DUNMORE, Pa. — Penn State Scranton Assistant Professor of Business Nonna Sorokina recently introduced high school students from Scranton High School to the fundamentals of financial literacy. The series of educational sessions, which marked the inaugural delivery of the program, was made possible by the support of an anonymous donor.
"Financial literacy is essential for prospective and current students as it empowers them to make informed decisions about their finances, laying the foundation for academic success and long-term financial stability," Sorokina said. "By understanding budgeting, student loans and credit management, students can effectively balance limited resources, minimize debt and build financial resilience."
The program, which consisted of three distinct sessions, covered a range of financial topics.
"The first session that I offered at Scranton High School covered basic concepts such as lifecycle, earnings potential, consumption versus investment, and time value of money, as well as appropriate use of debt," Sorokina explained. "In the second section, I focused on budgeting and strategic personal financial planning."
The final session brought students to Penn State Scranton for a campus tour with Enrollment Services Specialist Julie Cardillo. Attorney Joseph Litvak then gave a lecture on small business organization, insolvency and taxes, touching upon student debt and careers in law. The students’ reception of the program was positive.
"Students found the sessions valuable," Sorokina said.
The program was inspired by Sorokina’s research in collaboration with a tax and bankruptcy attorney through the Institute for Financial Distress Research and Education (IFDRE).
"Some of my research has been done in collaboration with a tax and bankruptcy attorney via non-profit Institute for Financial Distress Research and Education (IFDRE) and sparked an interest in the subject," Sorokina said. "In Pennsylvania, unlike other states, we still do not have mandatory financial literacy education in high schools. I saw an opportunity to make a difference, and we collaboratively developed this idea with Attorney Joseph Litvak."
The funding for the program came through a conversation with a grant administrator.
"I was looking for funding sources and started a conversation with a grant administrator that led me to Penn State Scranton’s Director of Development Chris Ostrowski, who championed this funding," Sorokina said.
Looking ahead, Sorokina hopes to expand the program in the future.
"As long as we are able to procure funding, we absolutely would like to expand to other schools, the same school next year and possibly to a broader small business community on a slightly different level appropriate for their needs," she said.
The program is especially important for students from underrepresented and/or economically disadvantaged backgrounds. "This program is particularly important for those from underrepresented and/or economically disadvantaged background, not uncommon in our student body, and we are proud to contribute to their success," Sorokina said.