For an international student financial education is aimed at enhancing a learner’s financial knowledge, which is known to majorly affect the learners academic success. A international student require to be educated with regards international finance due to such factors as exchange rates variations which might lead to increased expenses and tuition fees. Jointly, these components enhance the international learner’s financial management capability and knowledge of international finance awareness which is evidently absent on most colleges and campuses. Campus students are enrolled in the midst of unstable international economic periods, which results in extensive tuition increases, elevated learner loan borrowing along with rising correlation connecting cash managing and stress. Considering that retention goals of international student’s form the main objectives of many campuses, universities ought to lay emphasis and resources towards generating or improving effectual financial education programs in order for growing international financial knowledge for learners along with personal financial management. Recent polls have indicated that almost forty-eight percent of institutions normally offer financial education of some kind further than entry and exit counseling. Lack of proper international finance awareness negatively affects the international student educational success.
Financial stewardship refers to the responsibility of managing personal finances keeping in mind the welfare of another individual. International students in campuses have overtime lacked skills of financial management and good stewardship this has resulted into the suffering of both the student, the campus and their parents/guardians back in their nations of origin. Financial stress additionally is a biggest contributor to international student stress and their reducing academic performance. A lot has been said in the news lately with regards to the requirement of student financial education and strategies of adopting a financial education program within colleges and universities. To assist schools form a solid plan of educating students regarding international finance and their finances, this paper will offer an action plan of creating a campus/college financial education course. The recommendations are supported by the enormous body of evidence which has proved that international financial education is crucial for learners in higher education.
Reasons why financial education is significant for international students
Below are recent actualities that illustrate the requirement for financial edification for international learners;
Attendance cost along with cohort default charges are increasing simultaneously. More than twenty percent of full-time learners in public campuses attend institutions which have amplified their published prices within the recent times.
International learners are expected to handle huge debts and other financial obligation relating to international finance but possess little or no training. For instance, a majority of international learners receive monies from their home nations for upkeep and educational expenses thus, lack of international finance monetary laws and requirements leave the students stranded. The above facts show the dire requirement to edify campus international students on international finance skills. Youths in the learning institutions require financial training to generate informed choices and keep away mistakes which could amplify problems within their college life (Forbes, 2014).
Action plan for creating a college financial education program for international students
A majority of universities all through the nation have in recent time recognized the requirement of international student financial education and have dedicated resources aimed at creating effectual programs. Hardships facing international students are similar with regard to international finance thus colleges require to adopt a program for sensitization. (Forbes, 2014). The following action plan can be followed colleges
International learners’ financial awareness requires to be observed from a whole campus viewpoint rather than a one department obligation. A majority of college administrators may have seen the need for assisting international learners study financial management expertise, whilst others regard this subject as being the last priority.
Firstly, the Campus director requires knowing that an all-rounded education comprises of a financial education that aids international students become financially accountable adults. In addition a financial edification program fosters international student academic success along with retention. Secondly, for the admission officers, providing a college financial awareness program for international learners is a commanding recruiting instrument which attracts both learners and guardians/parents. Thirdly, bursar’s office should participate since international learners who are able to manage finances are mostly likely to reimbursing their student loans. Fourthly, since international learners facing financial troubles usually visit the financial assistance office thus the financial aid administrators’ participation will be required.
Considering the limited resources accessible, it is imperative that the campus identifies the best delivery strategy. Additionally to ensure success in financial education several techniques can be used in delivery since they will complement each other. Below are some of the methods that a campus could use to extend student financial education (Forbes, 2014). To start with, international learners are particularly sensitive to personal financial issues, thus, face-to-face meetings is effective since it is highly customizable. Peer educators are the mainly cost-effective approach. Secondly, group education seminars reach more international students and extend increased awareness and makes learners seek financial education all through their lives. Thirdly, learners are mainly comfortable with the online education platform. This approach offers easy reporting and is usually very accessible via college computing sites.
Whilst research has indicated that international learners require more assistance with issues relating to good stewardship of their finances, it is essential to communicate to learners the available alternatives through promotion. There exist several methods that cost-effective and effectually foster international student financial education (Chicagotribune, 2014).
Insufficient or no assessments are done in evaluating the successes of the prevailing programs. It is important for every college/campus to collect information on relevant programs along with services to examine the effect on financial management capacity. The captured data will help offer a sturdy rationale regarding the best ways to use in delivering the message in addition to adjusting the programs if necessary. Satisfaction surveys can be carried out to determine the international learners’ receptiveness (Investors, 2014).
Campuses require forming multidisciplinary success teams which comprises of stakeholders which should endeavor to enhance the financial management and stewardship capacity of learners.
Colleges should adopt programs that will enable their international students gain appropriate financial management skills. Effectual financial education enables learners become good stewards of their finances. A learner who has skills of financial management registers good academic performance since they mainly do not experience financial stress. Additionally, the same students have high chances of completing their courses successfully without the thought of dropping out due to financial constraints. Whilst campuses have adopted a financial education program within their colleges, they require going further than just providing a program for their international learners to assessing its impact. The financial education should be aimed at a better financial future for learners, schools and also communities.
Bloomberg. (2014, July 14). Why Financial Literacy Is So Important to Students: Video – Bloomberg [Video file]. Retrieved from http://www.bloomberg.com/video/why-financial-literacy-is-so-important-to-students-_rzTUeXNR1abKCFuXX7_6g.html
Chicagotribune. (2014, July 24). Young Americans score average on personal finance knowledge – Chicago Tribune. Retrieved from http://www.chicagotribune.com/business/yourmoney/sc-cons-0724-started-20140724-story.html
Forbes. (2014, July 16). The Financial Literacy Gap Costs College Graduates Thousands – Forbes. Retrieved from http://www.forbes.com/sites/robertfarrington/2014/07/16/the-financial-literacy-gap-costs-college-graduates-thousands/
Forbes. (2014, August 21). 7 Simple Steps College Students Should Take To Build Financial Literacy And Responsibility – Forbes. Retrieved from http://www.forbes.com/sites/kathycaprino/2014/08/21/7-simple-steps-college-students-should-take-to-build-financial-literacy-and-responsibility/
Investors. (2014, September 24). Higher One Announces 21 Recipients of its Annual Financial Literacy Counts Grant – Investors.com. Retrieved from http://news.investors.com/newsfeed-business-wire/092414-141609475-higher-one-announces-21-recipients-of-its-annual-financial-literacy-counts-grant.aspx
The New-York Times. (2014, September 9). The New York Times in the First Year» Blog Archive » Measuring Colleges’ Success in Enrolling the Less Affluent. Retrieved from http://nytimesinthefirstyear.com/measuring-colleges-success-in-enrolling-the-less-affluent/
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