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KY financial literacy bill in the works

By Jasmin Embers - bio | email
Posted by Noah Stubbs - email

OWENSBORO, KY (WFIE) - Representative Jim Glenn thinks student credit card problems could be avoided through his financial literacy bill.

Glenn teaches finance classes at Owensboro Community and Technical College and his colleagues stand behind the bill.

"Financial literacy is very important just in their day to day," OCTC Business Affairs VP Sarah Price said. "It's a life skill really."

Many OCTC students are also in favor of the bill.

"Right now there aren't any programs to tech students about financial management and how to handle credit cards and debt," student Rebecca Simons said.

The University of Kentucky is the only school in the Commonwealth to incorporate financial literacy courses to students going through freshman orientation.

"A lot of people don't know about their poor financial management so I think making it a mandatory part of freshman orientation would be a really good idea," student Melissa Schindler said.

Price says financial literacy could be added to classes currently offered at OCTC.

"I think it's a great start and we could use it and have it as part of  our orientation we have a GE 100 course that's sort of a life skills study skills course and we could incorporate financial literacy components into that," Price said.

Price has witnessed many students use credit cards with no real knowledge of what happens after falling into debt.

"Basic financial banking terms, what is interest, what is compound interest, how are those fees applied?" Price said.

Knowing these basics, Price says, could help students avoid financial burdens in the future.

The bill cleared the House Education Committee on Tuesday 25-0.

Glenn says the bill is budget neutral so it will not cost anything for universities to offer financial courses.

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