If someone had told me when I left Central Connecticut State University in 2002 that I’d be returning in 2020 and attending classes virtually during a global pandemic, I would never have believed it.
When I left CCSU in 2002, I was juggling a full-time job with the birth of my second child. I told myself that I would someday return to finish what I started and receive a bachelor’s degree in strategic communication. The pandemic provided the perfect time to do that.
Much had changed in my life since 2002, in both my family and profession. I had become a father of three, and professionally, I was in my third year of being the statewide director of active and pension payroll under the state comptroller’s office. My office’s primary statutory responsibility is ensuring that 70,000 full-time and part-time active employees and 65,000 pensioners and optionees are paid on time.
Now, as a 52-year-old student, with two of my children attending the same university, I’ve gained a new appreciation for the words “return on investment.” Unfortunately, a lack of awareness or understanding regarding the return on investment of a college degree can lead some students to make decisions without fully considering the potential economic benefits.
The importance of financial literacy cannot be overstated. From managing student loans to investing for the future, students are expected to navigate complex financial decisions as they transition into adulthood. Yet, the sad reality is that many young adults graduate from high school and college without basic financial knowledge.
This critical gap can be bridged by state universities with a mandatory class on personal finance. The need for such a class is made clear by alarming statistics.
First, two-thirds of American adults cannot pass a basic financial literacy test. A study by the Council for Economic Education found that less than half of states in the U.S. require high school students to…
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