COLUMN: College students should learn how to manage money
Not too long ago, I was reading in the newspaper about how our state Legislature has added a new requirement for high school graduation. It is a financial planning class.
This is a great idea. Not only does Utah have one of the highest bankruptcy rates, but we have a lot of problems with fraud as well. Education could be the way to improve both problems. I think the Legislature is on the right track here.
But I think the plan has fallen short. We could do more.
Sure, educating high school students about retirement, interest rates and credit cards is great. It’s all important information and everyone should know it. But most high school students don’t really make any money. Few know what their future careers are going to be, let alone how much money they will make – realistically, anyway.
But college students, there’s an idea. People already in the process of planning and preparing for their futures, who have picked careers, have financial goals and realistically can see parts of their future.
Why are we not teaching them how to manage their money?
Perhaps I’m just a stickler about money issues. I guess it comes from growing up with a banker for a grandpa, whose personal goal has always been to account for every penny. I can safely say I’m not that hardcore. But as my career is quickly approaching, I have a serious concern for my financial circumstances, and a few questions I want to be able to answer.
How long will I have to work before I can retire? What can I be doing now to plan for retirement? How much money should I be putting in savings every month? How often should I check my credit score? The list goes on an on.
Of course, this university is not without options. There are classes you can take that will teach you some of the ins and outs of financial planning. Family Finance, for example. There is also a counseling center ready to issue sound money advice to those in desperate need.
But are these things enough? To my understanding, none of these classes are required. Currently, there is no way of making sure graduates heading out into the job market know what to do with their wages once they get out there.
If we want bankruptcy to drop in Utah, we need to make sure people know what they’re doing.
For juniors and seniors in high school, financial planning classes are a positive thing. But for college juniors and seniors, they are absolutely necessary.
Mikaylie Kartchner is a senior majoring in journalism. Comments can be sent to mikayliek@cc.usu.edu.