Finances are a key aspect of navigating graduate school, and graduate student financial literacy is a topic of consistent discussion across MIT’s campus and nationally. The Office of Graduate Education (OGE) established its Financial Literacy Initiative in 2015 to provide graduate students with resources to help ensure sound financial health during their graduate education and beyond.
To enhance graduate student financial knowledge and provide students with the resources to support informed and effective decision-making regarding financial support, budgeting, and long-term planning
Why does financial literacy matter?
Regardless of your situation, financial literacy is important to achieving your financial goals. People with low levels of financial literacy experience greater difficulty with debt and possess less than half the wealth of those who are considered financially literate.
Research shows that fewer than 50% of Americans have basic financial literacy and that Americans on average are estimated to lose over $1,200 per year because of their lack of financial knowledge.
Where do I start?
In 2015, the OGE, in collaboration with MIT Federal Credit Union (FCU), launched an initiative to address and improve student financial literacy. Graduate student resources include an online portal with extensive financial literacy training — offered free to every MIT community member — and a series of financial literacy workshops.
iGrad is a free financial literacy portal with resources and tools available to the MIT community.
Each semester, the OGE hosts monthly lunchtime workshops that cover a variety of financial literacy topics. Check out this semester’s workshops here.
Financial Literacy 101
The OGE website provides these introductions to fundamental financial literacy topics: