Paying attention to business happenings as a student 

Money may not buy happiness, but it can buy pretty much everything else. 

In the wake of both the Wall Street Journal and The New York Times soon being dropped from Loyola library services, the need for financial literacy is at an all-time high. 

Currently in the United States, home prices are increasing at a record rate with homes exceeding wage increases from 1980 by nearly 180%, according to National Mortgage Professional. At this pace, students years from graduation will be introduced to a housing market with prices that’ll diminish wages and increase the first-time homebuyer age to all-time highs — especially when compared to the current average age of 40.

To add insult to injury, gas prices are through the roof and food costs continue to increase. A new study from Investopedia reports the American dream is worth more than $5.3 million, with a majority of that money going to home, car and retirement expenses alone. 

More importantly, college prices are rising almost 50% faster than the cost of general inflation, with Loyola alone seeing tuition go from $41,720 in 2016 to $56,930 now, equating to a total increase of about 37% in the last 10 years. That’s not to mention the additional 4-7% increase in library service costs per year. 

Senior lecturer of accounting and business law and business owner Kevin Lee spoke on how and why one should strengthen their financial literacy — and his advice to students is clear. 

“If you can’t manage your finances, if you can’t understand what’s going on in the world and the effect those things will have on your finances, I don’t know that you’re going to have enough to survive” Lee said.

This shouldn’t be a reason to hide from the bleak reality of the future, though, but a wake-up call to get ready for the likelihood that these costs will continue to see new highs every year. You can make it, you can survive, but only if you know what you’re walking into. 

On how to strengthen financial literacy as a student, Lee laid down a three-step process. 

“I think literacy is reading, it’s researching, it’s definitely talking to people,” Lee said. 

His first step is to take time, sit down and skim some articles to see what’s going on around the world. As the doors to the Wall Street Journal and The New York Times are closed to Loyola students, where should one turn?

Advocating for access to general publications wouldn’t be a bad start, but in the meantime, the university still offers many WSJ articles through database access, though they may be outdated, and students can gain a subscription to the NYT with a Chicago Public Library Card. Other free news outlets like Yahoo Finance or the many clubs and financial events at Quinlan School of Business are also good places to look. 

This is where research comes in. 

Students should take what they learn and put it to work in their day-to-day life. Maybe open a Roth IRA, look into ways to boost one’s credit score or play with stocks. 

Then, ask questions. 

Lee is an advocate for one to be open and honest with those around them about finances as to learn from their experiences.

According to a 2024 Fidelity survey, 56% of Americans said they never spoke about finances with their parents, while 81% of those same people said they would’ve been better off with that knowledge. 

No matter if it’s with family, a professor or a peer, challenge the stigma against talking about finances, because it’s increasingly important to learn from their experiences. Money will always be a big part of one’s life, but by gaining financial literacy and knowing what the future holds, it won’t be their whole life. 

So, throw out some questions, learn what they have to teach, and, as Lee said, “do it better.”