![\"Financial](\"https:\/\/today.uconn.edu\/wp-content\/uploads\/2023\/02\/Official-Logo-4-300x300.png\"){kind=logo}
But the urgency for education among her peers prompted Nair to come up with the idea of hosting a Financial Literacy Week<\/a>, which with the help of Bridget Abril \u201924 (CLAS) will be held April 3-7 to teach UConn students about crucial concepts like credit, financial planning, and investing.<\/p>\n \u201cA lot of undergraduates have multiple streams of income, including money they might get from their parents or other family members, and they don\u2019t know how to deal with that money,\u201d Nair says. \u201cAt the same time, they accrue student loan debt and credit card debt without knowing basic concepts. I\u2019m trying to make it clear that they shouldn\u2019t be throwing their money away without having a little financial knowledge.\u201d<\/p>\n Financial literacy, Nair says, is about more than just knowing how to balance a checkbook. That\u2019s an outdated definition of being able to handle money, and part of the reason many parents of Gen Zers haven\u2019t taught them what they need to know. Online banking didn\u2019t exist until 1996, which means checking online bank account balances, for instance, is still relatively new.<\/p>\n \u201cThe way our parents think of financial literacy is so different from our reality, and it\u2019s very important for us to understand that. Investing in online stock exchanges is something our parents didn\u2019t do when they were our age. Also, student debt has climbed so much,\u201d Nair says.<\/p>\n \u201cEverything is online,\u201d Abril adds. \u201cEverything is virtual.\u201d<\/p>\n Subscription-based services for things from entertainment to educational have become near-necessities today \u2013 and they all cost money. Also, they note, an increasing number of students are investing in the stock market because of the ease provided through apps and other online services, and sometimes students can\u2019t even define what a “stock” is.<\/p>\n One question on Nair\u2019s survey asked how much money would be in a savings account with a $100 starting balance growing at an interest rate of 2% a year after five years. Most respondents said they didn\u2019t know.<\/p>\n She also learned that first-generation students most lacked financial knowledge: \u201cIf none of your parents have gone to college, they may be economically unstable themselves,\u201d she says.<\/p>\n Regardless of familial or educational background, financial instruction is essential.<\/p>\n \u201cIt\u2019s important for all students, even those who aren\u2019t interested in economics, finance, or business, to start to understand what the next steps for them are when they graduate UConn and when they\u2019re on their own,\u201d Abril says. \u201cThat\u2019s what\u2019s important to me about this project.\u201d<\/p>\n Nair brought in Abril last year to manage the marketing of Financial Literacy Week, which includes handling its Instagram account<\/a> and developing promotions, essentially figuring out a way to make finance fun, something worth a person\u2019s time investment.<\/p>\n \u201cCreating a logo for our Financial Literacy Week was difficult,\u201d Abril says, \u201cbecause it\u2019s money and it\u2019s finance and it\u2019s stuff that doesn\u2019t really excite people. We had to find something that would catch people\u2019s attention and relate to what we\u2019re doing and not just be something that looks trendy or cute.\u201d<\/p>\n They expect the week to include interactive booths in the Student Union on several of the days and hour-long lectures the other two days. Prize giveaways will be part of the event that will approach the concept of financial literacy from three angles \u2013 as Nair also is majoring in mathematics and statistics and Abril brings a second major in political science.<\/p>\n Through a political lens: The two are seeking to advance legislation through the Undergraduate Student Government<\/a> for a mandatory 20-minute module on financial literacy for incoming students, similar to the drug and alcohol education they now receive.<\/p>\n With a business bent: They\u2019re collaborating with the Werth Institute for Entrepreneurship and Innovation<\/a> to solicit interesting business ideas that center on financial literacy or ventures that are ongoing now but in need of support.<\/p>\n Centered on research: The endeavor comes thanks to a UConn Co-op Legacy Fellowship Program Change Grant<\/a> the two received last year<\/a> upon the conclusion of Nair\u2019s research, lessons from which she drew on in her successful application as a Schwarzman Scholar, the first from UConn<\/a>.<\/p>\n While the results of Nair\u2019s survey may have indicated a dearth of financial knowledge among students, there was one upside and that might predict a successful outcome for the event, which coincides with National Financial Literacy Month in April.<\/a><\/p>\n \u201cIn the surveys, one of the questions was would you be interested in learning more about this on campus and around 90% of people who took the survey said yes,\u201d Nair says. \u201cSo, they are interested in gaining access to more resources.\u201d<\/p>\n And that\u2019s important to Nair and Abril, because \u2013 actually – financial literacy might be fairly simple.<\/p>\n \u201cBy financially literate, I mean having the wherewithal to make do with the financial resources you have in your possession,\u201d Nair says. \u201cHonestly, the definition of financial literacy is very vague. People haven\u2019t come to a consensus about it yet because it encompasses so many diverse things. But mainly, it means having the ability to have financial wellness in your life, to have money in case of an emergency or in case something goes wrong.\u201d<\/p>\n <\/p>\n![\"Nidhi](\"https:\/\/today.uconn.edu\/wp-content\/uploads\/2023\/02\/120122-NidhiJayakumarNair-Horiz1-300x200.jpg\")
![\"Bridget](\"https:\/\/today.uconn.edu\/wp-content\/uploads\/2023\/02\/bridget-210x300.png\")