As more and more colleges are investing in financial wellness, the importance of measuring efficacy is rising.
To implement a financial wellness program is an excellent first step. They are in high demand.
With student loan debt at an all-time high and still growing, financial wellness is more important than ever. And financial literacy in college students is woefully poor.
One survey found that only 65% of student borrowers planned to pay their loans off on time and in full.1
That is why it is important to know how well your financial wellness program is working.
A useful financial wellness program will reap many positive results – reducing student loan debt, relieving financial stress, and helping students stay in school and graduate.2
1. General site traffic
The easiest measurement is simply to look at site traffic.
A financial wellness program should have a strong online presence to meet people where they are. That is especially important now when many schools are using remote learning elements.
Measuring site traffic will give a good idea of how many people are engaging with the program, which is the stepping stone to the positive changes the program is looking for.
2. Course consumption
Along with site traffic, you can dive deeper into participation by looking at course consumption.
This is like site traffic but more detailed, showing what courses employees are going through. This has the added benefit of showing administrators what courses are in the highest demand.
Use the reporting features of your wellness program to tailor incentives and campaigns further. This reporting can also include data on comprehension in addition to just engagement, making it even more valuable.
3. Drop out rate
Evidence of actual knowledge gain can be measured through student enrollment.
A financial wellness program should help reduce financial stress, one of the main causes of dropouts.2
Related article: Conquering the Real Cause of Student Financial Stress [Study]
4. Reduced absenteeism
Financial stress takes a toll on people. Students who are financially stressed are more likely to miss school.3
Absenteeism is a good measure to see how well your financial wellness program is working. The more people learn to be financially well, the less school they will miss.
5. Lower student loan borrowing
Keeping an eye on the number of loans the students are getting and the dollar amounts can help show improvements in financial literacy.
A financial wellness program will help students develop budgets and learn where and how to save. These things help reduce the amount they need to borrow.
Related article: How Can Financial Education End the Student Debt Crisis?
6. Surveys
When in doubt, go right to the source. Surveys about the financial wellness program itself can be useful, but there are other indicators of financial knowledge gained even beyond that.
Students can report on their financial stress levels, credit card payments, or savings amounts.
Looking closely at the student population before, during, and after interacting with the financial wellness program will give you insights into how much they are learning.
Offering a financial wellness program to college students is becoming more and more common. There are many different aspects to these programs, and it is important to know what is or is not working for your employees.
A good financial wellness program will reduce financial stress, leading to better academic performance, higher graduation rates, and more successful graduates.
Leverage the reporting features of an online financial wellness program and combine that with watching for behavior changes among your students.
With the right program, you will be able to watch the positive impacts for your students and your school.
1 - https://www.diverseeducation.com/students/article/15105068/new-survey-finds-college-students-lack-financial-literacy
2 - https://digitalcommons.wku.edu/diss/140/
3 - https://core.ac.uk/download/pdf/38903859.pdf
