We recognize that finances are a frequent concern for members of the FGLI community. For many students, regardless of their background, college is a time that requires a higher level of autonomy in one’s own finances. This may be the very first time a student will need to open their own credit card, budget on a weekly basis, or file their own taxes. To assist with this understanding, Yale has launched Financial Literacy: Managing Your Money at Yale, a new online tool designed to help undergraduate students manage their own personal finances.
Financial literacy is an important tool in understanding how to properly manage one’s own finances. The President’s Advisory Council on Financial Literacy defines personal financial literacy as “the ability to use knowledge and skills to manage financial resources effectively for a lifetime of financial well-being.” Through various financial skills, including personal financial management, budgeting, and investing, individuals can become more financial literate and learn how to employ effective daily practices. Financial literacy is a skill that will continue to grow and evolve throughout one’s lifetime. Yale’s Financial Literacy website hopes to equip students with foundational knowledge of financial literacy and help aid students in their lifelong journey in sharpening their financial skills.
To jumpstart students’ financial literacy, Yale has developed a financial literacy resource database filled with useful tools and articles aimed at helping gain a deeper understand of one’s own financial health. Alongside the custom database, Yale’s Financial Literacy website also lists a series of campus resources avaialble to all students. Resources span more information on available fellowships and grants as well as various loan options available to Yale students. The rest of the website gives students insight on how to properaly plan for, obtain, and save their own money.
Are you looking for a bit more structure on your financial literacy journey? Every Yale student also has access to LIT, a financial education program developed and founded by Tara Falcone, a Yale FGLI alum from the class of 2011. Through a series of modules and over 80 videos, LIT aims to specifcally teach students how to manage their money while in school and how to build a solid financial foundation for life after college. LIT is specifcally designed to empower students, especially Yalies, to rise up and achieve their financial goals. Signing up for the program is easy and completely free!