We all have been there when we wanted to sort out our financial problems but did not know ‘how.’ financial literacy clubs are all about this “how-to.” It is a crucial life skill for everyone, whether students striving to finance their studies or adults trying to balance spending and savings. One of the most ignored subjects yet holds way more critical in our daily lives than any other. Despite this, according to the “2018 Survey of the States” conducted by the Council for Economic Education, there are just 17 states that make it mandatory for students to take the financial literacy course before graduation, while the class is offered in only 22 states, the number is shockingly low.
Let alone this: if a person wants to take a class on personal financial literacy, they will probably end up disappointed because there is a severe gap between the demand and supply of private financial literacy clubs. The same happened with Swati Patel, who works in the financial service industry; she constantly questions personal money management. She then started looking for a club but ended up without seeing a single club. She says that our students know the concepts they are well educated on regarding corporate sector management but are not guided on extending their knowledge to their personal lives. Moreover, she said many students end up in heavy debt because they don’t know ways to solve their financial problems.
She then decided to start her financial literacy club. She asked her friends through social media platforms and received an overwhelming response. After that, she reached out to the university administration to support her. She now runs a financial literacy club with 500 members on board, with associations with the university administration. In her recent session, she delivered a milestone speech by a keynote speaker, the “CEO of Investopedia.”
After working on an internship, another student, Jessica Gluck, at Maine’s Bowdoin College, realized the importance of managing her finances; she then decided to start a financial literacy club to help students gain practical knowledge about the real world’s economic issues. To do this, she reached out to the administration at her school and the alumni to help her. Her literacy club offered students strategies regarding retirement savings and patterns of consumption.
If a person wants to start a financial literacy club, the following tip will help them attain their goals.
Talk to the University Administration
Students can directly go to their faculty or administration; this would help them get legal support and power to start their ideas. They will also be able to get funding through university; if not, then at least a person will have a physical structure to work out their idea. Not only this, but they can also get to talk with Alumni to make a distinction and inspire people.
Know What to Do and When to Do It
A person should always have a strong point about why they are doing this and, if they accomplish this, what else they want to do; that is to have a mission and an objective for their initiative. The mission statement should be compelling to the targeted people. Having a clear idea of what they want to achieve will keep them in line, and it won’t distract them.
Divide Workload
If a person thinks they are getting tired of the work, build a team. Add teammates with different areas of expertise that align with work and divide the responsibilities between the members.
Pro-tip
Give members some autonomy, giving them a sense of responsibility and admiration. They will work even better.
Make Connections
Communicate with different clubs and societies at school and invite them to visit. It will not only help spread the word but also help to find funding sources. Do not limit to schools or universities; link the club with businesses to gain funding and exposure.
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