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Tip of the Week

June 19, 2019

Financial education

The importance of financial education for college students is underscored by a recently released report from the U.S. Financial Literacy and Education Commission.

The Commission this month released "Best Practices for Financial Literacy and Education at Institutions of Higher Education," which makes several recommendations for financial education programs in higher education.

• Identification of best practices for evidence-based, effective financial education programs
• Identification of specific best practices for institutions of higher education to address teaching financial literacy and improving decisions related to student borrowing, including:
• Providing clear, timely, and customized information to inform student borrowing
• Effectively engaging students in financial literacy and education
• Targeting different student populations by use of national, institutional, and individual data
• Communicating the importance of graduation and major on repayment of student loans
• Preparing students for financial obligations upon graduation

The challenge for institutions will be the resources needed to carry out the recommendations. For example, the report recommends that institutions provide dedicated guidance to work with students. While some schools can and are providing this dedicated guidance, it may be challenge for those schools on limited budgets.

For more information about Mapping Your Future's range of cost-effective and engaging financial education programs, contact Cathy Mueller at cathy@mappingyourfuture.org or 1-800-374-4072.

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Mapping Your Future^®, Inc.
P.O. Box 2578, Sugar Land, TX 77487
(800) 374-4072