Many college freshman don’t feel comfortable managing their money, a study released Thursday shows. The research shows student loan debt is increasing while the ability or goals to pay off debt and save money goes down.

Angela Mazzolini is the program director for Red to Black, an innovative financial literacy program at Texas Tech University. Red to Black employs personal financial planning students as coaches who work with their peers to create budgets, set and keep savings goals, make plans to pay off credit cards and more. Mazzolini works with students every day to help them gain the skills needed to be financially literate. ExpertAngela Mazzolini, Red to Black program director, (806) 742-9781 or [email protected]

Talking Points• Students may be less confident in their money management ability because their parents weren’t comfortable talking about money. Parents may find the subject uncomfortable or may not want their children to know about the mistakes they made, but parents can use past mistakes to explain how to avoid financial pitfalls. • College students who aren’t comfortable with their financial literacy should seek out a financial planning course, even if it’s not required. Student money management centers like Red to Black are available at many colleges as well and can help students gain confidence. High school students preparing for college need to talk to their parents, and parents need to be willing to talk. • Creating and living within a budget can be hard. There are many resources, online and on college campuses, to help students achieve financial literacy.• “Many times we as a society say, ‘You’re 18 now, go to college and be responsible with your money!’ But the reality is that most parents aren’t talking about how to be responsible with money.”• “Financial literacy is more than taking the class, it is being able to understand and synthesize the information. If the skills learned in the classroom are not put into practice or even discussed at home, it’s harder for students to see how the information can be applicable.”• “Parents are more likely to engage in a conversation about money if they know their children are interested in learning how to manage their finances.”

Basic Financial Literacy Tips• Find someone to help or an effective online resource, such as Red to Black, Mint or Adventures in Education.• Calculate all monthly income (job, financial aid, parental support, savings) and monthly expenses. Ways to track monthly expenses include recording receipts in an Excel spreadsheet, using an app or tracking spending through debit card transactions.• Separate needs (food, rent, phone) from wants (eating out, cable TV, expensive cell phone plan).