Survey says graduates lack basic skills
The study interviewed a random sample of 1,827 students at public and private schools.
Published Jan. 27, 2006
More than 50 percent of four-year college students have trouble interpreting tables, summarizing results of surveys and comparing credit card offers, according to a Pew Charitable Trusts study.
Although most students have intermediate skills such as identifying a location on a map, 80 percent cannot estimate if their car has enough gas to make it to a gas station, according to the study.
University Bookstore sales associate Jennifer Bird said she learned how to handle finances through real-world experiences and said she thought most students lack financial experiences.
The study, titled "The Literacy of America's College Students," interviewed a random sample of 1,827 students at public and private four- and two-year colleges. Pew Charitable Trusts is a nonpartisan research institute.
Although Lee Watson, a Columbia College junior and University Bookstore employee, said she has not had to take out loans or apply for a credit card, she said she thinks high schools and colleges do not put enough emphasis on learning basic mathematic equations.
"There is not enough focus on doing math in your head," Watson said. "There is too much focus on doing algebraic calculations, which can be helpful, but usually you will need to use your mind to do math more than your calculator in life."
Senior Ashley Bolden said she does not believe the study is accurate.
"While I don't pay much attention to credit card interest rates, I can interpret figures, tables and read the newspaper," Bolden said. "However, I don't think people worry much about interest rates on credit cards as much as they worry about the credit limit."
A new one-hour class this semester, "Financial Survival," is designed to aid incoming students in financial planning and equip them with information and skills to help them through school, said Dr. Mark Oleson, Director of the Office for Financial Success.
"We want to teach them how to minimize debt, establish credit and how to shop around for the best student loans," Oleson said. "In college, more students will drop out for financial reasons instead of academic reasons, and most resources around campus are for academic help."
Sophomore Justin Walker said he has to pay for college himself, and though he took a finance course in high school, he had to learn how to manage his own finances and loans. He said a mandatory finance course would help students who haven't had to worry about finances yet.
"Most college students don't have to worry about paying for college because their parents take care of it, but if they are kicked out for bad grades or something, they may not know how to handle all their own finances," Walker said.
The course also might help prevent students from accumulating debt, Oleson said.
"When students leave school they may have $80,000 in student loans and only make $18,000 at their new job," Oleson said. "In an ideal world, if I was a university president I would want students to either have to have a certain level of financial proficiency, or they would have to take the course because it is an important skill for students to master."