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More and more universities and schools across the country are offering courses to teach academics how to manage their own money.
By Ann Carrns
Sean Karaman, a freshman at the University of Nevada, Las Vegas, hadn’t paid much attention to his credit card spending. But after taking a private finance class on campus last fall, he’s much more likely to pay for it.
“I’ve become best friends with my debit card,” said Mr. Karaman, 21, who plays on the U.N.L.V. hockey team.
According to the Council on Economic Education, more than two-thirds of states require top scholars to take a nonpublic finance course before graduating. Now private finance courses, many of them presented as electives, are flourishing in public and community schools across the country and are gaining momentum thanks to a new initiative from Stanford University. While some schools have long offered private finance courses, new efforts to expand and promote private finance education at the school’s point increase Stanford’s educational clout.
“There really is a need among all students, and society as a whole, to learn more about personal finance,” said J. Daniel Chi, chairman of the finance department at U.N.LV.’s Lee Business School.
Annamaria Lusardi, an economist and financial literacy researcher who has led Stanford’s program since 2023, said that today other people are expected to take on more responsibility for their finances than in the past, when jobs came with steady pensions than 401(k) plans that require staff to save and invest their own retirement budget.
“We have to manage our own money,” Dr. Lusardi said. “It’s too complex to use common sense and general rules. “
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