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Financial Literacy

The Woltemade Center for Economics, Business and Entrepreneurship serves as a resource for students and businesses. It sponsored a recent financial literacy workshop for students to help them be better prepared to manage money. (Photo by Matt Wasserman ’14)

Woltemade Center-Sponsored Workshop Teaches OWU Students to Manage Money

For many Ohio Wesleyan University students, it was a valuable wake-up call.

Students from assorted majors learned it’s dangerous to hit the financial snooze button when they participated in a recent financial literacy workshop sponsored by the university’s Woltemade Center for Economics, Business and Entrepreneurship.

Terry Rumker, certified financial planner, gave students packets loaded with information and led the group step-by-step through basic investing, offering real-life examples, and promoting goal-setting activities.

Toby Phongmekin ’16 said: “I learned my life is very financially out of control. The workshop gave me insight on taking control of my finances at an early stage.”

Megan Ellis, administrative director for The Woltemade Center said, “When we were approached about the workshop by Alumni Advisory Board Member Tom Harvey, we felt that it brought a service to the OWU community that translates into real-life learning and success.

“The value of theory to practice and long-term positive impact on our students’ lives is of the utmost importance to us at The Woltemade Center, and this workshop delivers that in an engaging and truly beneficial manner.”

The two-part workshop wasn’t just lecture style, but interactive for participants. After the first session, students had homework—to track their spending for a week and also to plan long-term and short-term savings goals.

Many students found that it would be hard to save for everything they wanted and that they were spending a lot more money than they realized.

Meghan Byram ’16 said: “The goal-setting exercise we did and learning about interest rates and return rates was really helpful. Before, I didn’t know anything about retirement.”

Rumker, also an assistant professor at Ashland University, enlightened the group of students by offering advice on saving today and practicing healthy financial habits.

“The importance of understanding and trying to manage money is probably one of the most important things in life,” Rumker said. “Getting a handle isn’t easy, but with a little work, anyone can.”

Armed with their newfound financial education, the students have a new perspective on managing their money.

Chase Leaders ’15 said, “It was very helpful and taught us how to manage personal finances and focus on long-term investments.”

Established in 1985, The Woltemade Center works to enhance teaching, learning, research, and community service for Ohio Wesleyan and its students, with its primary focus on the Department of Economics. The Woltemade Center also works to serve as a resource for the business community. Learn more at https://www.owu.edu/academics/departments-programs/department-of-economics/the-woltemade-center/.