Financial Literacy for College Students

What do most students wish they learned in college? Maybe its “how do I repay my student loans?”

A recent Moneywatch.con article  found that students are not learning as much as they need to know about personal finance. Meanwhile, student loans outstanding have surpassed total credit card debt, an important flashpoint in our economy.  In other words, at the same time that their financial situation requires them to know, students have not learned the ABCs about the 1,2,3s.

Financial literacy is one of the financial services industry’s major priorities.  Some of the biggest names in the industry, including J.P. Morgan Chase CEO Jaime Dimon and Charles Schwab always insist that it’s something we have to do and, if I don’t raise it with them,  they always ask me. 

One of the answers is that the Roundtable supports legislative efforts to strengthen financial literacy on college campuses. One such measure – first introduced in 2009 by Congresswoman Sheila Jackson Lee – would require student borrowers to get four hours of training in banking basics, budgeting, credit card use, home ownership, credit scores, and investing.

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