TimeMAPS in Colleges
"We must take steps to ensure that
individuals develop a base of
knowledge so that they can participate effectively in this modern economy.
We need more financial education in our elementary and secondary
schools, and college campuses."
Daniel K. Akaka, Senator
Financial Literacy and Education Commission, May 2005
There are over 4,200 two and four year colleges in the United States and
each year more than 2 million high school graduates enroll in these
institutions of higher learning. Most of them go to college to increase
their earning potential and statistics clearly show completing a college
degree accomplishes this.
"Individuals completing a bachelor’s degree or
higher will earn almost twice as much
during their lifetime as those who only complete high school."
National Longitudinal Survey of Youth
Bureau of Labor Statistics, 2006
Providing students with the education necessary to maximize their
earning potential is very important, but many of your students will
not enjoy the benefits of their education unless you also prepare
them for life during and after college. Basically, you want your
students to stay out of financial trouble while completing their
education and also prepare them to enter the real world. The
TimeMAPS interactive software can help you do both.
"2004 was the first year
that more students dropped out of college
for financial reasons
than for academic reasons."
US Department of Education, 2005
Only 30% of incoming college freshmen have taken an Economics
class in high school and less than 10% have taken a Personal
Finance class. The vast majority of them know very little
about personal finance and unless they are a Business major,
most will not take a Personal Finance class while in college.
"62% of graduating high school
seniors taking the 2006 National Jump$tart
Coalition Financial Literacy Survey failed.
The mean score for the survey was 52.4%, up
from the mean score of 52.3% in 2004."
Financial Literacy: Improving Education
2006 National Jump$tart Coalition Survey
Unfortunately, college students are placed into many situations
where their lack of financial knowledge can cause them much harm.
They will be bombarded with credit card offers from every credit
card company as soon as they reach your campus.
"55% of college students acquire their
first credit card during their first year in college and
83% of college students have at least one credit card.
45% of college students are in credit card debt, with the
average debt over $3,000."
Daniel K. Akaka, Senator
May 2004
Most of your students will apply for, obtain and use multiple credit
cards while at your college. Many will abuse rather than establish
their credit simply because they have not been taught essential money
concepts at home or in high school. Some will ruin their credit
before they complete their education and get their first job, negating
the positive affects of going to college and the hard work you do to
insure they complete their education.
Many colleges are now infusing financial literacy and critical life
skills into multiple aspects of college life in order to reduce the
number of students who drop out for financial reasons and ensure
their students are prepared for the complex world awaiting them.
How can TimeMAPS be used in your college?
-
Integrate TimeMAPS into Freshman Orientation classes.
Research has shown as little as 10 hours of personal
financial education can produce positive changes in
financial behavior.
-
Use TimeMAPS as the primary or supplemental
reference for Personal Finance classes.
Students live, work and play in a technology-rich
environment outside of school. Given the choice of
using a traditional textbook or computer software,
students will invariably choose the software because
it is closer to the world in which they are comfortable.
-
Make TimeMAPS available to students in selected departments.
Students in departments such as Engineering, Business and
Computer Science have traditionally received higher entry-level
salaries. Making TimeMAPS available to these students will help
prepare them to manage the higher salaries they will be earning.
-
Make TimeMAPS available to all students
through the campus bookstore.
Most college students are interested in computers, money and life.
When given the opportunity to explore these topics, many will gladly do so.
-
Include TimeMAPS in graduation workshops and seminars.
Graduation workshops and seminars are the last chance to prepare
students for life after college. Providing them with TimeMAPS
can make the transition from college to the work force less stressful.
If you would like to discuss how TimeMAPS is currently being used in 2
and 4-year colleges or how it could be used at your college, please feel
free to contact us. We would be happy to share our experiences and knowledge with you.