Financial Literacy Resources for Undergraduate Students

Financial literacy is a crucial skill for navigating the complexities of modern life, especially for undergraduate students who are often managing their finances independently for the first time. Secretary of Education Arne Duncan emphasized its importance, stating that a lack of financial literacy among young people contributes to a larger national problem. He also noted its relevance to mathematics education, as "kids care about money." This article explores a variety of resources designed to equip undergraduate students with the knowledge and tools necessary for sound financial decision-making.

The Importance of Financial Literacy for College Students

Students beginning their college life are often dealing with issues of credit, their credit history, and debt for the first time. Without a solid understanding of financial principles, students may struggle to manage their budgets, make informed decisions about student loans, and avoid the pitfalls of credit card debt and identity theft. Approximately 31% of identity theft victims are between the ages of 18 and 29. Poor financial decisions, made by everyone from Wall Street elites to average homebuyers, have snowballed into the recession that began in 2008.

Workshops and University Efforts

As part of a mission to prepare students for financial success, some universities offer a series of workshops throughout the year highlighting best practices in the area of personal finance. In June 2011, the Directors of Financial Aid at each Harvard School, as well as the University Financial Aid Liaison’s Office, decided to work on Financial Literacy as a University-wide endeavor. Throughout the year, events on a wide range of financial literacy topics are offered.

First-Year Finance: A session delivered in the fall of the first year, which provides an overview of all things Financial Aid. Credit, budgeting, and the various financial literacy programs available are also covered.
Money Management 201: A Spring semester session explains debt, loan repayment, and a host of other financial literacy topics.

Online Resources and Tools

A plethora of online resources are available to help students learn about personal finance. These resources offer a range of tools, from educational articles and budgeting templates to interactive games and calculators.

The National Endowment for Financial Education (NEFE): This non-profit foundation has been around for more than 30 years and is committed to educating Americans on a broad range of financial topics and empowering them to make positive and sound decisions to reach their financial goals.

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Practical Money Skills: This site, created by Visa, provides users with helpful articles, budget planning resources, games, apps, videos, and calculators. Below is a library of workbooks, teacher’s guides and presentation materials from the Practical Money Skills Library.
- Lesson One: The Art of Budgeting: A personal budget is a financial plan that allocates future income toward expenses, savings, and debt repayment. This lesson will encourage students to take the time and effort to develop their own personal financial goals and budget.
- Lesson Two: Living on Your Own: This lesson provides a reality check for students as they investigate the costs associated with moving, obtaining furniture and appliances, and renting an apartment.
- Lesson Three: Buying a Home: This lesson will provide students with information on buying a home and where and how to begin the process.
- Lesson Four: Credit: This lesson provides an opportunity to discuss these issues in more detail.
- Lesson Five: Credit Cards: This lesson will make students aware of various costs and features. Included in this section is a discussion of the methods for calculating finance charges.
- Lesson Six: Cars and Loans: In this lesson, students are asked to identify costs associated with owning and operating a motor vehicle.
- Lesson Seven: Consumer Awareness: Using a systematic purchasing strategy will provide students with an ability to make more effective purchases.
- Lesson Eight: Saving and Investing: This lesson provides students with a basic knowledge of saving and investing.
- Lesson Nine: Trouble: The material in this lesson will help students become aware of the warning signs of financial difficulties.
- Lesson Ten: Consumer Privacy: This lesson will discuss how public and private records are accessed and used by various organizations, as well as review privacy laws to protect your information.
MoneySKILL: This is a free online reality-based personal finance course for young adults developed by the AFSA Education Foundation.
Claim Your Future®: This engaging educational game is designed to equip students with essential financial skills and career knowledge. Players explore career paths, weigh financial options, and understand the impact of post-secondary education. Whether played solo or in a group, Claim Your Future® is adaptable for various settings: classrooms, after-school programs, or even at home. Developed through extensive classroom testing and feedback, Claim Your Future® is a valuable resource for educators, parents, and students alike.
FINRA: This online resource guides teens to learn all about money and money management. It is broken down into four major categories: earning, saving, investing, and spending. FINRA empowers teens and young adults to take charge of their financial future by providing resources and education about personal finance.
Hands on Banking: The Hands-on Banking site allows visitors to take charge of their own finances and reach goals. Whether you want to build your credit, your investments, or your own small business; invest in the market, a home, or higher education; shop for a loan, buy a car, or open your first bank accounts, the Hands on Banking program offers all the basic money tools, skills, and information you need.

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Nerd Wallet Cost of Living Calculator: This helps to see how much more/less it will cost to live in a city after graduation.
Mint: A free phone app that helps create budgets, receive alerts for unusual account charges and bill reminders, and get custom tips for reducing fees and saving money.
Square Cash: Send and request money for free with this phone app. Financial incentives for referring friends and trying the service.
VenMo: Similar to Square Cash, but is not as private.

State and Federal Resources

Government agencies and initiatives also provide valuable financial literacy resources.

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The Treasurer's Office of Illinois: Offers free financial literacy resources for Illinois residents of all ages. The Money Minded Illinois program provides story times at local libraries for ages 3-5 and a standards-based curriculum for the classroom for first grade through middle school.
The Financial Literacy and Education Commission: Consists of 24 federal agencies working together to increase financial services for all Americans. The commission was established to improve financial literacy and education of persons in the United States.
The FDIC's Money Smart Program: Can help people of all ages enhance their financial skills and create positive banking relationships.
The Consumer Financial Protection Bureau: Offers free resources to help individuals and those who assist them prepare to make informed financial decisions.

Specific Financial Topics

Many resources focus on specific areas of personal finance, such as budgeting, credit management, student loans, and investing.

