Although today’s college students generally graduate with a deep understanding of their majors as well as the ability to think creatively and critically, they are often at a loss when it comes to understanding financial matters that will have a major impact on their lives. The Tulane University School of Liberal Arts’ management minor (SLAMM) is developing a new course on financial literacy that will help Tulane students understand and take control of these critical economic issues.
“Financial literacy is much more than just talking about money. It is about gaining competencies in very important areas of our lives,” says Toni Weiss, economics professor of practice, who is creating the course. “It means understanding the decisions we must make and the decisions that are made for us that affect us financially.”
Beginning July 1, Weiss will be the Lawrence M.v.D. Schloss Professor of Practice in Economics. In her expanded role, starting in spring 2017, she will teach the financial literacy course. The course will be made possible through the generosity of Larry Schloss, who graduated from Tulane in 1976 with an economics degree.
“I believe that every student graduating from Tulane should be conversant in the basics of personal finance and the economic system that we live in.”
Lawrence M.v.D. Schloss
“I believe that every student graduating from Tulane should be conversant in the basics of personal finance and the economic system that we live in,” says Schloss, president of New York City money management firm Angelo, Gordon & Co. “To not be, is to be unprepared for life after Tulane.”
Under some instructors, a financial literacy class could be restricted to “how-to” practical information: how to set up a 401k, how to negotiate a mortgage. But given the ability and curiosity of Tulane’s students, Weiss envisions a course that teaches real-world knowledge while also giving students a deep understanding of financial issues.
The financial literacy course will be open to students in the School of Liberal Arts’ management minor, as well as other students who are not majoring in business or economics.
Mary Sparacello is a communications specialist in the Office of Development Communications.