by Robyn Keyster

Created on: October 12, 2009   Last Updated: October 14, 2009

Colleges, and those who pay for them, have a vested interest in producing well-rounded, thoughtful graduates with a general knowledge of the world around them. As a result, almost every college, university, and community college requires first-year and second-year students to take a set of core classes. These general education requirements cover a broad range of topics, from basic mathematics to western civilization to composition.

While sometimes viewed as a necessary evil by students and faculty alike, the core is based on the notion that some topics are important enough to be taught to all, regardless of major or interest. Due to their classification as crucial courses, there are occasional attempts to add new subjects to the core. Recently, it has been suggested that financial education courses be combined with existing core curriculums, in order to give students a functioning financial literacy. Given the current economic climate, and the sheer number of new financial tips that have emerged as a result, it is more important than ever to teach all students about money.

When parents, or whoever foots the tuition bill at a college or university, first see their student's schedule, there are often complaints about the usefulness of some core classes. Someone studying marketing may not use introductory biology in their life or on the job; likewise, an art major probably has little need for the intricacies of pre-algebra.

However, with the exception of the occasional collegiate heir or heiress, every single student, regardless of field of study or future occupation, will have to make financial decisions. In fact, college is usually the first big financial move most young people make, which is why it's doubly important for them to learn about finances from the get-go.

From taking out student loans to purchasing textbooks to renting an apartment, college life, especially during the first year, is full of financial decisions. If students were effectively forced to learn about the consequences of these decisions, they would be armed with practical solutions to common collegiate money issues. Many financial mistakes made by college students and their parents are easily avoidable with the right knowledge; a financial core course could easily provide this information. Moreover, financial education, like sex education, is something students don't always receive at home. A college course on personal finance could help fill the gap between parent-given instruction and what one really needs to know.

As taxpayer-funded institutions, colleges and universities have an obligation to benefit society in some manner. Producing financially astute graduates will have a tangible positive effect on students' future environments, be it the board room or the home office. In fact, much of the factors leading to the recent U.S. economic meltdown have involved lack of everyday financial know-how regarding debt, interest, credit, and even basic budgeting. While a basic financial course certainly wouldn't solve all of society's economic problems, it would help prevent future crises.

Financial problem-solving is not only a tool every student will have to use, but also one that will be used throughout students' lifetimes. Finances don't stop at graduation or retirement; they are constantly being tweaked, fiddled-with, prodded, and polished. A financial course would perhaps be the only core class uniquely poised to be drawn-upon for decades to come. As Americans have recently learned, financial knowledge is invaluable, and an early introduction is a priceless investment.

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