Now more than ever, college students are struggling financially. According to one study,¹ more than half of students can’t afford to finish getting their degree due to the COVID pandemic.

The 2021 College Hopes and Worries Report² found that 98 percent of students need to borrow money to get an education, and two out of five say paying for college is their biggest worry.

Another study³ shows that students heading off to college overwhelmingly (76 percent) believe that their high school should have offered financial wellness classes. Only a third had taken a financial literacy course. 

More colleges and universities are now offering student financial wellness programs, but lack of engagement is a constant challenge. 

What is causing the disconnect? 

One issue is that students need frequent reminding of the program’s availability.

In most cases, incoming freshmen receive information about financial wellness programs along with all of the other “welcome to our campus” information. Some colleges and universities also provide this information to all students at the beginning of each year. But communicating with students about it once or twice is not nearly enough.

It is important to understand when and why college students seek financial information. A 2021 study4 found that they seek financial education when they:

  • Need more money (24 percent)
  • Fear the consequences of poor financial management (23 percent)
  • Are concerned about managing finances post-college (17 percent)
  • Have issues with debt (12 percent)
  • Are in a period of transition (13 percent)

Communication about the financial wellness program needs to reach students when they are most receptive and interested. 

Some students only want to hear about personal finance via text. Others prefer to have something in their hand to read, while some prefer to interact via social media.

This means that to get students to engage with your program, you will have to communicate often using diverse mediums and messages.

Consider a Contest

Even though students get stressed about grades, they still love to engage in fun competitions.

It's well-documented that incentives have a huge impact on financial wellness program engagement. That’s why colleges and universities should consider running a contest around their financial wellness benefit.

Such contests can be individual or they can be broken down into school departments, classes, or dorms. Be sure to add some prizes to really make the contest enticing.

However you run the contest, be sure to get students to do things like:

  • Sign up for the financial wellness program
  • Complete initial activities such as a financial wellness check-up or financial personality assessment
  • Later-stage activities such as completing specific courses or logging into the program a specified number of times over the semester

Look for student champions who can get other students excited about the contest. These students can create buzz about the contest through social media posts, dorm events, posters, and more.

The more your student champion talks up the financial wellness program, the more likely your students will engage with your program.

Distribute Pocket Cards

Since students may not seek financial education until they have a specific need, supply the financial aid department, professors, and even residential advisors with pocket-sized cards that provide students with information about financial wellness when they:

  • Talk about financial aid
  • Show concern about running out of money or paying their tuition
  • Discuss their future employment
  • Are getting ready to graduate
  • Fill out an application for grad school

These cards should have the website for the financial wellness program and some of the main ways financial wellness can help them with their financial concerns.

Even if students don’t use the card immediately, they are more likely to have the information handy when they are ready.

Think Like a Student

You want your students to remember the financial wellness program when they need it, but that won’t happen unless they’ve been hearing about it.

So, put yourself in the shoes of your students and think about where they hang out. Then, find ways to promote your financial wellness in those areas, such as:

  • In the student center: Table tents and bulletin board announcements. A-frame message boards near elevators, entrances, and cafeterias. Rolling messages on media screens.
  • Digitally: Text messages, email, newsletters, social media posts, discussion board messages, Slack channels, internal wikis.
  • In the dorm: Refrigerator magnets. Paraphernalia such as shirts, ballcaps, pens, or water bottles. Flyers under the door.

For more ideas on how to promote your college's financial wellness initiatives, check out our 12-Month Promotional Calendar.

You can measure the success of financial wellness promotions by asking students which promotions they’ve noticed and which ones caused them to take action.

 

1 - https://oneclass.com/blog/featured/179420-how-has-the-pandemic-affected-your-ability-to-afford-school3F.en.html

2 - ??https://www.princetonreview.com/college-rankings/college-hopes-worries

3 - https://www.experian.com/blogs/ask-experian/survey-generation-z-keen-on-learning-about-personal-finance-and-credit/

4 - VAALER, Alyson; REITER, Lauren; FAULKNER, Ash E.. They Seek, but Do They Find? Investigating the Financial Information-Seeking Behavior of College Students. College & Research Libraries, [S.l.], v. 82, n. 2, p. 267, mar. 2021. ISSN 2150-6701. Available at: <https://crl.acrl.org/index.php/crl/article/view/24835/32672>. Date accessed: 26 May 2021. doi:https://doi.org/10.5860/crl.82.2.267.