New class would cover credit, cash management, managing debt, taxes and saving
(Photo courtesy of fromthebarn.org)
By Harry Blakeman, Staff Writer blakeman15@up.edu
After speaking to several graduating students, seniors Kyle Hamm and Adam Harnden saw that many of them feared that without a business background, they were ill-equipped to manage their own finance in an era of massive loan debt and 401Ks.
Their solution was to advocate through student government for a new elective at UP to teach non- business students about their personal finances.
ASUP last week approved a resolution to petition the administration for a new 100-level business elective class to teach non-business majors about personal finance. The resolution, if accepted by the administration, would establish a class in the business department that would cover cash management, credit cards and credit scores, managing debt, taxes and saving.
Harnden, an ASUP senator, hopes the potential new course will help students, especially seniors, transition to managing their own finances without too many avoidable mistakes.
"It would be a really great class to have," Harnden said. "We want to see as much as they can give us."
To determine exactly what the course should look like, Harnden worked with freshman Brooke Murphy, the business school senator, and a number of business school professors, administrators and students. Harnden said that initially they took the idea to the business school, but found the easiest method was to go through ASUP, so he brought the resolution to the Senate.
Harnden says he's spoken to several students who wish they better understood how to run their finances. He thinks a lot of students would be willing to take the class just to make their lives easier.
"We've known that we need a class that will teach us how everything works," said Harnden.
Hamm said they approached the administration, the business school and students, and received a positive response.
"A lot of people don't have access to the complex information about financial planning - we really saw a need to open up that info," said Hamm.
Sophomore Caitlin Deutsch thinks it would be a great idea for everyone to better understand personal finance. As a business major, she already has to take financial accounting and managerial accounting, but she believes non-business majors would be lost in the classes.
"I think everyone should have the opportunity to take it 'cause it's so important to people's lives," Deutsch said.
Deutsch said the classes that business majors take also are primarily about business finance. She thinks that better understanding her personal finances would be beneficial.
Harnden is confident the administration will create the class, but says it is unlikely the class will be available next semester as creating a new course requires a great deal of paperwork.
"If I could, I would come back to take it," Harnden said.
