Financial wellness requires awareness of one’s financial status and managing money to achieve realistic goals. To be financially well requires effectively managing finances, spending within one’s means, being prepared for emergencies, and having the tools necessary to make economic decisions. Financial stress is a significant problem for college students that can have far-reaching negative consequences. Seventy-four percent of college students report feeling financial stress and are uncertain how to manage the variety of financial pressures they face. Financial stress been linked to a range of negative outcomes, including:
- Lower GPAs, higher likelihood of dropping out of school, and extended time to degree completion
- Food insecurity
- Higher likelihood of depression, anxiety, psychotic episodes, and low self-esteem.
- Increased risk of substance use disorder
- Feelings of isolation and embarrassment
For more information to share with students, feel free to use this slide set: Financial Wellness PowerPoint
Educators can guide students toward become financially well. Consider using these teaching strategies designed to help students take control of their MONEY:
- Mitigate materials cost – Consider the necessity and cost of books, resources and web applications required for your courses, as well as clothing/supplies for nursing clinical. Strategies you can use include free digital content from university and public libraries, e-books and other electronic learning materials. Open-source resources, meaning free and available to the public, providea plethora of information, both from both academic and social perspectives. Some examples are (https://www.oercommons.org) and OpenStax (www.openstax.org).
- Offer course tools early – Release materials lists, clinical schedules and assignment calendars to students before the beginning of the semester. This can help students organize their finances, stay on budget and plan a reasonable work schedule. According to Peltz, et al. (2021), appropriate work hours contribute greatly to students’ wellbeing.
- Negotiate course workload – With rationale, be willing to change due dates as needed. Also, monitor the amount of homework given and establish reasonable timelines for assignment submissions. This is especially important for working students.
- Equip students with resources – Compile a guide for students to use that lists available student resources. This could include items like financial aid/scholarship opportunities, food banks and free transportation. Additionally, financial planning and mental health assistance through their university and/or community partners can help decrease money worries, improving student engagement and performance (Barr & McNamara, 2022).
- Yield to socioeconomic screenings – Food insecurity can increase student stress and depression, resulting in anxiety and sleep disorders (Pourmotabbed, et al, 2020; Arenas et al., 2019). While it may be emotionally difficult, faculty should reach out and screen students for food insecurity, as well as promote programs that offer students free food, such as universal free meal programs and supplemental nutrition assistance program (SNAP) benefits. The healthier food options and food security offered by these programs can boost student wellness and improve performance (Cohen, 2021).