To the Editor:
For many Americans, attending college is a rite of passage. It marks newfound independence and an influx of responsibilities. Increasingly, the decision also bears new meaning for the financial wellbeing of students.
Pointing to rising student debt and responses about financial stress, your recent article, “Why More Colleges Are Teaching Financial Wellness” (The Chronicle, December 2), underscores the importance of a holistic approach to financial education. It breaks down the intersection of student life, money management, and financial anxieties.
It also highlights Scripps College’s financial literacy program — which I’m proud to have spearheaded. As Vicki P. Klosch, the executive director of the college’s leadership center, shares: “You hear other women talking numbers, not just the big picture — the theoretical concepts — but the down and dirty of it.”
As Vicki alludes to, it’s not enough to just teach our students personal finance competence. We also need to equip the next, and future generations with the confidence to manage their present situation and their journeys ahead. Most affected are college-aged women, and women of color, who are far more likely to lack confidence with regards to financial acumen. In fact, 61 percent of women would rather talk about their own death than money.
For students who currently attend colleges that lack financial-literacy courses, there is an opportunity to host informal Money Talks between networks and groups of friends to discuss tips and strategies on best ways to save, budget, and eventually invest your dollars.
Still, I increasingly see a need to institutionalize these conversations into college curriculums. Money is tied to student-retention rates, mental health, and a future that is much closer than it might seem. Before young adults enter the next phase of their lives, we need to set them up for success — teaching both the hard and soft skills of money management through accessible courses and more holistic programming. I challenge all college campuses to be bold enough to consider financial preparedness a requirement for graduation.
Linda Davis Taylor
Chief Executive, Clifford Swan Investment Counselors
Pasadena, Calif.
Former Chair, Board of Trustees
Scripps College
