Albert Einstein described compound interest as the eighth wonder of the world. This year, Women's Initiative has invited AU students to learn what he meant while exploring the basics of personal finance through a series of monthly lectures.
The program, "Dollars and Sense," aims to educate AU students on everything from building credit to salary negotiation through first-hand experience from professionals in the financial field.
Women's Initiative Director Vanessa Mueller said she hopes the program encourages students to take charge of their financial futures and prepare themselves for independent living post-graduation.
"People who understand this stuff will be better off than people who don't," she said. "Students don't have the time to take financial literacy as a separate course, so we decided to just step up and do it."
Mueller started the program after reading a report from the Association of American University Women that revealed the gender wage gap, in which women make approximately 76 percent the salary of similarly educated men, develops within the first few years after college. The study found the gap primarily occurs due to women's reluctance to negotiate a competitive salary and benefits package.
"The effects of the wage gap are multiplied by the fact that college students don't know how to handle their finances," Mueller said.
There have been two sessions so far - one featured a guest appearance by Van Mueller, Mueller's father and a financial adviser, who spoke about the importance of financial literacy in light of potential future changes in Social Security and Medicaid. Christian Videla, a Chevy Chase Financial representative, led the second session, which brought up the importance of building credit.
The Delta Sigma Theta sorority co-sponsored the second event, which it combined with its "Financial Fortitude" programming.
"When you get in the position where you have to purchase a home, you will be in the best position you can be," said Lola Adeyemo, vice president of AU's Nu Alpha chapter of Delta Sigma Theta. "We think it's so far off that we don't have to worry about it."
Women's Initiative has held the sessions Tuesday nights at 8 p.m., thus preventing students taking block classes from attending. However, all of the sessions will be available free for loan on DVD at the Women's Initiative office for those who could not attend. Mueller considers adding a second session Wednesday nights so more students can attend.
The sessions provided a valuable resource not available elsewhere on campus, said Leah Gates, a junior in the School of International Service and an RA who attended the first session with the residents of her dorm floor.
"My residents and I went, and we really enjoyed it and found it really helpful to get straight answers on things," she said. "You can't find that kind of thing elsewhere on campus. If you want to know if you're getting screwed over on a credit card, there's no one to ask."
Although the 30 to 40 attendees at each of the sessions thus far have been primarily women, everyone is welcome. A member of the National Association of Federal Credit Unions will be speaking about savings at the next session Nov. 13 at 8 p.m. in Ward 5.
