Financial wellness is an important goal of many college students, and rightfully so. Data from the Spring 2020 National College Health Assessment (NCHA) found that 44 percent of student respondents described their finances as challenging. Almost three-quarters of those said that this caused them moderate or high distress.
In fact, a student’s financial situation has a significant impact on them educationally, professionally, and even in terms of their health. For example, students with fewer financial resources are less likely to graduate, and they earn a lower income and experience more stress than their more financially stable counterparts.
Some colleges offer financial literacy education, yet many students still struggle with handling their personal finances. According to EducationData.org, 65 percent of students graduate with student debt, the average student owes $37,584, and student loan debt grows more than six times faster than the economy. These staggering numbers illustrate how important financial wellness is for college students.
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Average student debt
Financial wellness starts with financial literacy
Financial wellness isn’t only about having resources available; it also encompasses an awareness of one’s financial circumstances, as well as the ability to understand and manage financial resources to change one’s situation for the better.
Students want—and need—their colleges to help them develop financial literacy skills. College is an important stage in life to learn these skills as it’s a time of independence. It’s also a time when a large amount of debt is accrued. In addition to student loans, college students make many financial decisions every day. They use credit cards, pay rent, and buy groceries—often for the first time on their own. Schools are in an excellent position to help students build their financial wellness by implementing programs to establish financial literacy.
How CampusWell can help support your students’ quest for financial wellness
You can support your students’ financial wellness by offering relatable, easy-to-consume content that helps them develop crucial money management skills. Financial literacy can empower your students, reduce their distress, and give them more peace of mind to focus on their studies.
CampusWell helps colleges like yours by providing high-quality resources to build your students’ financial literacy. We regularly feature articles on many areas that affect student finances including credit, loans, budgeting, saving, investing, etc. In addition, our career-focused resources teach students real-world skills such as successful interview strategies and tips for creating stand-out résumés and cover letters. Being prepared for the job market can, in turn, help ensure a stable financial future for your students.
At CampusWell we approach student wellness from eight dimensions: Beyond financial and occupational wellness, our content promotes physical, emotional, social, intellectual, environmental, and spiritual wellness. A school-wide subscription to our platform helps your student affairs departments support student success in all of these vital and interconnected areas.
CampusWell is a versatile platform that helps make a multi-departmental wellness initiative simple, sustainable, and engaging. Using technology, high quality, research-based content, and proven marketing strategies, together with your existing assets, we deliver a campus-wide wellness platform that will positively impact your students and institution.
American College Health Association. (2020, Spring). National College Health Assessment III Reference group executive summary. Retrieved from https://www.acha.org/documents/ncha/NCHA-III_Spring_2020_Reference_Group_Executive_Summary.pdf
CampusWell. (2018, March 1). Want to increase students’ financial literacy? Teach them about credit. Retrieved from https://default.campuswell.com/student-advocate-increase-students-financial-literacy/
EducationData.org. (2020, April 12). Student Loan Debt Statistics. Retrieved from https://educationdata.org/student-loan-debt-statistics
Montalto, C. P., Phillips, E. L., McDaniel, A. et al. (2019). College Student Financial Wellness: Student Loans and Beyond. Journal of Family and Economic Issues, 40, 3–21. https://doi.org/10.1007/s10834-018-9593-4 https://link.springer.com/article/10.1007/s10834-018-9593-4
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