News Releases

Thursday, August 26, 2010

Recent KU School of Business graduate Taylor Petty's testimony before the House Financial Services Subcommittee on Oversight and Investigations at the Robert J. Dole Institute of Politics on August 24 helped bring attention to American's financial literacy problems.

"It's hard to care about something you don't understand," Petty said, "and it is clear American high school students do not understand financial basics."

The former Master of Accounting student spoke to government officials including U.S. Representative Dennis Moore and Congresswoman Lynn Jenkins about the need for increased financial literacy instruction in Kansas high schools and the School of Business' efforts to do just that.

Petty and two other School of Business Master of Accounting students created projects focused on financial literacy for the USD 259 Wichita Public School District in December 2009. The students' projects are being piloted in four Wichita high schools this fall.

"Necessity is the best motivator," Petty said. "That's why my team thinks it's important to implement these teachings in high schools, because many of these students are about to make big financial decisions."

The business students' efforts are just one way the School of Business is working to increase Kansan's financial literacy.

The School of Business has been offering its "Finance 101: Personal Finance" course to all KU students for more than two years in an effort to increase financial literacy among college-aged students. The course, which educates almost 150 students per semester, covers topics such as avoiding unnecessary bank fess, investing in stock, and saving for retirement

The Student Money Management Services office, which is a School of Business, Office of the Vice Provost for Student Success, Student Senate, and KU Memorial Unions initiative, has begun helping students with their finances this fall. School of Business students will serve as student peer financial assistants in the office, helping their peers learn to manage their budgets or debts among other things.

Dedication to increasing financial literacy among Kansans is one of the many ways the School of Business consistently helps Kansans. "As Kansas' flagship research university, service is one of the missions of KU," Petty said.

The School of Business is ranked in the top 14 percent of public schools across the nation and its dedication to serving Kansas is one of the reasons it's placed there.