Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

CU System
CU's fin. lit. course makes the grade at Harvard
CAMBRIDGE, Mass. (3/10/14)--For the third consecutive year, Harvard University Employees CU, Cambridge, Mass., offered Harvard undergraduates a financial literacy class designed to provide them with an understanding of personal financial management.
 
The optional class, called "Personal Financial Management," ran three days with a four-hour session each day. Students received a carefully targeted curriculum of consumer credit, credit scoring, personal budgeting, financial goal setting, planning, insurance, taxes, the financial marketplace and investing.
 
"Historically, it has primarily been the responsibility of parents to teach their children the basics of personal financial management," said Gene Foley, president/CEO of the $442 million-asset credit union. "The problem with that is the financial products now offered in the 21st century are not the same as the ones that parents grew up with."
 
The goal of the "survey course" curriculum was to present the knowledge most critical for undergraduates to understand and apply now in their personal financial life.
 
Less than 20% of college students receive any kind of formal personal financial education--a knowledge gap that leaves serious potential for financial missteps in college and beyond, according to Tom Murphy, the credit union's director of student services,
 
"Though most students have been using and managing money since before they were in kindergarten, a significant portion of their financial education has been self-taught," Murphy said. "We live in an increasingly complex financial world, and the better we prepare them now for that reality, the more successful they'll be when they come face-to-face with it."
 
The first day of the program provided students with the foundation to develop a solid financial plan. Using case studies, students reviewed the fundamentals for proper financial planning and use of credit.
 
The second day included a panel on investing with recent graduates from Harvard Business School (HBS), the College and Harvard Law School. The final day of the program covered wealth management, insurance and taxes.
RSS





print
News Now LiveWire
Cornerstone CU Union Foundation says it's prepared to assist #CUs & their employees affected by severe storms in Arkansas and Oklahoma.
9 hours ago
In 2014,use of remote deposit capture experienced 13% increase to 51%. But checking a balance continued to B the most common mobile activity
9 hours ago
'Fixing Your Finances' part of @PCUA's #iBelong campaign http://t.co/7j6HO1njog @fox43 @Bellco_CU @Members1stFCU
12 hours ago
Home prices outpacing income growth in 3/4 of U.S. markets @RealtyTrac http://t.co/BQR1w4k822
15 hours ago
Refinance #MarchMadness: Refis drive up mid-March mortgage apps: MBA http://t.co/rTUnlJB516
18 hours ago