College students have an average of $552 in credit card debt, according to a recent study by Georgetown University.
To help this and other financial problems college students have, the Miller College of Business and the Miller College Alumni Board are sponsoring Financial Literacy Week starting today.
Ray Montagno, associate dean of MCOB, said the goal is to raise awareness of financial literacy on campus.
Srinivasan Sundaram, professor of finance and insurance, said the theme of the week is Lessons In Financial Education, or LIFE. Guest speakers will address money and credit card management, understanding the student financial aid system, understanding employment benefits and investing basics.
Last year, the Business College Alumni Advisory Board started generating preliminary ideas for Financial Literacy Week. At first it planned to have one guest speaker. When money became available from the Neil Palomba Recognition Fund, the group planned the week of events.
Jean Chatzky will be the keynote speaker. Her presentation will focus on ideas from her recent book "The Difference: How Anyone Can Prosper in Even The Toughest Times."
"With all the talk we hear in the media about budgeting and stress, it seems like there is a latent demand for information about credit card mistakes and misunderstandings," Montago said.
Some students admitted the a need for credit card management instruction.
Junior Theresa Morris said managing a credit card is tough when she has so much to worry about.
After sophomore Allyson Schwenger applied for her first credit card, other companies contacted her, saying she was "pre-approved."
"Two or three times a week, I got these letters," said Schwenger. "They don't know me. I have one credit card, and I use it to build credit. I find my balance going up quicker with interest, but I always pay more than the minimum."
Lucinda Van Alst, accounting department chair, said Executive-in-Residence Carl George will kick off Financial Literacy Week with a presentation about personal finance. He also will run a budgeting workshop Wednesday.
"We hope around 25 or 30 people will come to the workshop," she said. "Even though it's the first time we've done something like this, it's beneficial to all students."
Sundarum is optimistic about the week's success.
"We'd all be thankful and happy if students would realize they need to be financially responsible," Sundarum said.
Read More
Three Air Jam teams take home the win
October 12, 2012Nineteen teams shimmied, shook and flipped for a sold out John R. Emens Auditorium on Thursday night during the 25th annual Air Jam.
Bill Clinton Speaks at North Central High School
October 12, 2012Former President's Speech Could Have Effect on State Senate Race
