Should We Teach Personal Finance in HRI?
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Transcript of Should We Teach Personal Finance in HRI?
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Should We Teach Personal
Finance in HRI?
Paul Wiener
Northern Arizona University
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The times, they are a changin’Bob Dylan
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Generational Change
Matures/ Veterans
Boomers
Gen X
Gen Y
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More Job Changes
More Risk
More Complexity
More Personal Decisions
More Consequences
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The Great Risk Shift
• By Jacob S. Hacker
Jobs
Families
Retirement
Health Care
…and all of these impact Personal Finance
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What do Students Need to
Know?
Basic Banking:
Accounts
Services
Fees and costs
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Financing College:
Loans
Grants
Scholarships
What can parents pay?
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Credit Cards:
Annual Fees
Interest
Penalties
Default
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Consumer Credit:
Pricing
Terms
Sources
Credit Scores (FICO)
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Off-campus Housing:
Leases
Deposits
Utilities
Cable, internet, phones
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What do Grads/ Young Professionals
Need to Know?
Insurance:
Home/Renters
Replacement? Deductibles
Auto
Disability – short/long term
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More Insurance:
Health Insurance
Types, costs, pros and cons, who
pays premiums?
Life Insurance
Why? Types, how much, when
to change
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TAXES!!! (Everyone’s favorite!)
W-4, Exemptions, Withholding
To itemize or not?
State taxes, partial years
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Home Ownership:
Down payments
Mortgages – ARMS, Fixed, “Exotic”, Closing costs, P.I.T.I
Repairs, maintenance,
replacements
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What’s it Like to Live Without a
Paycheck?
Retirement:
Social Security
Defined Benefit, Defined
Contribution
Tax deferred savings/investments
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A Plethora of Letters & Numbers:
IRA
Roth IRA
401 (k)
403 (b)
Rollovers
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INVESTING
Risk & Return
Inflation & Purchasing Power
Volatility & Time Horizons
Diversification & Asset
Allocation
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Stocks, Bonds, Real Estate
U.S., International, Emerging
Markets
Large, Mid & Small Caps
Index Funds
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Financial Education
High School:
3 States Require One Semester
17 Have some incorporated
into other subjects
30 Have Nothing, Zip, Nada
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College:
Most offer nothing, some offer an
elective course.
Smith College – Women and
Financial Independence
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Parents:
Most don’t talk with their
children about financial issues
Many are in trouble from their
own ignorance and financial
decisions
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If we don’t teach them, who will?
If no one teaches them, and they
blow it, what are the
consequences?
Is this something we can afford to
ignore?