Why Financial Literacy Should Be a Required College Course by Brittany

Why Financial Literacy Should Be a Required College Course by Brittany - June 2025 Scholarship Essay

As students prepare to enter adulthood, college is often the final stage of formal education before facing the realities of independent living. While college curricula emphasize academic knowledge and specialized skills, one critical subject is often overlooked: financial literacy. I believe financial literacy should be a required course in college because it equips students with essential life skills, promotes responsible decision-making, and helps prevent the financial struggles that burden many young adults today.

Financial literacy goes beyond basic math; it teaches students how to manage money effectively, understand credit, budget expenses, and plan for the future. Many students arrive at college with limited or no knowledge about handling personal finances, yet they are immediately confronted with financial responsibilities such as tuition payments, rent, and credit card offers. Without formal education on these topics, students risk accumulating debt, falling victim to predatory lending, or mismanaging their resources. One significant reason financial literacy should be mandatory is the rising burden of student loans. According to recent data, the average college graduate carries tens of thousands of dollars in student debt. Without understanding interest rates, repayment plans, or loan consolidation options, students can find themselves overwhelmed and unprepared for managing this debt. A required financial literacy course would educate students on how to borrow wisely and plan for repayment, ultimately easing the transition into post-college life.

Moreover, financial literacy fosters long-term planning and responsibility. Students who learn about investing, saving for emergencies, and retirement planning early on are better equipped to build wealth and achieve financial security. These lessons encourage critical thinking about money and its role in achieving life goals. By making financial literacy a requirement, colleges can help students develop confidence in managing their finances and reduce anxiety about money-related stress.

Some may argue that financial literacy is a personal responsibility that can be learned outside of school, but relying on informal education leaves many students unprepared. Not every family has the knowledge or resources to teach effective money management, which can perpetuate cycles of financial instability. By institutionalizing financial education, colleges provide equal access to crucial knowledge and empower all students to succeed regardless of their background.

In conclusion, requiring financial literacy as a college course is a practical and necessary step toward preparing students for adulthood. It provides vital skills for managing debt, budgeting, and planning for the future, helping students avoid common financial pitfalls. Beyond individual benefits, financially educated graduates contribute to a more stable economy and society. For these reasons, I strongly believe financial literacy should be integrated into every college curriculum, ensuring all students graduate ready to face their financial futures with knowledge and confidence.