April marks the start of National Financial Literacy Month to raise awareness of the importance of financial literacy. For college students, a college degree does not guarantee financial literacy or the ability to make sound financial decisions. To combat this deficit in learning and help students on campus gain access to crucial financial literacy skills, two University of Connecticut students (Nidhi Jayakumar Nair, a senior Economics and Mathematics-Statistics major, and Bridget Abril, a junior Political Science and Economics major), have planned to hold Financial Literacy Week on Storrs Campus from April 3-7, 2023.
According to Nair, “We are hoping to reach students of all ages, with a special emphasis on first-generation students and those who study the humanities/fine arts/engineering. These students are not exposed to economic concepts in classes so Financial Literacy Week is most likely to benefit them.”
There will be a mix of lecture and tabling events each with different opportunities to win prizes from free phone wallets, stickers, tote bags, candy, and more. The events are open to any UConn student, and lecture events are honors that count towards the University Laureate requirements. RSVP before attending!
During Financial Literacy Week, volunteers will work together alongside Nidhi and Bridget to spread awareness of different key aspects of financial literacy. April 3 will focus on budgeting and understanding a budget structure. You can stop by the Student Union Mall between 10:00 am and 2:00 pm to play The Price Is Right, which will be a quick two to three minute activity to check your understanding of current prices on different objects from food to rent for a college student in Connecticut. There will be educational pamphlets to take and a trifold full of information on budgets and how you can start.
On April 4, former UConn Alum, Brian Feroldi, author of the book Why Does the Stock Market Go Up? will join Financial Literacy Week to talk about investing with all UConn students (any major), from beginners to intermediates. You can attend the event in SU 104 from 6:00 pm to 7:00 pm to learn basics about the stock market, how to get started in investing, and why investing is smart.
Abril hopes all students, especially those who have been curious about investing, will attend the event to get a concrete start: “It is never too early for students to get involved in investing, so Brian’s event should be an excellent starting place for students looking for details about getting involved in the stock market.”
April 5 will focus on debt management with a lecture event in SU 104 from 6:00 to 7:00 PM. Partnering with the Office of Student Financial Aid, Ashley Benner will focus on understanding student loans, repayment, how applying for scholarships can alleviate debt, and tips for paying off loans post-graduation! This event is geared towards all majors and years.
April 6 will focus on understanding credit with a tabling event in the Student Union Mall from 10:00 am to 2:00 pm. There will be educational pamphlets on credit scores. The main activity will be an interactive game where you can test how well you understand the fundamentals of credit. The same day, from 5:30 pm to 6:15 pm, Beth Settje from the Center for Career Development will host a virtual event on financial literacy for your career. Settje will concentrate on full-time employment salaries and the elements that are essential to negotiating the best package. Topics covered in this interactive session include negotiations, gross versus net pay, taxes, basic investing concepts, and benefits.
The last tabling is on April 7 in the Student Union Mall from 10:00 am to 2:00 pm, focusing on financial planning. As previously mentioned, there will be educational pamphlets to grab and read on your own time. The main event is an activity focusing on your future goals to get you thinking about what you want to think about. You’ll scan a QR code that will direct you to an app where you can record short-term and long-term financial goals. Some of the answers will be featured on Instagram!
“In a quick interaction, students can take away some information to promote their financial literacy, and have the opportunity to visit with us a few times to learn something new,” Abril explained. “I think the idea behind a week-long event, with interactive components, to promote financial literacy was the idea that students are busy and have other things going on. In a quick interaction, students can take away some information to promote their financial literacy, and have the opportunity to visit with us a few times to learn something new.’
Financial Literacy Week volunteer Angela Ramirez (senior English and Human Rights major) volunteers because of the mission behind this endeavor. “FLW is combating that knowledge gap in a fun and informative way. I want to help share the information on financial literacy that Nidhi and Bridget have put together so that more UConn students have the tools they need to succeed financially,” Ramirez stated via email.
Hopefully one of these events has caught your attention and you can support this mission. Check out @uconn_financial_literacy to follow along for daily updates and more resources.