SXU Teaches Financial Literacy in the Graham School of Management Classrooms
National Financial Literacy Month has recognized in the United States every April since 2003 in an effort to highlight the importance of financial literacy and teaching Americans how to establish and maintain healthy financial habits. At Saint Xavier University (SXU), learning these important skills is a critical piece of the ongoing education for Graham School of Education students.
In the higher education industry, one of the most important aspects is helping young adults gain knowledge and experience within a particular area and eventually become confident and prepared to go out and work in that area. One thing that is not always covered or can be lacking is becoming financially literate. When a graduate gets their first job, there is a lot of transformation and it can be overwhelming to say the least. An incredibly important thing that is crucial for graduates straight out of college is managing their income and becoming aware of how to financially plan.
Throughout time, the Graham School of Management at Saint Xavier decided it was important to implement modules that provide the SXU community with an engaging learning experience around critical personal finance topics such as building emergency savings, mortgage education and retirement planning into their courses and classroom experience. Suzanne Cromlish, Ph.D., has made the completion of these financial literacy modules a requirement in her introductory business course where students are able to get a taste of all the different aspects in business.
"Many of my students have completed these financial literacy modules and they all say that learning about the various topics has increased their confidence and ability to enter and contribute to the workforce," said Cromlish. "In fact, I have not heard one negative comment about the modules from any of them! College graduates should gain the financial knowledge necessary to balance their checkbooks, learn about mortgages, insurance and identity theft, and this is a fabulous opportunity for us to equip them with practical educational benefits necessary for successful and productive lives."
There has been discussion with other departments and schools within SXU to offer this as a University-wide initiative and giving all SXU students the opportunity to complete these modules throughout their time as students.
"It can only help," said Nick Mancari, undergraduate program director at the Graham School of Management. "After graduating and starting a new job or career, it is a huge transition on its own. Having a resource like the these modules to learn about things like budgeting, your credit score and retirement planning is something I wish I had access to during college and after graduation."