2074 words (8 pages) Essay in Education

18/05/20 Education Reference this

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Financial literacy is an essential topic in the life of college students and it is an essential skill to achieving success. Various studies have determined that people with a strong knowledge of financial literacy, tend to showcase a more clear and conclusive background of themselves and showcase positive behaviors in financial areas. Within the research that has been explored, financial literacy is a fundamental topic college students and adults should have common knowledge of, though in many cases and according to different research, many do not carry common knowledge of financial literacy. According to Harrison, “This issue could lead to citizens borrowing more money, paying more with credit, being unable to pay their dues on time, and overall spend more money in interests.” It is fundamental for consumers to understand the importance of financial literacy as it will facilitate ones’ life tremendously in an economic manner.

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        The research of comparing first-generation and continuing-generation college student was conducted to examine the effect generation status on student loan debt literacy between these two generations of college students. This topic is fundamental as it helps us understand more how financial aid money is distributed, how other people can benefit from it more than others, and what kinds of students make the best choices with their money. It is important to understand the amount of money many students are owing in debt due to their college education which ranges around $23,000 and how we can help change that, according to Harrison. Overall, how can student debt literacy differ by generation status? There is a need to explore this topic as financial literacy is the biggest topic relating to being able to attend a university or not. Researchers in this study wanted to determine if student loan debt literacy differs by generation status, thus this study consisted of 156 first-year college students.

        To answer the question asked, student debt literacy can differ by generation status considering that most first-generation students rely on student loans than continuing-generation students. Overall, for all the students to benefit from financial literacy, debt literacy must be a priority and it cannot be wrongly used. The value of this research is to inform college students about the different types of enrolled alumni that manage their debt, how they feel, and how they can responsibly control their student debt. We can use and apply this new research to our knowledge by comprehending the different types of ways one can control and manage student debts as many students rely on this to be able to study at the university they want to go to. These findings can be used to improve student success by giving helpful information on how to responsibly use student loans and what true necessities will be needed in college instead of things that students want.

        The findings from this research can be used to address or resolve the above-identified problem by guiding first-generation students into a more successful way to manage their student debt. I can personally use this information as a first-year student by doing my research about the importance of financial literacy in college. I also learned the importance of keeping up with student debts as it cannot be pushed aside until the very last minute. The Office of Student Financial Assistance located in Millican Hall, can help students with any student debts or financial aid questions that come to mind. From accepting or declining loans, to scholarships, to tax verification forms, and projected financial aid request, the Office of Student Financial Aid can assist students in any concern that they may have regarding the use of financial literacy.

        A 2016 research concerning social influences on students’ attitudes to debt, was conducted to learn about the attitudes that students hold regarding what their situation is in student debt. This research was conducted with students from England and New Zealand. This research is important as it shows us the different kinds of ways students from different countries deal with student debt. We can also learn different ways to maneuver this topic, learn new things about it, and how we can deal with it if we find ourselves feeling overwhelmed by it. This research leads us to ask, what are the attitudes showcased by first-year undergraduates from England and New Zealand regarding student debt? There was a need to explore this topic as “there are many students in different countries that deal with student debt in different ways”, according to Lee. The anxiety that this topic can bring can definitely make certain students not succeed in school, thus we need to find ways to help students manage student debt while also juggling college courses. The problem that needed to be addressed in this research was how we can lower down students’ level of anxiety from having the thought of financial debt in the back of their minds.       

       To answer research question asked above, women have significantly lower financial literacy anxiety issues, though overall, New Zealand students tend to have more anxiety issues and problems with financial literacy than students from England. Thus, New Zealand students tend to be in a more negative and stressful state of mind in regards of financial literacy. The value of this research is fundamental as it helps people from other countries cope with the stress that comes with using financial literacy and more specifically student debt. We can use and apply this new knowledge by finding ways to help out college students to cope with the stress that financial literacy can bring and helpful tips can also guide students find ways to pay off their students debts on time. These findings can be used to improve college students’ state of minds regarding the stress and anxiety that student debt can bring.

        These findings can be used to address the above-identified problem to emphasize the issues students from different countries are having with college debt and how we can find ways to help resolve this issue. Some ways to resolve this issue is by limiting students’ materialistic and impulsive desire to buy things that are not necessary, help students understand how important it is to save their money for future spending, and try to limit the amount of loans a student is getting if they are not necessary. I can personally use the information I found in this research to teach myself the importance of money and how finance is fundamental at my age considering I just started college and it is crucial for me to make smart choices with the money that I am spending. Services and resources that are offered at UCF related to my topic of financial literacy consist of Fairwinds. Fairwinds is the Official Student Banking Services, they are partnered with the University of Central Florida and their objective is to help students be successful with their debt, loans, and finances. Fairwinds provides financial benefits to members by offering them lower loans rates, higher savings rates, and more. If students have any questions regarding student loans, debts, and more, Fairwinds is a good place to stop by to have any sort of finances questions answered.

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        A new research regarding essential components of mathematics literacy and numeracy was conducted to emphasize how important it is for students to be financially literate to live a successful and healthy life. This research is important as financial literacy is a big part of millions of people’s lives and it is fundamental to be knowledgeable and understand how important it is to comprehend it in order to succeed in society and in the workforce. This research leads to ask, how can we make students and society integrate themselves and learn more about the fundamentals of financial literacy? There was a need to explore this topic as nowadays, being financially literate is what makes us successful and unfortunately not knowing much about financial literacy can cost us to make many financial mistakes and students will have a tough time dealing with debts and college expenses if they are not knowledgeable on this topic. The issue that needed to be addressed within this research is that not a lot of college students comprehend financial literacy, many students do not understand or know financial principles and concepts. This can be a huge issue as understanding financial literacy is a part of what makes us involved and knowledgeable people. Finding ways to make students understand the topic of financial literacy is fundamental and it is needed to live a successful and stress-free life.

        To answer to the research question that was asked above, we can make students integrate themselves and learn more about the fundamentals of financial literacy by teaching the basics of financial literacy in the required government and economics classes that all undergraduate college students must take. The findings of this study were that students found taxes and financial literacy questions very difficult to answer correctly. According to Sole, the majority of people who got the questions wrong were women and minorities, though it is not exactly known how low their levels of financial literacy levels were, a lack of familiarity of economic terms can be a huge downfall in our economy in the near future. We can use and apply this new knowledge to make some changes in what is being taught to students in college to a subject they will need to utilize in the future and will make them more informed citizens.       

        Overall, since more students need help understanding the basics of financial literacy, colleges will need to make some changes to what they are teaching their students. I can use this information as a student to improve my student success by asking questions and try to comprehend more about financial literacy myself. I consider financial literacy a fundamental topic to learn about in life and I hope I will get to learn about it more in the near future as it will be a necessity for my college years and my adulthood, thus if I have any concerns I can always ask a teacher, the Office of Financial Aid, or I will hopefully get to learn about it in my required courses. Think Finances is located at the Office of Student Success, this office helps students make the best choices regarding financing and how good choices can impact your college education long-term in a positive way. Think Finances will give students important deadlines for FAFSA and loans, scholarship applications, and will teach students how limiting expenses and only borrowing money that is needed is fundamental.

        Furthermore, financial literacy is a fundamental topic that is important for students to learn about. Understanding what you do with your money and spending it in an intellectual manner is something that needs to be taken into consideration, that way students will not be stressed throughout their college years. For students to understand the meaning and what financial literacy can do, can help them become educated people and it will help them achieve success for a healthy and stress-free life with money not being a worry.

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