The Louisville Cardinal

U of L seminar to teach students financial literacy

By Jared Thomas–

Students can learn about credit reports and budgeting in financial literacy seminars Jan. 25 and 26 in Ekstrom Library.

The seminars will be run by Money Smart Week, a product of a partnership between the American Library Association and the Federal Reserve of Chicago, a union designed to educate students on good financial habits.

According to the Money Smart Week Council, the mission of this partnership and program is to “promote personal financial literacy.”

With nearly seven in 10 college seniors graduating with student loan debt, totaling nearly 1.2 trillion dollars, the council says the most effective solution to the growing debt crisis is to help “consumers learn to better manage their personal finances.”

While the University of Louisville provides financial aid options to both incoming freshmen and existing students, this type of outside assistance is a relative first to their financial education resources.

Feelings concerning U of L’s financial literacy efforts are mixed.

“I don’t feel like the university makes enough of an effort to educate students on how to deal with money and their loans.” said Davin Newsome, a freshman interested in business and finance. “I feel that the stomp modules are a decent start, but are largely ignored. The most money management advice I got came from the course required to actually accept my loans.”

Junior philosophy major Nicholas Nethers said financial literacy should not “be the university’s job”

This split is not just confined to the University of Louisville. CNBC said the American education system receives a failing grade for financial literacy.

Only five states, according to Marketwatch, mandate basic financial education, so 90 percent of states do not view the type of education offered by the Money Smart Week Council as strictly necessary.

Fannie Cox and Tracy Coffey will lead the seminars on Jan. 25 at 9 a.m. and on 26 at 1 p.m.