Students, policy makers want financial education

04.18.09
By Lewis Green

While many high school students are already burdened by a growing number of graduation requirements, maintaining grades and test scores and applying to colleges, a surprising number are asking for just one more class.

Knowing they will be faced with unprecedented economic challenges in the near future - be it applying for student loans or managing credit card debt - young adults are asking for some help from their teachers.

According to recent research from student loan provider Sallie Mae, students in college are making increasingly poor credit decisions. About 60 percent of students polled by the organization were surprised at the size of their credit card balance and another 40 percent knowingly charged items they did not have the funds to pay for.

But young adults are aware they need some guidance on personal finance - nearly 85 percent of undergraduate students acknowledged that more education on financial management would benefit them in the long run.

In fact, well over half of the students say that high school is the best time to introduce these topics while another 40 percent say the first year of college would also be an ideal opportunity.

Meanwhile, policy makers are taking steps to help see that funds are allocated to establishing personal financial management education at an earlier age.

In March, legislation dubbed the Financial and Economic Literacy Improvement Act of 2009 was introduced in both the House and Senate.

Senate sponsor Patty Murray explained that the bill aims to build programs teaching economic and personal finance principals in K-12 education as well as for students enrolled in college.

If passed, the legislation would make grant money available to higher education institutions providing financial literacy courses.

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Students increasingly advocating financial literacy education