O’Malley School of Business Working to Strengthen Financial Literacy in Young People
Manhattan College faculty and students are working to help each other build a strong financial foundation.
As part of an ongoing effort to enhance financial literacy among high school and college students, faculty in the O’Malley School of Business recently held a virtual workshop and panel on crucial personal finance topics such as student loans, credit cards and budgeting.
Amira Annabi, Ph.D., associate professor of economics and finance, and Aileen Farrelly, assistant dean and assistant professor of accounting, brought together a team of more than a dozen Manhattan College students to organize the event, which more than 70 local families attended. The students collaborated to create a website, play games and produce two educational videos that were highlighted during the event.
“Our goals for this event were to educate young adults about personal finance in a fun and engaging way, provide opportunities for personal finance management, and empower young adults in our Bronx community,” said Farrelly.
The organizers held workshops and games focused on budgeting, student loans and credit cards during the event. The day ended with a panel of Manhattan College students and recent alumni giving advice on financial preparations for college and starting work after college.
“The need for proper management of personal finances has never been stronger,” Annabi and Farrelly, along with Grishma Shah, Ph.D., associate professor of management and marketing, wrote in a recent research paper. “For high school and college graduates, the exponential growth of the student debt market over the past two decades, coupled with elevated delinquency rates, suggests a deficit of financial literacy within this socio-demographic category,” they write.
The O’Malley School of Business will continue to move forward its Financial Literacy Initiative by offering more workshops, building a community of volunteers focused on this initiative, and expanding our content to small businesses in the Bronx.
The ultimate aim is to enable young adults to build a strong foundation in personal finance management and make healthy financial decisions. Resources can be found at the Manhattan College Financial Literacy Initiative website.