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University Establishes Center for Personal Financial Responsibility
Posted 7/29/2009
The University has established a Center for Personal Financial Responsibility (CPFR) in direct response to the current recession. CPFR, an educational resource for the promotion of financial literacy, is an offshoot of Personal Financial Management, a three-credit course that will give students the skills and information they need to manage their money, both in college and after graduation.
Topics covered in the Personal Financial Management course will include goal setting, career planning, budgeting, using credit cards and debt responsibly, evaluating major purchases, saving and investing, tax planning, and insurance. The course, which begins Oct. 26, will be open to all University students regardless of class status.
CPFR and the Personal Financial Management course have been developed by Susan Coleman, professor of finance in the Barney School of Business, and Mitchell D. Weiss, who heads a consulting practice to banks and private equity firms in addition to being an adjunct professor of finance at Barney.
“Research has shown that college students across the country lack the tools they need to make solid financial decisions,” says Coleman. “Young people today are dealing with issues of greater complexity in a financial world that is in crisis. The current environment requires more knowledge.”
CPFR will also provide a series of one-hour seminars during the coming school year, including one in the fall to teach incoming freshmen how to handle credit card and bank offers. A spring 2010 seminar will teach seniors how to negotiate salaries, rent an apartment, and other topics. These presentations will be made by CPFR staff, student volunteers who have successfully completed the core course, and executives from the banking and finance industries.
“Students who are exposed to this material,” says Weiss, “whether through the course or by way of a CPFR-sponsored presentation, will learn how to make more informed decisions and consequently, live better, more financially independent lives.”
Topics covered in the Personal Financial Management course will include goal setting, career planning, budgeting, using credit cards and debt responsibly, evaluating major purchases, saving and investing, tax planning, and insurance. The course, which begins Oct. 26, will be open to all University students regardless of class status.
CPFR and the Personal Financial Management course have been developed by Susan Coleman, professor of finance in the Barney School of Business, and Mitchell D. Weiss, who heads a consulting practice to banks and private equity firms in addition to being an adjunct professor of finance at Barney.
“Research has shown that college students across the country lack the tools they need to make solid financial decisions,” says Coleman. “Young people today are dealing with issues of greater complexity in a financial world that is in crisis. The current environment requires more knowledge.”
CPFR will also provide a series of one-hour seminars during the coming school year, including one in the fall to teach incoming freshmen how to handle credit card and bank offers. A spring 2010 seminar will teach seniors how to negotiate salaries, rent an apartment, and other topics. These presentations will be made by CPFR staff, student volunteers who have successfully completed the core course, and executives from the banking and finance industries.
“Students who are exposed to this material,” says Weiss, “whether through the course or by way of a CPFR-sponsored presentation, will learn how to make more informed decisions and consequently, live better, more financially independent lives.”
