Financial literacy education is increasingly important for millenials
Financial literacy provider iGrad will partner with Baylor University to help students develop the critical financial literacy skills needed to achieve their life goals.
The Texas university will integrate iGrad’s financial literacy platform into its campus-wide Student Financial Foundations program.
Baylor’s Student Financial Foundations program offers workshops about budgets, scholarships, applying for jobs to help students afford school, and a seminar for seniors to begin discussing loan payment options after graduation. iGrad’s learning platform will enhance current services and provide a central resource and learning tool to more than 15,000 Baylor Students.
“We at iGrad believe in dreams, and we know that the best way for students to achieve their dreams is to make wise financial decisions. Today, technology and adaptive learning strategies allow us to be highly effective in helping students develop the critical financial skills needed to achieve their goals,” shares iGrad Vice President Kris Alban.
The iGrad online financial literacy platform is an interactive experience that employs adaptive learning technology to help students sharpen their knowledge about paying off (student) loans, affording a home, paying credit card bills, investing, budgeting and planning for emergencies. The platform offers games, videos, financial calculators, learning modules, news and articles, the ability to chat with an counselor and optional video-based student loan entrance and exit counseling.
“Budgeting and making wise financial choices now as students are important elements of a successful college experience. On the other hand, poor planning and lack of discipline can hamper timely graduation and lead to great struggles after college,” says Jackie Diaz, Baylor’s Assistant Vice President for Student Financial Services Strategy and Planning.
The results of recent research conducted by the Investment Protection Institute highlights Diaz’s critical point:
• 56 percent of millennials say they worry they will have to work longer to save for retirement
• 29 percent are delaying home purchases
• 26 percent have put off buying a car
• 19 percent have had to move back in with parents
• 17 percent (including married individuals) have put off starting a family 12 percent are putting off getting married
“Our focus right now is to provide training and resources that will help students make better decisions during this critical time,” Diaz said.