“Money-management skills are more important than ever to navigate the economic realities of the modern marketplace, yet most states still do not require high schools to offer personal finance classes. In lieu of high school personal finance classes, most teens either learn from their mistakes or look to parents for personal finance lessons. Unfortunately, not all parents are well-equipped to serve as financial models for their children.”
Money has no gender, so why a workshop on finance that targets females? Because women tend to be less inclined to enroll in science, technology, engineering or math (STEM) courses in college, and as a result are less likely to enroll in finance courses. An important education goal is to prepare students for life after graduation, yet lack of financial knowledge contributes directly to loan defaults, bankruptcies, foreclosures, poverty, and worse. Consider the results from a sample of over 400 college students who were asked 20 questions in a multiple-choice format with three substantive responses and a “Don’t Know” option (so random = 25% correct). More than 90% of all students scored below a minimal passing grade of 60% (12 correct of 20). Two more observations from the table: females were (1) significantly more inclined to respond “Don’t Know” on 18 of the 20 questions, yet (2) had higher % correct on 15 questions. So, compared to men, women in this sample have the advantage of knowing what they do know — and what they don’t. That’s a healthy starting point for learning more of the finance you need. We can help.
This workshop provides women training for a better understanding and managing finances:
Jerry Platt, Ph.D., is Emeritus Dean and Professor of Finance at San Francisco State University. Most recently, he developed and taught courses in applied analytics and data mining for the Verterbi School of Engineering at the University of Southern California.