FINANCIAL FITNESS (Coming Fall 2013)
The Need for Financial Fitness
The American Psychological Association’s most recent Stress In America survey indicates that money and the economy are the top two sources of stress. Additionally, studies have shown that financial well-being has an impact on both mental and physical well-being. Financial insecurity and/or poor money management can lead to heightened stress and less healthy behaviors. Financial distress can contribute to increased negative health concerns and can hinder the search for and/or access to treatment of these concerns. Thus, poor health can result from or result in financial distress, or both. Financial distress is a growing public health problem that affects large numbers of people. Financial behaviors are learned and transferred within families and communities. Therefore, education is part of the solution.
Benefits of a Financial Education
Colleges and universities can improve retention and graduation rates by helping students learn how to address financial challenges, thus reducing the number of students who face financial crisis during their collegiate experience. This may also help students graduate in a timely manner by helping them develop priorities and plans for paying for college. A strong financial education may also decrease student loan default rates. By injecting real-world financial issues into our curriculum, this course will set the stage for a financially stable path for students’ post-college careers and build a base of active, engaged citizens and alumni.
Promoting Healthy Money Management
Gaining sound personal finance skills is particularly important during this transitional time in students’ lives. Financial Fitness will offer students the opportunity to take a close look at their personal choices to foster independence, responsibility, and well-being. This course will provide students with an introduction to several important money management topics, as well as reliable tools with which to apply their knowledge. Students will gain skills that all adults need, thus mitigating financial stress and promoting healthy money management. We aim to prepare the next generation of adults for these real-world situations and to reduce the prevalence of financial strain.
Course Description
This course is designed to assist students in achieving financial wellness. We define financial wellness as a comprehensive understanding of your financial situation, including where your money comes from, where it is going, living within your means, aligning your spending with your personal values and priorities, having a financial plan, and feeling prepared for financial changes. Financial Fitness provides students with an awareness of issues related to financial wellness and a multitude of tools to use when making decisions that will help mitigate financial stress and promote healthy money management. Throughout the course, students will have the opportunity to explore personal values and decisions, spending habits, planning tools and risks.
Course Objectives
At the conclusion of this course, the learner will use various evaluation methods to:
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