Noah Jabusch
The North Carolina General Assembly recently introduced legislation that would require public high school students to take a financial literacy class in order to graduate. While the particular curriculum has yet to be designed, the bill would require teachers to receive specific training from the North Carolina Council on Economic Education, a nonprofit organized by financial institutions.
The course would likely cover credit scores, loans, credit cards and other fundamental aspects of personal finance. Although current students at NC State will not be able to receive the benefits of this course, it will still likely be helpful for future students trying to pay for college while minimizing their debt.
Students in our generation are in serious need of understanding key lessons on financial stability. Student loan debt has reached a peak in recent years, and although growth has leveled off, this may be more a result of caps to federal student loans than a lack of need.
These issues are most impactful for students with a lower socioeconomic background. Not only are these individuals more likely to need assistance from financial aid and student loans, but the impact from loans inhibits their ability to build wealth through buying a house or other financial assets.
For many Americans in the middle class, wealth is tied closely to home ownership, but student loans create a financial burden which has forced many millennials to push off buying a home until a later age than previous generations.
Thus, for those students planning their future after college, financial literacy is a must-take course. While it would likely prove too much of a burden for NC State to make such a class required, as the proposed bill would for high schools, students could greatly benefit from exploring the courses offered here.
Courses like BUS 225, Personal Finance, and programs the university offers for its Financial Literacy Month in April are some of the ways students can learn more about maintaining their financial health on a tight budget.
Granted, there are a number of reasons for our generation’s seemingly dire financial situation — from the 2008 recession, to growing income inequality and to rising college costs — but none of these will be resolved without large-scale changes. However, by learning about how to manage one’s finances, students will be better able to cope with financial issues when they arise.
These skills also don’t have to wait until students have graduated. Evaluating spending patterns, seeking new sources of funds and other tools of financial management can be implemented while we’re still here, to help us feel a bit less squeezed during our time on campus.
Financial literacy is not a particularly interesting topic, so many students would probably prefer to spend their free electives pursuing more exciting subject matters. While we certainly should pursue our passions during our limited time on campus, we must also be mindful of what experiences will help us grow as individuals and as adults.