A new Loyola programme in funding called Financial Literacy and Well-Being is attempting to assist individuals from a variety of academic departments in becoming financially literate.
The software contains six components including Earning, Spending, Saving, Borrowing, Investing and Protecting when it comes to money.
Abol Jalilvand, a professor of banking, head of the finance ministry, and former professor of the Quinlan School of Business, claimed that a study conducted by people of the Quinlan School of Business showed low rates of student financial literacy.
While alternative professor Joseph Wemhoff worked to create the curriculum and teach the program to students, Jalilvand said he worked to identify the problems with economic literacy and the best ways to solve them.
Wemhoff was absent for post at the time of publication.
According to Jalilvand, the system was initially only offered to students at Arrupe College in 2023, but it will now be available to students at Achieving College Excellence on March 19. He stated that the system will be offered to all Quinlan individuals starting in the fall of 2024 with the intention of expanding it to all Loyola students in the future.
According to the school website, first-generation college students, those with large economic needs, or those with a documented impairment are included among the participants in the Achieving College Excellence program.
Because first-generation college students typically have a desire to learn more about financial education, Jalilvand said, the system is initially offered to students at Achieving College Excellence.
They are coming from a challenging economic culture, and they are much more aware of the impact that making financial mistakes can have on their life, Jalilvand said. “In that regard, we are much more prepared to address those issues right away than wait,” he said.
According to Jalilvand, there appears to be a problem with the level of financial literacy among school students as well as the general community, citing a study done on global financial literacy that The Economist reported.
According to the study, middle-aged people in developed nations are high in financial literacy, but younger and older generations are lower because they have less schooling and cognitive impairment.
Lauren Viteri, a second-year student majoring in health administration, stated that while she wouldn’t consider herself to be financially literate, she hopes to find ways to improve in the future. Viiteri stated that she believes financial education is crucial for students in colleges and that she would be interested in enrolling in a financial education sure if one were offered at Loyola.
Jalilvand said he thinks that imparting financial education to young people may have a significant impact on the decisions they make in the future regarding their income.
It is crucial in terms of managing the financial environment you’re in, Jalilvand said. “Making the right choices with respect to loans, or investing with respect to saving for retirement. It is remarkable to see that the vast majority of Americans do not actually own a suitable pension.”
Nickolas Becker, a earliest- time financing key, said he is comfortable with his knowing of finances.
Although I’m majoring in finance, I certainly have more financial literacy, so I do a lot of that myself, including investing and other related topics, Becker said.
Becker said he believes financial education in school students is frequently underappreciated, but he believes it is still very important for kids to be aware of their options when it comes to cash in the real world.
Becker claimed to be a part of the Rambler Investment Fund, a group of students studying banking, finance, investments, and budgeting who collaborate to interview candidates, edit begins, and attend networking activities.
According to Jalilvand, one of the reasons there is such a high level of income inequality in the United States is because financial literacy isn’t taught to the people who might actually require it.
According to Jalilvand, social media has some methods of helping with promoting financial education, especially since there are a lot of instructional videos on longer-form platforms like YouTube that might be of interest to people looking for answers. He claimed that short-form video platforms like TikTok and Instagram are less reliable for financial data because they have to include too many details to suit the time window.
First-year science big Cordelia de la Fuente expressed regret for having financial issues that were more prevalent in both classrooms and at house.
“I think it’s kind of stigma in a sense,” De la Fuente said. No one really talks about it, but we are aware that when we leave school, it will be a very real experience, and I would like to have more encounter with it right then.
De la Fuente stated that if a program developed by Jalilvand and Wemhoff were offered to all Loyola kids, she would be very interested in taking one.
Being financially literate can lead to a variety of different opportunities in life, according to Jalilvand, and it can affect a person’s social standing.
The United Nations International Monetary Fund has stated that if we can teach people about financial education issues, the income gap will become narrowed, according to Jalilvand. “If the salary difference is narrowed down, I think that you will see many of the cultural problems that we are experiencing, they’re going to be dealt with.”
Jalilvand expressed his hope that Loyola will be able to concentrate on providing financial literacy courses to students and use this as a way to stand out from various universities in the future. He claimed that it is particularly important for college students because so many of them are or will be facing loan after graduation. The school has been supportive of Jalilvand and Wemhoff’s endeavors to provide this system to kids, according to Jalilvand.