Empowering Oklahomans: Langston University Tackles Tax Season with Financial Literacy Initiative

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Langston School of Business professors hope to work with current high school students with dual enrollment and first-year students with financial literacy.

Langston, OK - April 8, 2024 - As Tax Day approaches, Langston University's School of Business empowers Oklahomans through financial literacy. With the tax season upon us, the spotlight on financial preparedness becomes more crucial than ever, especially in underserved communities. Langston University is addressing this need head-on by offering its expertise in financial literacy, aiming to equip individuals with the knowledge to navigate tax season with confidence and foresight.

Experian notes that personal debt includes mortgages, home equity lines, auto and student loans, credit cards, and personal loans, averaging $103,358 per person. Finance guru Dave Ramsey emphasizes the importance of financial diligence and management: "Earning a lot of money is not the key to prosperity. How you handle it is." This financial knowledge gap has led to an economic crisis within the Black community and other underserved populations. The Pew Research Center reports that only four in ten Black Americans could cover three months of expenses with their current savings, highlighting a significant need for improved financial education and preparedness in these communities.

In an era marked by significant financial challenges, including record levels of household debt and a 16.6% rise in credit card debt alone from 2022 to 2023, the importance of financial literacy has never been more apparent. Oklahoma, recognizing the need for such education, mandates financial literacy for students in grades 7-12, a move Langston University wholeheartedly supports and seeks to augment through its programs.

Amid a growing national debt crisis, Oklahoma has mandated financial literacy education for grades 7-12 students. This critical legislation aims to prepare young people to manage finances effectively and addresses a systemic issue that significantly affects Black Americans.

Langston University School of Business offers expertise in financial literacy.

Langston School of Business professors are global accounting, economics, finance, and management experts. Dr. Michael Hamilton, Dr. Hassan Ahmed, Dr. Charles Mambula, and Dr. Shah Chowdhury are available for interviews and speaking engagements to discuss the importance of financial education. School of Business seeks to prepare students for a brighter economic future. Business Chair Dr. Michael Hamilton stresses the significance of this subject: "In the new economy, financial literacy is everything." Dr. Hamilton is a seasoned academic who has spearheaded several initiatives, such as online learning for students. Dr. Hassan Ahmed, an accounting professor and director of entrepreneurship, emphasizes, "Financial literacy is not just about budgeting or balancing books; it's about managing your scarce resources efficiently and effectively." Dr. Ahmed offers a global perspective, being a native of Africa.

Langston business student Adriana Anderson shares her view on the future of finance majors: "Financial literacy will improve the quality of your life. In the future, you will understand how AI tools work and how they can benefit students." Finance professor Dr. Chowdhury comments on the future of the finance industry: "There are a variety of jobs available for finance analysts. Individuals can find opportunities in banks and media outlets."

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Business professors like Dr. Chowdhury teach students about finance practically and meaningfully, as do students like graduating senior Adriana Anderson.

Langston School of Business is enhancing its financial literacy education efforts, which aligns with Oklahoma's proactive approach to equipping young people for future economic independence. Dean Daryl D. Green emphasizes, "Education is crucial for upward mobility, particularly in the Black community. Our business school already provides a personal finance class. Our dedicated faculty are prepared to support today's students." With over 27 years of management experience at the Department of Energy, Dean Green is an accomplished business strategist, speaker, and author.

Entrepreneurial guru Dr. Charles Mambula shares this insight about life skills such as financial literacy: "The ability to know how to apply skillfully and practice knowledge learned with efficacious results is to understand the subject proactively."

In response to this pressing need, the School of Business is proud to introduce a new minor in finance literacy and a dedicated course on financial literacy. These steps are steps towards empowering students with the knowledge they need to thrive financially.

This initiative, particularly vital during the tax season, serves as a beacon for Oklahomans striving for financial independence and security. By understanding the intricacies of taxes, from deductions to credits, individuals can make informed decisions that benefit their economic well-being.

In closing, Langston's business faculty aims to significantly impact these communities by preparing students for a financially stable future. This initiative highlights the critical importance of financial education and serves as a call to action for these experts to engage in media interviews and speak with community groups. They aim to foster a deeper understanding of financial management, empowering individuals to make informed decisions and achieve economic well-being.

For Media Inquiries and Interviews with Dean Daryl D. Green:

Contact the University's Public Relations Office at 405-466-6049 or email Media Relations Specialist Ellie Melero at emerlero@langston.edu

About Langston University:

Langston University, located in Langston, Oklahoma, is the only historically black college in the state. With a rich heritage of academic excellence, Langston University is dedicated to providing a diverse and inclusive education while fostering innovation, leadership, and community engagement.

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This release was published on openPR.