Improving the Financial Literacy of Freshman Business Students in the Introductory Financial Accounting Course

• In Event: Education Issues

Abstract

Financial illiteracy is a growing problem in this country and college students are amongst those that do not know enough about personal finance. However, few colleges and universities require or offer a course in personal finance. Accounting educators are uniquely qualified to improve their students’ financial literacy. This paper describes an effective and efficient way to introduce some basic personal finance concepts to freshman business students in a Financial Accounting course while using very little class time. In addition, the assignments require a writing-to-learn approach which addresses the numerous calls for incorporation of writing assignments into the business school curriculum. The assignments improved students’ interest in personal finance, made the Financial Accounting course more interesting and relevant, and provides a rewarding teaching experience for instructors.

Author

• C. Andrew Lafond, La Salle University