independence, but still want to rely on their parent's bank account.
ReplyDeleteOn the second article, "Boosting Financial Literacy in America: A Role for State College and Universities", financial literacy seems to be decreasing with age and the women seem to have less financial literacy than men. Also, instead of saving more, there has been a whole lot of more borrowing.
In the article "Boosting Financial Literacy in America: A Role for State Colleges and Universities", I found it interesting that it is becoming harder to write off debts and file for bankruptcy. Not only had I not considered these two as possibilities, I had never thought that the processes for doing so would be so tumultuous.
ReplyDeleteIn the article "College Students and Financial Literacy: What They Know and What We Need to Learn", I found the percentages for the year of education for undergraduate students to be somewhat strange; the percentage for seniors is higher than every other percentage value, and the value for juniors is higher than sophomores, which is strange considering the number would likely decrease as the years progress due to drop-outs.
1) Female students, those with more positive attitudes about credit, those with higher individual and/or family incomes, and those whose parents co-signed for the credit card and had post-acquisition involvement all had more credit cards and/or higher balances. (College Students and Financial Literacy: What They Know and What We Need to Learn)
ReplyDelete2) Financial literacy is associated with the health and well-being of
individuals, families, communities and markets. (Boosting Financial Literacy in America: A Role for State Colleges and Universities)
One interesting fact I got from the first article was that students receiving at least partial coverage from their parents for tuition and books were more likely than self-financed students to fail courses, to be placed on academic probation, and to earn lower GPAs.
ReplyDeleteAnother interesting fact from the second Article is conversely, low levels of financial literacy may lead to poor health, decreased quality of life and lower college attainment levels.
Students that have high GPAs and a whole family (mom and dad still married and living under the same roof) were better off then then students who have normal GPAs and a broken family.
ReplyDelete1. Gender and someone's GPA statistically play a part in credit card usage and debt. Also, Georgia's teaching their kids about personal financial literacy in kindergarten stuck out the most to me.
ReplyDelete2. More than 45% of college students have part-time or full time jobs which in time effected their time spent in school and the drop out rate. Students also leave because of expenses or debt, which ties into credit cards.
ReplyDeleteOverwhelmingly, students reported that their parents influenced their money management behaviors.
ReplyDeleteThe cost of poor financial decision-making and planning often gets shifted on to other members of the community, state and nation through higher prices for financial products, the diversion of economic resources and greater use of public “safety net” programs.
Each student that had parents that were still married or had higher GPAs were more financially stable than others. Although this is not the case in every situation, this was the dominating statistic.
ReplyDeleteIncreased use of credit cards by college students has caused a concern that credit card debt puts college students at risk for financial problems after graduation.
1. In the first article, I found it interesting that only 7 states are required to take a financial aid class. "In seven states, personal finance is a requirement for high school graduation (Idaho, Illinois, Kentucky, New York, Georgia, and Alabama).
ReplyDelete2. In the second article I was surprised that "15 percent of Americans are “unbanked,” which means they lack a checking account. This includes roughly 30 percent of African-Americans and Hispanics."
1. The most significant influence on students’ money management behaviors was their parents (70.0%reported parents together; 13.0% said mother, 6.0%, father).
ReplyDelete2. Historically, American state colleges and universities have had an
undefined role in financial education. Financial literacy has often been
seen as a “life skill” that remains a distant priority for administrators and
faculty members.
Something I found interesting was that students who had parents that were still married, which in turn would also have higher GPAs, were more stable financially than someone who may have come from a single parent home. Another thing that I found interesting was the fact that gender plays a part when it comes to credit.
ReplyDelete1. Money management behaviors are most influenced by parents.
ReplyDelete2.Students with more financial stablity either had a higher GPA or parents were still married.
1. Students were more likely to be financially fit if they had higher GPAs or had parents who were married.
ReplyDelete2. Valid concerns remain that students do not pay attention to or retain these
lessons because many of them are not financially independent and do
not make key financial decisions at that point in their lives.
1. Financial literacy has often been
ReplyDeleteseen as a “life skill” that remains a distant priority for administrators and
faculty members.
2. https://www.cgsnet.org/ckfinder/userfiles/files/College_Students_and_Financial_Literacy.pdf
This appears to be a blank pdf with a blank chart in it. I found that interesting.
1. More than 45% of college students who have jobs eventually fail or drop out of school.
ReplyDelete2. Students who have parents that are married and who have a high GPA are more financial throughout their school years.
Family and GPA seem to have a direct tie to financial stability.
ReplyDeleteI also found it strange that I have had discussions with teachers about why things like paying bills, filing taxes, and money management are not taught in classrooms and some states require it.
1. 76% of undergraduate students have credit cards and 47% have four or more cards
ReplyDelete2. Financial literacy has often been
seen as a “life skill” that remains a distant priority for administrators and
faculty members
1. Students were most likely to avoid writing bad checks and to pay bills on time, and least likely to save monthly, to have a budget, and to balance a checkbook.
ReplyDelete2. Payday loans usually range from $100 to $1000, with interest
rates on two-week loans ranging from 390 to 780 percent.
Article 1: Credit card debt will likely be repaid at an 18% or higher interest rate while the interest rate on student loans is typically below market rates (currently less than 5%).
ReplyDeleteArticle 2: More than half of those who left higher education before completing a degree or a certificate say that the ‘need to work and make money’ while attending classes is the major reason they left.
People with credit cards ruin their credits. People who have married parents have higher gpas.
ReplyDeleteOnly 7 states in the US require a Finacial Aid Class. Students that have married parents have a hgher GPA and a better sense of financial stablity.
ReplyDelete-Each student that had parents that were still married or had higher GPAs were more financially stable than others.
ReplyDelete-Financial literacy has often been seen as a “life skill” that remains a distant priority for administrators and faculty members.
1. They used to only use credit card usage and now are using more in depth methods.
ReplyDelete2. They have begun to mandate tests for financial literacy tests.
1.)More than 45% of college students who have jobs eventually fail or drop out of school due to financial debts. This 45% or more ratio includes students who either have part time or full time jobs while in school.
ReplyDelete2.)The habits of parents influence the habits of their children tremendously. Most Students reported that their spending habits are very similar to those of their parents
1. One interesting fact that I learned was that most parents' spending habits impact their children when their children get older.
ReplyDelete2. Some states require people take courses to help them with their finances.