<body><div>Image: Girl holding American Dollar Bills via Alexander Mils (Unsplash)If a student’s tuition averages nearly $30,000 a year, colleges should teach students how to manage that debt effectively. Yet, many students grapple with financial uncertainty. Therefore, West Chester University must include financial literacy into the First Year Experience (FYE) curriculum. The transition to college marks a crucial growth period, where acquiring essential skills can determine future success. Financial decisions shape our lives; therefore, teaching financial literacy to first-year college students is not just beneficial — it’s vital. However, the FYE curriculum at WCU overlooks financial literacy, even though most students lack basic financial knowledge. This gap in education can significantly impact students’ transition into adulthood after graduation. According to an article from the National Education Association, the consequences of financial illiteracy include overspending, exceeding credit card limits, missing payments and having insufficient emergency funds. With the proper education, students could cultivate a healthy relationship with money and learn how to use it responsibly. Including financial literacy in the FYE curriculum will empower students to independently make financial decisions confidently. A 2023 study from the Pew Research Center revealed that more than half of young adults ranging from 18 to 34 are financially dependent on their parents. By equipping students with debt management skills, this dynamic can change. Financial literacy courses implemented into other curricula have proven to be highly effective. A 2023 academic study from The Journal of Economic Perspectives found significant correlations between financial education and financial literacy. The data collected from 76 financial education programs across 33 countries concluded that financial education improves financial knowledge and decision making. Furthermore, financial education saves students valuable time — something we all recognize as essential in our fast-paced lives. A 2021 report from The Journal of Financial Literacy and Wellbeing revealed that financially illiterate respondents spend significantly more time on their personal finances per week: from 11 hours a week compared to only three hours for financially literate respondents. Imagine the productivity gains from those extra eight hours every week — time that could be spent on academics or personal growth rather than financial worries. Integrating financial literacy into the FYE curriculum may seem daunting for most 17- to 18-year-olds still adjusting to college life. However, the reality of financial stability can be overwhelming nonetheless. It’s better to expose students to the tools that can help them manage their finances early in their college career. Students will inevitably face financial challenges, so instead of waiting for them to feel drowned in confusion and debt, let’s proactively prepare them. The real price to pay is a lifetime of poor financial decisions due to financial illiteracy. Similarly to other vital parts of the FYE curriculum, such as research literacy, global citizenship and career exploration, financial literacy deserves a prominent focus. The FYE course should include assignments and readings that educate students on essential skills such as how to take out a loan, write a check, understand credit scores and plan for retirement. Additionally, incorporating a group project or a mock financial scenario can provide students with hands-on experience that will prepare them for future financial challenges. Providing first-year students with financial education can ensure that they graduate with not only a degree, but also the skills to make informed financial decisions and lead a financially stable future. Investing in financial literacy education is the key to unlocking a lifetime of success. McKenzie Kemble is a second-year Communication Studies major.</div></body>

Mountain View, CA

NewsBreak

FYE Must Teach Financial Literacy

Image: Girl holding American Dollar Bills via Alexander Mils (Unsplash) If a student’s tuition averages nearly $30,000 a year, colleges should teach students how to manage that debt effectively. Yet, many students grapple with financial uncertainty. Therefore, West Chester University must include financial literacy into the First Year Experience (FYE) curriculum.