More research is needed due to the small sample, but under my survey that included twenty students who had taken a business finance course, there does appear to be a difference in how well prepared students feel to manage their personal finances in the four different areas. However, in the knowledge based section of the survey, students who have taken a business finance course was inconclusive. For example, only 30 percent of students who had taken a business finance course were able to realize that the interest was higher than the minimum payment in the last question, which meant that the card credit debt would never fully be repaid. However, there were clear differences between the Business students and the students. For example, 89 percent of students who had taken a business finance course were able to identify the definition of a stock dividend, compared to 58 percent of students who had not taken a business finance course. Recommendations: The general lack of knowledge that Americans, and more specifically University of Maryland students, have of personal finance prevents them from living the most comfortable lifestyle within their means. Financial literacy allows people to make the best financial decisions with the income that they possess, and prevents them from unnecessarily finding themselves without money in emergency situation or inadequately prepared for retirement. Therefore, it is imperative that the University require students to enroll in a personal finance course. The FMSC 341 course already offered serves a valuable for the new course that I am proposing should be required. Dr. Mokhtari’s syllabus can be used as a template for the modified personal finance course. Dr. Mokhtari sets forth the key topics taught each week in the course. I suggest that the University transition into making a personal finance course a requirement by
More research is needed due to the small sample, but under my survey that included twenty students who had taken a business finance course, there does appear to be a difference in how well prepared students feel to manage their personal finances in the four different areas. However, in the knowledge based section of the survey, students who have taken a business finance course was inconclusive. For example, only 30 percent of students who had taken a business finance course were able to realize that the interest was higher than the minimum payment in the last question, which meant that the card credit debt would never fully be repaid. However, there were clear differences between the Business students and the students. For example, 89 percent of students who had taken a business finance course were able to identify the definition of a stock dividend, compared to 58 percent of students who had not taken a business finance course. Recommendations: The general lack of knowledge that Americans, and more specifically University of Maryland students, have of personal finance prevents them from living the most comfortable lifestyle within their means. Financial literacy allows people to make the best financial decisions with the income that they possess, and prevents them from unnecessarily finding themselves without money in emergency situation or inadequately prepared for retirement. Therefore, it is imperative that the University require students to enroll in a personal finance course. The FMSC 341 course already offered serves a valuable for the new course that I am proposing should be required. Dr. Mokhtari’s syllabus can be used as a template for the modified personal finance course. Dr. Mokhtari sets forth the key topics taught each week in the course. I suggest that the University transition into making a personal finance course a requirement by
Engl393%20Final%20Proposal%20Writing%20Contest%20.docx