Their parents weren't required to take a personal finance class to graduate from college. But their parents didn't have more than $20,000 in debt, on average, at graduation. And nearly half of their parents' generation didn't default on loans, have cars repossessed, or file bankruptcy in their 20s. So today's students at Missouri Southern State University (http://www.mssu.edu/) must complete a course that teaches them to manage their money.
JOPLIN, Mo. (Business Wire EON) February 5, 2008 --
Their parents weren’t required to take a
personal finance class to graduate from college. But their parents didn’t
have more than $20,000 in debt, on average, at graduation. And nearly
half of their parents’ generation didn’t
default on loans, have cars repossessed, or file bankruptcy in their
20s. So today’s students at Missouri Southern
State University (http://www.mssu.edu/)
must complete a course that teaches them to manage their money.
Last semester MSSU’s Robert W. Plaster School
of Business Administration incorporated a money management program,
Goodmoneyhabits.com, (http://www.goodmoneyhabits.com/)
into the curriculum of the economics core course. The responses were so
positive that beginning this semester, regardless of their major, all
MSSU students must study money management modules in addition to English
composition, literature and other core requirements.
James Gray, (http://www.mssu.edu/business/Templates/Vitas/Gray%20VITA.pdf)
professor of management in The Robert W. Plaster School of Business,
said the school has taken responsibility to prepare graduates to manage
their money. “One of the major obstacles
facing college students today is rising debt caused by educational costs
and credit cards. Students are bombarded with credit card opportunities,
even in the student union. Most students need additional knowledge to
manage their finances,” he said.
In the past, only business majors at MSSU took classes that included
personal financial management. But when last semester’s
Economics 180 classes added Goodmoneyhabits.com’s
online money management program to its content, both students and
professors outside of the School of Business were pleased. “This
semester, for the first time, I saw lights coming on as students
realized that their credit card debts will take a long time to pay off.
Maybe they won’t use those credit cards again,”
Gray said. “Personal finance is something we
can all use. It teaches students to think with facts, not with emotion,”
he said.
Goodmoneyhabits.com offers practical money management skills through
interactive financial planning exercises and real life scenarios. “We’re
overwhelmed with the students’ glowing
reviews,” Gray said. “They
learned to set goals, create a budget, and plan their expenses,
including ultimate retirement.” When
reviewing the program, students said the information was informative in
planning their future and helped them understand Social Security, 401(k)
plans, and investing, as well as the cost of credit and the necessity of
budgeting.
Susan Windham is chief executive of The EDSA Group (http://www.theedsagroup.com/),
developer of Goodmoneyhabits.com. She says it was created to help adults
of all ages, from students to retirees, manage their personal finances. “Lack
of financial management skills has a real impact on our economy,”
said Windham. “For college students and
recent graduates, as well as the population at large, the cost of debt
is forcing many to forego or delay saving for retirement, getting
married, buying homes and putting aside money for their own children's
educations.”
“The personal money management skills
students learn through Goodmoneyhabits.com will make them more
attractive to their employers,” said Gray.
More than 50 percent of workers today are living paycheck to paycheck,
and 69 percent of those are concerned with paying monthly bills. Workers
cite financial problems as their most frequent cause of stress. “The
program offers affordable online lessons in reducing debt, setting
financial goals, budgeting, maximizing company benefits, and investing
in 401(k) plans,” said Windham. “Users
tell us Goodmoneyhabits.com changes their lives,”
she said.
ABOUT MISSOURI SOUTHERN STATE UNIVERSITY
Missouri Southern State University (http://www.mssu.edu/),
located in Joplin, Missouri, is a state-supported, comprehensive
university offering programs leading to the bachelor's degree and to
selective collaborative master's degrees. MSSU is accredited by the
Higher Learning Commission (HLC) of the North Central Association of
Colleges and Schools (NCA).
ABOUT THE EDSA GROUP
The EDSA Group (http://www.theedsagroup.com),
headquartered in Baton Rouge, Louisiana, is a national leader in
workplace financial education. The EDSA Group offers live workshops,
one-on-one educational meetings, and an online financial education
program, Goodmoneyhabits.com, for individuals who want to make informed
decisions about their personal finances.
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