Dayton Business Journal: Financial literacy education at Wright State University

In today’s world, college students face a range of financial challenges: managing student debt, establishing credit, creating and maintaining a personal budget, avoiding online scams, and navigating the ever-rising costs of living. Social media often amplifies these challenges, bombarding students with advertisements and influencers who encourage spending on frivolous products and services, draining both digital and physical wallets.

Recognizing the importance of financial education, the state of Ohio passed legislation in 2022 requiring all high school students to complete a half-credit course in financial literacy to graduate. This mandate reflects a growing expectation that young adults understand essential financial concepts such as banking, credit, budgeting, and insurance. However, the transition to independent living — whether in college, trade school, or the workforce — often reveals a lack of preparedness among undergraduates when it comes to real-world personal finance.

At Wright State University, we are committed to improving financial literacy throughout the Raider community. This commitment extends far beyond the traditional classroom and into the daily lives of our students, faculty, and staff.

Financial literacy plays a vital role in overall well-being — what we often refer to as “wellness.” Wellness encompasses physical, emotional, and intellectual health, and personal finance is a key contributor. Financial stress can lead to anxiety, indecision, and a diminished quality of life. Students who lack financial knowledge often make costly mistakes, such as missing credit card payments, neglecting insurance obligations, or consistently relying on expensive food delivery rather than cooking at home.

Through education, we aim to empower students to make informed and responsible financial decisions. A well-rounded financial literacy program teaches that the best decisions are made through research, careful planning, and emotional discipline — not impulsive reactions.

Wright State demonstrates its commitment to financial literacy through both curriculum and outreach. As part of the Wright State Core curriculum, all students are required to complete Personal Financial Decision Making.

The Raj Soin College of Business is now offering a College Credit Plus (CCP) version of this course for current high school students, taught by highly capable faculty committed to student success. While this course provides a strong foundation in financial literacy, we recognize that fostering a culture of financial wellness requires ongoing education and engagement beyond a single class.

To support this mission, Wright State established the Financial Wellness Center, a dedicated resource for students, faculty, and staff. In partnership with Wright-Patt Credit Union, the Center offers monthly workshops, on-campus group meetings, and individual financial counseling sessions. Workshop topics include credit improvement, budgeting, scholarship application strategies, and fraud prevention. The Center also collaborates with a wide range of campus organizations — from Greek life and student clubs to senior seminars in the Tom Hanks Center for Motion Pictures — to ensure that financial education reaches all corners of our university.

In addition, students have opportunities to apply financial theory through experiential learning, a core philosophy of the faculty at the Raj Soin College of Business. One notable example is the senior-level Real Money Investing course, where finance majors manage a real $5.5 million investment portfolio of stocks and bonds. Ranked 18th nationally by assets under management among university-managed portfolios, this hands-on experience allows students to research securities, deliver presentations, and vote on investment decisions — giving them real-time exposure to risk analysis and financial decision-making.

Similarly, financial services majors participate in a practicum, during which student teams work under the guidance of a Certified Financial Planner (CFP) to create actual financial plans for members of the Wright State community. Students conduct client meetings, analyze financial data, build retirement plans, and deliver formal recommendations — developing the practical skills they’ll need in their careers. The value of this learning experience is best described by one of our recent clients: “We just wanted to say again how extremely beneficial this was to us. It taught us a lot about our finances and we are excited that we have started implementing some of the recommendations even after the first meeting. Thank you!”

Financial literacy is an essential element of personal wellness, regardless of age or background. A financially educated community is a more resilient and empowered one, and is directly aligned with the Raj Soin College of Business’s desire to create a positive impact on business and society by promoting inclusive and sustainable economic growth, full and productive employment, and decent work for all.

At Wright State University, we are proud to contribute to the financial well-being of our students and the greater Dayton area by offering classroom education, community events, and real-world experiences. We invite the community to engage with and benefit from our financial literacy programs.