In a bid to tackle financial stress among college students, Intuit Inc. has expanded its free financial literacy program, Intuit for Education, to colleges and universities nationwide. The initiative aims to empower 50 million students with essential finance skills by 2030, highlighting a pressing need for improved financial education in higher education institutions.
Financial stress has become an unfortunate reality for many college students, with over 70% reporting anxiety related to finances. This concern can lead to harsh consequences, including a significant number considering dropping out of school due to their economic circumstances. Intuit’s program promises to ease this burden by equipping students with the financial knowledge and skills necessary to manage their educational and personal finances effectively.
"We believe that financial literacy is a fundamental life skill that should be accessible to all," said Dave Zasada, Vice President of Education and Corporate Responsibility at Intuit. "With Intuit for Education, we hope to bridge the gap in financial education and help create a more financially secure future for all."
Intuit for Education will support students through a range of resources and initiatives tailored to their unique financial challenges, including First Year Experience programs and specialized resources designed for student athletes. The financial literacy curriculum promises to be interactive and practical, integrating real-world tools and lessons designed around the needs of today’s college students.
The program’s features include a comprehensive QuickBooks Online curriculum, free for educators, which fosters experiential learning and practical application of business and finance theories. This not only enhances students’ understanding of financial management but also opens career opportunities in accounting, finance, and entrepreneurship.
For student-athletes navigating the complexities of name, image, and likeness (NIL) deals, Intuit has developed NIL Tax Empowerment Workshops. Led by TurboTax experts, these workshops provide essential insights into managing financial and tax implications associated with NIL payments, informing and empowering athletes to make smart financial choices that will influence their future.
Moreover, the program’s interactive, customizable curriculum includes over 150 hours of content, aimed at teaching critical financial concepts such as budgeting, saving, and credit management. By offering live and on-demand professional development for educators, Intuit is committed to ensuring that instructors effectively deliver lessons that foster financial literacy.
Small business owners can find value in this initiative as a source of potential talent. As students emerge from college better equipped with financial skills, they may become ideal candidates for employment or internships within small businesses. For instance, students equipped with a solid understanding of QuickBooks may directly contribute to bookkeeping tasks, while those familiar with entrepreneurial concepts could drive new business initiatives.
However, small business owners may also want to consider some challenges associated with this program. While the resources are free, the integration of such educational content into college curricula may face bureaucratic hurdles. Additionally, not all institutions may have the same level of engagement or capability to effectively implement the program, potentially leading to inconsistencies in how well financial literacy is taught across different campuses.
Despite these potential challenges, the expansion of Intuit for Education presents a significant step forward in improving financial literacy among young adults. By investing in the financial education of future generations, Intuit is not only addressing immediate financial concerns but also fostering a generation equipped to contribute to their communities and the economy.
As more colleges and universities adopt this program, they can access details and tools to implement the curriculum by visiting Intuit for Education. This initiative marks a crucial development in the movement toward enhancing financial capability and student preparedness for the realities of personal finance.
You can read more about the initiative from Intuit here.
Image Via Intuit
