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What are some strategies for developing financial literacy skills in students?

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Financial literacy is the ability to understand and manage money matters, such as budgeting, saving, investing, borrowing, and taxes. It is a crucial skill for students to develop, as it can help them achieve their academic, personal, and professional goals. However, many students lack the knowledge and confidence to make sound financial decisions, especially in the face of rising tuition costs, student debt, and uncertain job markets. How can educators and advisors help students improve their financial literacy skills? Here are some strategies to consider.

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1 Incorporate financial topics into the curriculum

One way to promote financial literacy is to integrate relevant topics into the courses and programs that students take. For example, math, economics, business, and social studies courses can offer opportunities to teach students about concepts such as interest rates, inflation, compound growth, and risk management. Alternatively, financial topics can be embedded into general education or elective courses that cover skills such as critical thinking, communication, and problem-solving. By exposing students to financial topics in different contexts and disciplines, educators can help them develop a holistic and practical understanding of money matters.

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Dr. Faisal Sheikh

'Accounting Navy SEAL': Principal Lecturer, Qualified Accountant (FCCA), & Published Author (4 Books)
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Based on my exprience and work: Early Education: Introduce financial concepts like saving, budgeting, and investing at a young age through interactive games and activities. Real-world Applications: Connect classroom learning to real-life scenarios such as grocery shopping or managing a budget for a project. Simulations: Use financial simulations or virtual stock market games to teach risk management and decision-making. Guest Speakers: Invite finance professionals or experts to share insights and experiences with students. Practical Exercises: Assign tasks like creating a budget or tracking expenses to develop hands-on skills. Continuous Learning: Encourage ongoing learning through resources like books, online courses, and workshops.

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2 Provide financial education workshops and resources

Another way to foster financial literacy is to provide students with workshops and resources that address their specific needs and interests. For example, advisors can organize sessions on topics such as budgeting, saving, investing, borrowing, and taxes, and invite experts from the financial industry or the campus community to share their insights and tips. Advisors can also create and distribute online or print materials, such as guides, checklists, calculators, and quizzes, that students can access at their own pace and convenience. By providing students with financial education workshops and resources, advisors can help them acquire the skills and tools to manage their money effectively.

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3 Encourage financial goal-setting and planning

A third way to enhance financial literacy is to encourage students to set and plan for their financial goals. For example, advisors can help students identify their short-term and long-term goals, such as paying for tuition, buying a car, saving for retirement, or starting a business. Advisors can also help students create realistic and actionable plans to achieve their goals, such as tracking their income and expenses, creating a budget, opening a savings account, applying for scholarships or loans, or investing in a retirement plan. By encouraging students to set and plan for their financial goals, advisors can help them develop a sense of purpose and motivation to improve their financial situation.

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4 Promote financial self-reflection and feedback

A fourth way to improve financial literacy is to promote self-reflection and feedback among students. For example, advisors can ask students to assess their financial strengths and weaknesses, such as their knowledge, attitudes, behaviors, and habits related to money. Advisors can also ask students to evaluate their progress and outcomes, such as their savings, debt, income, and expenses, and compare them to their goals and expectations. Advisors can also provide students with constructive and supportive feedback, such as praise, suggestions, recommendations, or referrals, to help them overcome their challenges and celebrate their achievements. By promoting self-reflection and feedback, advisors can help students develop a growth mindset and a positive attitude toward financial literacy.

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5 Create a financial literacy community and culture

A fifth way to boost financial literacy is to create a community and culture that supports and values it. For example, advisors can facilitate peer-to-peer learning and mentoring among students, such as by creating clubs, groups, or networks that focus on financial topics and issues. Advisors can also collaborate with other stakeholders, such as faculty, staff, alumni, employers, or community partners, to create opportunities and incentives for students to learn and apply their financial skills, such as by offering scholarships, internships, or projects that involve financial aspects. Advisors can also recognize and reward students who demonstrate financial literacy, such as by featuring their stories, testimonials, or achievements on the campus website, newsletter, or social media. By creating a financial literacy community and culture, advisors can help students feel inspired and empowered to improve their financial well-being.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Latrisa Pugh Griffin

Director, College Financial Affairs II at Culverhouse College of Business Pugh Financial Coaching, Founder and Financial Coach
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In my experience, students respond better you put them in real life situations. Depending on their background, they may not have experience knowing the cost of groceries for a family of 3. Allow them to develop their budget in a group setting, then provide feedback of what people deal with daily. This will teach the value of communication. Once the exercise is complete, you can provide today’s cost. This will show that it is expensive to be an adult. You have now created an open dialogue of how their financial decisions today impact their future.

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Monica Davis

Data Base Analyst II in Guest Services at UAB Hospital
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From participating in the CPA senior experience (1/2 day of financial literacy training focused on what a high school graduate may encounter) that many have skewed perception of what a job pays and how far that pay goes. Hands on using monopoly money to pay a month of bills and expenses allowing them to select when and how to spend funds and priorities.

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What are some strategies for developing financial literacy skills in students?

1

2

3

4

5

6

1 Incorporate financial topics into the curriculum

2 Provide financial education workshops and resources

3 Encourage financial goal-setting and planning

4 Promote financial self-reflection and feedback

5 Create a financial literacy community and culture

6 Here’s what else to consider

Higher Education

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What are some strategies for developing financial literacy skills in students?

1

2

3

4

5

6

1 Incorporate financial topics into the curriculum

2 Provide financial education workshops and resources

3 Encourage financial goal-setting and planning

4 Promote financial self-reflection and feedback

5 Create a financial literacy community and culture

6 Here’s what else to consider

Higher Education

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