What the WVU accounting club has been doing by giving personal finance lecture to high school seniors is a small step towards the type of education that needs to be be provided.
Coming out of high school I had no clue what the cost of living was like, and from my experience at the lecture neither did this year’s crop of expecting graduates. The same is true, and has been true of students transitioning from high school to college forever. Teenagers and college students just don’t know much about finance.
I recently purchased a home, but the process was made extremely difficult because I had not yet established a credit history. Most high school students do not know, that without a credit history it can be nearly impossible to buy a car, a house, or any other large, loan-financed purchase, but thanks to these lectures at least some students now understand this fact.
With the cost of college going up , yes even at WVU, students need to learn how much going to college and, more importantly, living on their own is going to cost them. Not just tuition, food, books, gas, parking, rent, utilities, etc. Currently schools in Monongalia County do not provide any personal finance courses, and unless parents teach their children about fiscal responsibility early their kids may not hear it anywhere.
In a way, hearing about these topics from college students may be better than hearing it from their parents. I know I would have done a better job handling my money my freshmen and sophomore years if someone other than my mom and dad were badgering me about it. Maybe if one of my peers had explained just how expensive life could be I could have learned a couple things — not from experience.