Students in UCCS class get lessons in handling money

In an age when more college students have iPods than IRAs, it’s not easy to find a student who cares about retirement income. Unless you’re at the Finance 220 class at the University of Colorado at Colorado Springs.

There you will find 42 students analyzing issues in debt, budgeting, investments, insurance and retirement planning.

The lesson they’re taught: how handling money now will affect the rest of their life.

This semester’s class, taught by local financial planner and CU alum Allan Roth, is the first personal finance offering at UCCS’ College of Business. It was the idea of UCCS professor of finance Tom Zwirlein after thinking his son could have benefited from such a class after making financial mistakes early in his life.

Roth uses a textbook and his experience to bring reallife issues into the class.

Thursday, he decried extended warranties and praised the wonders of compounded interest on savings.

Roth tells students he wants them to think about better ways to use their money, whether it’s by shopping around or creating a diversified portfolio.

“Having a class aimed at helping me understand what’s good and what’s not will really benefit me in the long run,” said student Jacob Rice.

Added student Anton Liashko: “It really helps with knowing that when you are young you do have the know-how and skill to really grasp what’s out there.”

Most of the students agreed that the class should be a requirement instead of an elective.

“If you understand now the how-to for when you do have money, that’s the biggest point that will help you later,” said student Lisa Zueck.

Research may support the students’ belief that studying personal finance in college has the biggest payoff later in life.

A study at Ohio State University found college students who took a personal finance class scored higher in investment knowledge than those who studied it in high school.

The reason, according to study co-author Jonathan Fox of the college’s consumer sciences program, is that lessons are more relevant in college than high school.

“College students may be paying rent, tuition, cell phone bills and dealing with financial aid issues,” Fox said in a statement of his results. “They can see the importance of financial literacy.”

This week, the class studies investments in retirement planning as they prepare for next week’s final exam. Roth expects them all to pass — and leave with even more.

“I hope they walk away with some concepts. I at least want them to be aware of these things and understand the role money has in their lives.”

Contact the writer or send personal finance questions to: dan.serra@gazette.com or Dan Serra, Gazette Business Desk, 30 S. Prospect St., Colorado Springs 80903.

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