- 20% of Americans don’t save any of their annual income at all and even those who do save aren’t putting away a lot. (CNBC)
- Only 24% of millennials demonstrate basic financial literacy, according to a study from the National Endowment for Financial Education.
- Credit card debt comes with a cost. The average household with revolving credit card debt pays $904 in interest annually. (Nerd Wallet)
- Americans paid banks $104 billion in credit card interest and fees in 2018, up 11% from the prior year, and up 35% over the last five years, as Fed rate increases have been passed on to consumers. (Magnify Money)
- A high 44% of American adults — nearly half of us — are relying on an auto loan to pay for our car. (Finder)
- 43% of Americans spend more than they receive each month borrow and use credit cards to finance the shortfall. (Federal Reserve)
These alarming statistics speak to the necessity for personal financial education for young (and older) adults. In Consumer Economics we will explore how to create a solid financial foundation. Students will learn how to avoid typical financial pitfalls and build financial security. Topics will include budgeting, banking, credit/debt, savings/investing, and things to consider when making major life purchases. Students will create a financial roadmap to help navigate the challenging path of managing money throughout the various stages of life. Students will examine how these decisions impact the overall economy and will investigate the basic principles of economics.
This class is taught in 3 different formats. Students should evaluate which would best fit their needs.
Traditional (BUS4001): Traditional classroom setting that will meet daily. The teacher will guide students through projects and assignments to help them grasp the course concepts.
Blended (BUS4001BL): Blended courses combine traditional classroom instruction with collaborative and independent activities. Students will not meet daily in class, but will have access to the teacher each day as needed.
Online (BUS4001C): Students will use discussion boards, internet research, and other audio/visual media to learn about the fundamental concepts of economics and personal finance. This course is conducted entirely online through the Canvas website. More info on the course can be found at the eLo Website.