Common Cents

Club Description

Common Cents (https://commoncents.org/) is a national nonprofit seeking to empower college students with the knowledge to manage their money and reach financial independence. We strive to make personal finance interactive, engaging, and appealing for a wide audience. Regardless of age, major, career, or income level, we seek to break the stigma and fear of personal finance and improve financial literacy. This organization was first launched at the University of Pennsylvania’s Wharton School and has expanded to other colleges such as Cornell, Johns Hopkins, and Florida State. After meeting with national leadership from UPenn, we were approved to start our own chapter at the University of Virginia. We now have an executive committee, approximately 30 members signed up, and Professor Dorothy Kelly of the McIntire School of Commerce as our faculty advisor. Our mission is to promote financial literacy both at UVA and in the wider Charlottesville community. At UVA, many undergraduate students lack basic personal finance skills necessary to live on their own. For example, too many 1st year students sign leases for 2nd year between September and October without fully understanding their rights or obligations under the expensive leases that local landlords make them sign. In addition, many sign up for credit cards and student loans, taking on debt for the first time, which leads to financial challenges early in their lives. It is our goal to promote financial literacy through guest speakers, lectures, and interactive activities. The need for financial literacy and personal finance basics is not only essential for UVA undergraduates, but extends to the local community. We want to help young people, minority groups and recent immigrants in the greater Charlottesville region similarly learn to better understand personal finance. This is why we are looking to partner with local high schools and Piedmont Virginia Community College to help promote financial literacy through presentations from Common Cents club members and to better prepare them for the financial decisions they will need to make in the near future. We hope to provide a great service opportunity for UVA students and help UVA make an impact on the local community through our mission.