Budgeting

A budget is, simply put, a plan for your money. Effective money management starts with a goal and a step-by-step plan for saving and spending. Financial goals should be realistic, be specific, have a timeframe, and imply an action to be taken.

Credit and Debt Management

Credit: Is a major factor in today's economy and is a reputation as a borrower. In order to have the best reputation, credit wise, take the time to learn about managing credit. This is especially important when it comes time to rent an apartment, finance a car, buy a house, or even find a job.
Ladder Up: The Chicago-based organization offers free FAFSA workshops and resources.
Understand the basics of personal finance by reading the University of Chicago professor Harold Pollack’s The Index Card: Why Personal Finance Doesn’t Have to be Complicated.
Learn about credit card dos-and don’ts to help avoid racking up debt.

Saving and Investing

For many people, the path to financial security is with saving and investing. As a student, these topics may not yet be on the radar, but saving is a key concept for financial well-being.

Taxes

Do you need to file taxes? Are you aware of the tax benefits for Education? If you are planning to work in the US, then navigating the tax code is going to be a large part of your financial well being.
The Internal Revenue Service’s Volunteer Income Tax Assistance (VITA) and Tax Counseling for the Elderly (TCE) programs offer free basic tax return preparation to qualified individuals. VITA sites offer free tax help to people who need assistance in preparing their own tax returns, including people who generally make $67,000 or less; persons with disabilities; and limited English-speaking taxpayers.

Resources for People with Disabilities

IL ABLE “Achieving a Better Life Experience” accounts give people with disabilities and their families greater financial independence while preserving benefits. IL ABLE is a savings and investment plan that makes it possible for people with disabilities and their families to save and invest their money for expenses related to living with a disability.
This self-paced, online course provided by the National Disability Institute and Association for Financial Counseling & Planning Education is designed for financial counselors, financial coaches, disability service providers, and others who want to learn more about building the financial well-being of people with disabilities and their families.

Protection from Fraud and Scams

Identity Theft Resource Center: This can help with an identity theft problem and answer questions on what can be done to protect yourself.
The Money Smart for Older Adults Program raises awareness among older adults and their caregivers on how to prevent elder financial exploitation and encourages planning and informed financial decision-making.

Additional Resources

San Diego Financial Literacy Center: This non-profit organization provides financial literacy videos and workshops through on-site community events to San Diego County residents on a variety of topics. One-on-one, confidential financial consultations and budget analysis are available.
Illinois Financial Wellness Hub (FinWell Hub): Provides personal finance resources on a broad range of topics, including living in retirement. From tips about traveling on a budget to insurance to RMDs and more.
Social Security Administration: Has a variety of resources to help you prepare for and manage your retirement benefits.
Illinois Department on Aging (IDOA): Is to serve and advocate for older Illinoisans and their caregivers by administering quality and culturally appropriate programs that promote partnerships and encourage independence, dignity, and quality of life.
Bank On: Bank On’s goal is to make sure that everyone has access to a safe and affordable bank or credit union account. Nationwide over 100 Bank On coalitions connect consumers to banking services.
Safe Money: Is a series of informational fact sheets developed by the OCC to help consumers recognize and avoid common financial frauds and scams. Consumer fraud affects millions of Americans every year and often results in financial harm.
AARP: This calculator from AARP provides users with a snapshot of what their financial future might look like.

Resources for Educators

Practical Money Skill Curriculum: Below is a library of workbooks, teacher’s guides, and presentation materials from the Practical Money Skills Library.
Tools for Teaching Financial Literacy: The National Education Association lists several resources related to teaching children financial literacy.
Coalition on Adult Basic Education: The Coalition on Adult Basic Education (COABE), a 53,000 member organization, designs and hosts the world’s largest adult education conference annually, with an entire track dedicated to financial literacy.
American Bankers Association Foundation’s Teach Children to Save program: Provides lesson plans for grades K-2, interactive activities for each grade band (K-2, 3-5, 6-8), and a Teach Children to Save Banker resource page.
Council for Economic Education: This council provides personal finance and economics curriculums and other resources.
Securities Industry and Financial Markets Association Foundation: Provides free webinars all school year. They include topics like investment research, introduction to stocks, diversification, and more.
Junior Achievement: This organization brings volunteers into the classroom to make economic concepts relevant for students in kindergarten through 12th grade.
American Financial Services Association Education Foundation: Provides this free, online personal finance curriculum. It offers courses in English and Spanish that are designed for middle and high school students and other audiences. Instructors have access to student progress, gradebooks, and hundreds of free digital personal finance activities to supplement each module.
Federal Deposit Insurance Corporation: Provides free curriculums designed to promote financial understanding in young people in kindergarten through 12th grade.

Resources for Specific Populations

Your Military Money: Helps service members and their families achieve personal financial readiness in support of mission readiness; MilSpouse Money Mission educates and empowers military spouses; and Military Financial Service Provider helps financial services providers deliver financial education to service members and their families.
Department of Defense’s Office of Financial Readiness: Provides resources for service members, their families, and financial service providers.
Department of Veterans Affairs: Developed the Veterans Benefits Banking Program, which provides veterans with a safe, reliable, and low-cost way to receive and manage benefits by depositing funds directly into new or existing bank accounts offered by participating banks.
Consumer Federation of America: This component of America Saves provided by the Consumer Federation of America is designed to help veterans and their families build financial stability and security.
The Focus on Military Communities companion guide: Provides insight and guidance to persons and organizations that serve military communities, including active-duty, reserve, and National Guard service members, veterans, and their families.
Financial coaching to American Indians and Alaska Natives: This organization provides free financial coaching to American Indians and Alaska Natives wherever they live in the United States.
The Focus on Native Communities companion guide: Provides organizations with information that meaningfully connects Your Money, Your Goals to the financial lives of Native American community members.

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