Financial literacy

A smart MSA proposal seeks to incorporate financial literacy into the curriculum.

Nearly half of twentysomethings had their debt sold off to a collection agency in 2006, according to an analysis for USA Today of 3 million credit records by Experian Group, a credit reporting agency. And half of college students have never created a budget for themselves. ThatâÄôs exactly why we support a Minnesota Student Association proposal stating that adequate financial education should be provided to students at the University of Minnesota. The proposal states that the University should offer more economic courses and resources specializing in financial literacy. In addition to new course offerings, the University should support educational forums on loans, credit and taxes. The resolution deserves the support of the faculty and student body and should be put into action. However, our primary issue with the student bodyâÄôs resolution âÄî which is non-binding, meaning the administration has no legal or institutional obligation to recognize it âÄî is that its current language is vague. Indeed, with the current language, the resolution doesnâÄôt even make it clear whether a financial literacy course would be mandatory. But the proposed resolution points out that credit card companies target college students because they are ignorant. IsnâÄôt it ironic that the stateâÄôs flagship institution of higher education is taking advantage of that ignorance by allowing credit card company representatives to solicit freshman at orientation rather than educate those students about the repercussions of signing off on unreasonable credit terms? Alas, students are currently learning the hard way that money is power and influence.