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You have been hired by leadership from the University of Arkansas’s Student Success office as an external consultant to address a growing concern among its student body regarding financial literacy. Recent feedback and surveys indicate that a significant number of students feel they are graduating without adequate financial literacy, impacting their confidence in managing personal finances, student loans, and future investments. This lack of financial preparedness is concerning as it affects student retention as well as student well-being and life decisions during and after graduation.
The leadership from Student Success was surprised at the level of student concern over this issue since the university already provides financial literacy services and assistants that students rarely use and also has many courses on the subject including “Your money and your credit” (FIN 10003) and “Personal finance management” (FIN 30003). Given the gap between services available and student awareness, your first task is to assess the current financial literacy programs available at the university and recommend ways to promote these services to students.
Your next task will be to write two recommendations on what additional resources—whether they be courses, workshops and outside speakers, online trainings, social media posts/videos, or something else entirely—the university might provide to further improve students’ financial literacy.
See full assignment on the FBC Workshop - Business Communication Lab webpage
Your brief must be articulate and professionally formatted, adhering to the following specifications:
Briley, Liv. (2024). Personal finance education is lacking in American schools. The Daily Mississippian. https://thedmonline.com/personal-finance-education-is-lacking-in-american-schools/
EDSCOOP Staff. (2023). University support services disjointed, poorly advertised, finds report. EDSCOOP. https://edscoop.com/university-student-support-services/
Ezarick, Melissa. (2022). Where the Weaknesses Are in Student Financial Wellness. Inside Higher Ed. https://www.insidehighered.com/news/2022/02/25/survey-college-students-need-help-financial-literacy
Financial wellness hub helps students prepare for life after ECU. (2021). University Wire. https://www.proquest.com/wire-feeds/financial-wellness-hub-helps-students-prepare/docview/2490833008/se-2
Hirsch, Paddy. (2023). The case for financial literacy education. Planet Money. National Public Radio. https://www.npr.org/sections/money/2023/05/16/1176189034/the-case-for-financial-literacy-education
Jacobsen, C., & Correia, J. (2019). Analysis of Financial Literacy in a College Population. Journal of Higher Education Theory and Practice, 19(4). https://doi.org/10.33423/jhetp.v19i4.2197
Kafka, Alexander C. (2020). Why More Colleges are Teaching Financial Wellness. The Chronicle of Higher Education. https://www.proquest.com/docview/2639983307?accountid=8361&parentSessionId=JEOffkVHFJKXbOHX42W2bi7iODrC00nOrEth%2FQjBYao%3D&sourcetype=Trade%20Journals
Kiernan, John S. (2024). Most & Least Financially Literate States (2024). WalletHub. https://wallethub.com/edu/most-and-least-financially-literate-states/3337
Meineke, Michelle. (2024). Can you answer these 3 questions about your finances? The majority of US adults cannot. World Economic Forum. https://www.weforum.org/agenda/2024/04/financial-literacy-money-education/
Mowreader, Ashley. (2023). Lack of Awareness Causes Students to Fall Through the Cracks. Inside Higher Ed. https://www.insidehighered.com/news/student-success/college-experience/2023/07/20/survey-college-students-dont-know-about-support.
Schwartz, Shelly. (2016). US Schools get failing grade for financial literacy education. CNBC. https://www.cnbc.com/2016/01/28/us-schools-get-failing-grade-for-financial-literacy-education.html
Smith, Mark R. (2020). Are we failing financial literacy? Business Monthly. https://bizmonthly.com/news/business/finance/2020/12/are-we-failing-financial-literacy/
Wells Fargo. (2024). Two-thirds of Americans have decreased spending due to economy. Wells Fargo Money Study Finds. https://newsroom.wf.com/English/news-releases/news-release-details/2024/Two-thirds-of-Americans-have-decreased-spending-due-to-economy-Wells-Fargo-Money-Study-finds/default.aspx
Wood, Sarah. (2022). Financial Literacy: What College Students Need to Know. U.S. News & World Report. https://www.usnews.com/education/best-colleges/paying-for-college/articles/financial-literacy-what-college-students-need-to-know