Students slow to master finances

By Rebecca Keister
PBN Staff Writer

You may have heard of Justin Beiber. You might be surprised just how much your college-aged child knows about him. More

To continue reading this article, please do one of the following.



FOCUS

Students slow to master finances

PBN PHOTO/NATALJA KENT
FINANCIAL AIDES: Brown University was among the schools to recently implement financial-literacy programs for their students. Pictured above, from left, are the architects of the program; Loan-Office Manager Keirsten Connor, Assistant Director of Financial Aid Elizabeth Murphy and Financial Services Director Wynette Richardson Zuppardi.

By Rebecca Keister
PBN Staff Writer

Posted 12/10/12

You may have heard of Justin Beiber. You might be surprised just how much your college-aged child knows about him.

While some might find it frightful enough that their offspring are fans of the baby-faced crooner, of larger concern, local educators say, is that your child probably knows more about Beiber, celebrity award shows and tabloid fodder than they do about managing their finances.

Kathi Tavares, director of student billing and collections at Johnson & Wales University, said she was made aware of this fact reading responses from a forum through iGrad, Web-based software for financial literacy the school recently purchased and co-branded for students.

When asked on the forum about how much debt they have from student loans, most students didn’t know – but they knew plenty about “the Biebs,” as he is called.

“One girl finally says, ‘I guess the point is I should know more about [my loans] than pop culture,” Tavares said.

Johnson & Wales and Brown University both recently implemented new financial-literacy programs for their students based on founded concerns that graduates were leaving the schools ill-equipped to face their financial futures in a world of economic uncertainty.

And though Tavares said JWU created a university task force to address the issue after finance experts there grew disturbed that the national student debt last spring reached $1 trillion, the issue goes far beyond loan borrowing and repayment.

The FINRA Investor Education Foundation’s 2010 State-by-State financial-capability survey found that 23 percent of Americans aged 18-34 were spending more than their household income and that 68 percent of that age bracket did not have enough money set aside to cover their life expenses for three months.

A 2011 Capitol One survey of graduating college seniors reported that only 43 percent were putting money into savings on at least a monthly basis and that 36 percent reported they are not putting money into a savings fund on a regular basis.

Next Page
Calendar
PBN Hosted
Events

Estate and Corporate Income Taxes are changing next year, and business owners and executives should know the details. The PBN Summit on November 6th will provide those details and more - including how much Obamacare's Employer Mandate could cost.
Advertisement
Purchase Data
Book of Lists
Lists
Book of Lists cover
PBN's annual Book of Lists has been an essential resource for the local business community for almost 30 years. The Book of Lists features a wealth of company rankings from a variety of fields and industries, including banking, health care, real estate, law, hospitality, education, not-for-profits, technology and many more.
Data icons
Data can be purchased as single lists, in either Excel or PDF format; the entire database of the published book, in Excel format; or a printed copy of the Book of Lists.
  • Purchase an e-File of a single list
  •  
  • Purchase an e-File of the entire Book of Lists database
  •  
  • Purchase a printed copy of the Book of Lists
  •  
    National
    Local
    Latest News
    Advertisement