Let’s talk about why we need required job readiness and financial literacy education in

community colleges

It is no surprise that there are countless students struggling with the numerous financial
struggles happening in the U.S. such as hyperinflated markets, housing, and food insecurity,
unaffordable healthcare, stagnant wages, crippling debt and so much more. The U.S. economy is
completely different from how it was 50, 60, and even 70 years ago when you could work one
full-time job and be able to afford to go to school, purchase a new car and put a down payment
for a new home. Nowadays, that seems more and more like a fantasy than an expectation even
after working hard to earn a bachelor’s degree.

We have an enormous amount of students attending colleges and universities in hopes of

increasing their financial income and gaining more money to meet the basic necessities of
today’s current hyperinflated cost of living. Yet, college and university institutions do not make it
a priority to teach them about money. I believe this is a giant conflict of interest because it goes
against the students’ best interests, and it is severely damaging for all students. In addition,
college students are not being taught enough about the complexity of obtaining a job that will
provide them the satisfaction and income they desire. Costing them years and years of delayed
work potential due to setbacks trying to navigate in a severely demanding and low-paying job
market. It is imperative now more than ever that college students understand the complexity of
today’s job, financial and economic markets. More importantly, I believe it is important that they
should be developing these fundamental principles at the community college level.

Community colleges hold a large diverse group of disadvantaged and minoritized

students in hopes of obtaining an education that will place them in a higher-paying job that will
meet their financial goals. Furthermore, seeing how student loan debt is in the trillions should be
more than enough reason to understand the importance of financial literacy. Community college
students with the proper job readiness and financial education will be able to make
better-informed decisions on how to gain valuable work experience while receiving a more
affordable education that will not punish them down the road. Let us explore both the financial
education and job readiness practices and changes that can greatly benefit students attending
community college institutions.

Financial Education and Financial Literacy

According to the National Financial Educators Council, financial literacy is defined as,
“possessing the skills and knowledge on financial matters to confidently take effective action that
best fulfills an individual’s personal, family, and global community goals,” (NFEC, 2022). Many
community colleges have adopted their own objectives in helping college students and graduates
achieve financial wellness with a variety of resources, workshops, and presentations. However,
talking about money continues to be considered taboo in higher education and makes people feel
uncomfortable talking about money. But the time has come for community colleges, if not, all
educational institutions to learn how to have discussions regarding money. I believe open
transparency about the realistic expectations regarding gross and net salaries related to jobs is
necessary for students. Having open transparency and learning about the true financial return on
investment in their education will allow community college students to make more informed
decisions about their future major, work experience, and costs.
Open transparency is a big stepping stone that can lead to an even greater outcome, and that is
the implementation of financial education as a mandatory requirement for all college majors.
This includes both beginner and advanced-level courses. The U.S. Department of the Treasury’s
Financial Literacy and Education Commission (FLEC) recommends that institutions require
financial education courses and believes this helps institutions demonstrate their commitment to
a students’ financial well-being (U.S. Financial Literacy and Education Commission, 2019).
Studies show positive outcomes when students complete financial education courses or
workshops such as: being more likely to save money and paying off their credit cards and being
less likely to max out their credit cards less. It is also important to not sacrifice the quality of
financial education courses when implementing them into a college’s curricula. Well-executed
courses will increase student engagement, provide them with up-to-date strategies and real-life
experience, and equip them with the tools to navigate through an everchanging financial
economy. High-quality financial education courses are also crucial for the success of students
from minoritized and disadvantaged communities.

This leads me to emphasize the need for national, institutional, and individual data to be used to
target financial literacy efforts for different student populations that are more likely to face
difficult hurdles on their path to college completion and financial security. The many student
populations may include the following: older and other non-traditional students, low-income
students, first-generation students, and students of color (U.S. Financial Literacy and Education
Commission, 2019). It is essential that community college institutions understand their students’
personal and financial circumstances and goals. Conducting research and using the data collected
along with the appropriate privacy practices will allow higher education professionals better
understand how they can help students with financial resources, education, and job readiness
needed for success.

Job Readiness in Community Colleges

As mentioned before, being transparent with students about their overall financial return on
investment and really gross and net wages upon graduation is crucial for financial security. The
most common way to achieve financial wellness and security is by obtaining a well-paying job
that helps meet your living needs and more for recreational fun. That is why job readiness goes
hand in hand with financial literacy. The Kenzie Academy from Southern New Hampshire
believes that job readiness training equips students with sustainable skills needed to advance in
an ever-changing job market. We are living in an unprecedented time where the job market is all
over the place with job seekers struggling to obtain a job that pays a living wage. That is why,
like financial education, job readiness training should be implemented in curricula. More
specifically, we need to include soft skills training, resume and cover letter building, navigating
through the job search process, interview skills, and leadership development. Implementing these
skill training in a required course for all community college majors will help create student
graduates that can easily adapt to continuous changes in technology and workplace systems.

An additional recommendation to helping student graduates transition into higher skilled and
paying jobs is providing valuable work experience opportunities. Community colleges that build
partnerships with outside organizations will help community college students gain valuable work
experience that will give them a more competitive edge by the time they transfer, graduate, or
enter the workforce. An incentive for businesses to build partnerships with the college is by
having the college make the investment to allocate some money from their budgets for
on-the-job paid training. The money for this work experience training is valuable for helping our
most vulnerable students gain momentum in the workforce when they have hit a wall and feel
stuck. System-involved students have been known to benefit greatly from programs like these
and not only gain work experience put on their resume but are also connected to more
individuals that may have more opportunities.

Speaking of connections, the last recommendation is for community college institutions to focus
on building connections for students. Building connections has been shown to open doors by
gaining references, letters of recommendation, job referrals, and even recommendations to
employers. Mentorship opportunities are a great way to do this. Having a mentorship program
with alumni, faculty, staff, fellow peers, and even industry partners can help students build the
social capital and guidance to obtain the job and financial goals they wish to achieve.
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