In the world of private banking, college kids are starting to lose ground.
Top computer science major Justin Maenza said, “Most of the items that were taught to me, I simply forgot about.”
Maenza, however, isn’t the only person in this position. Most school students do not know how to properly manage their finances, according to the University of Nebraska – Lincoln.
This is a significant factor in why individuals struggle to manage their finances or completely withdraw from school for economic reasons.
The course on individual financial planning is taught by Professor Tim Muth at Florida Tech. This program or anything similar is offered by numerous other schools around the world. However, many individuals are still unsure of how to manage their personal money after graduation.
It might be understanding the duty password, setting up a budget when getting a job, or having to pay back student loans. More than 43 million Americans have student loan debt, according to nerdwallet.com.
Why is it that the majority of these individuals who are about to enter the real world are so ignorant of what they will do with their money?
“Most of that is done for you by your kids”, Maenza said. Understand what you are signing up for, because you might be surprised when your student loan bill comes up against you.
According to the Financial Educators Council, understanding the subject of wealth is defined as a level of financial education.
“I do charge my monetary education a two out of 10”, said 21- year- ancient Jordan Beaudoin.
Like many other individuals, Beaudoin believes she does not have a great understanding of money.
I don’t know where you would study personal finance until you find employment, Beaudoin said, unless it is a major choice or you choose to enroll in the course.
Yet, Beaudoin isn’t alone. Ally Jaime, a graduate student, is also feeling really prepared for the real world before graduating from FIT.
“The only reason I’m partly aware of what I’m doing is that I recently started a full-time work and want to make certain I know where my money is going,” Jaime said.
A popular theme among Florida Tech’s college students is that while they already struggle with their financial literacy, they hope to learn more when hired.
According to both Jaime and Maenza, their high school classes taught them how to read money.
College students must understand the significance of this idea, which starts with the desire to know it.