Teaching financial literacy in a co-curricular service-learning model

The current economic environment has brought to light the financial literacy epidemic in this country. A lack of personal financial education has contributed to the increase in consumer credit debt, a trend evident for many college students who often have significant credit card debt. One way to combat this problem is through financial literacy education. This paper describes a service-learning project implemented through a Beta Alpha Psi chapter, which fulfills the educational objectives of the accounting curriculum and addresses an educational need. The project provides reciprocity of learning between members of Beta Alpha Psi and their audience, college underclassmen. The results indicate that the project is successful in educating both presenters and audience members on basic financial knowledge as well as developing technical and communication skills of Beta Alpha Psi members. The project outline presented in this paper provides a framework for others to use.

► A lack of financial education has contributed to increases in consumer debt.
► We describe a service-learning project that promotes financial literacy education.
► Our service-learning project is implemented through a Beta Alpha Psi chapter.
► Project is successful in educating participants on basic financial knowledge.
► The project outline presented in the paper provides a framework for others to use.