Should College Students Be Required to Take a Personal Finance Course?

Should College Students Be Required to Take a Personal Finance Course?

Should a personal finance course be required? Being knowledgeable about money management, budgeting and finance is no guarantee of success in life.

But ignorance about such concepts often comes at great cost.

We’re #14! There are 14 countries that have a more financially literate population

When it comes to financial literacy, however, the U.S. gets a failing grade at least by one count. The U.S. ranked 14th in a 2015 global study conducted by Standard & Poor’s Ratings Group and others, with a financial literacy rate of 57%.

persoanl finance course

image credit: verkeorg

April is financial literacy month.

Every month should be financial literacy month. I suspect you weren’t aware of that.

Despite a marketing push and financial companies’ cheerful reminders to call attention to it, there’s a fundamental problem: those who need financial literacy the most are not going to pay attention just because someone calls April financial literacy month.

A great many people need a greater understanding of their finances? People spend lots of time playing Candy Crush, etc.

Short of a required personal finance course, how about a personal finance app? Maybe someone could design money apps that are fun to play and sneak in some useful information? Instead of Words With Friends, where is Capital Markets With Friends or some such game? There are a few apps and games that are attempting to find the right blend of education and fun, but they haven’t reached critical mass yet. Maybe the new batch of entrants into the upcoming financial solutions lab FinTech contest will develop something new, educational and yes, entertaining.

Personal fiannce app

The MassMutual Foundation, just announced its FutureSmart app – an exploratory life simulation that takes students through financial decisions they will face throughout their lifetime, such as saving, paying for higher education, retirement, and opening and monitoring bank accounts. The combination of gamification and education makes this a one-of-a-kind financial education app for middle school students. The unique app, developed by the MassMutual Foundation in partnership with education technology leader EverFi, is now available for free download on iOS and Android devices in both English and Spanish. Hopefully this app and future apps will help people gain a better understanding of money matters.

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