A survey of Harvard students by the Harvard University Employees Credit Union found that only 10 percent had any formal financial education.
To bring students up to speed, the credit union and alumni helped designed a three-day crash course on financial management, investments, credit scores, and taxes. As part of the workshop, students collaborated on real-world exercises, such as budgeting to make the rent, and developed personal financial plans. Some students said they were just hoping to find out how credit cards worked.
“College students as a whole just aren’t financially sophisticated,” said Shahar Ziv, a Harvard Business School graduate who helped organize the workshop. “Harvard students are no different than other students. Succeeding academically does not necessarily translate into being financially literate.”