High participation rates are key to college financial literacy program effectiveness. To increase participation, we have to put ourselves in the shoes of our college students.

College students are stressed, and according to one study1, seventy percent of students are stressed about their financial health.

These students worry about paying for college, finding employment after college, paying off their student loan debt, and meeting monthly expenses. 

Not only does this stress lead students to make poor choices – such as binge drinking or overeating – it also causes students to have an overall more difficult in school. Because of financial stress, students:

  • Study less
  • Drop classes
  • Drop out of college

Studies show that 78% of GenZ2 have clear financial goals and want to know how to achieve them, and 92% of millennials3 want to improve their money management skills. 

Despite these numbers, when colleges and universities offer financial wellness, the usage rate tends to be just fifty percent4.

Why Aren't Students Engaged in Your Financial Wellness Program? 

The first question to ask when students aren't engaging in your financial wellness program is this:

Is this program the right program for my students? 

Many different financial wellness programs are available, and they are not all the same. Your student body is not an exact replica of any other student body, and your financial wellness program should reflect that.

That's why it is important to find out what your students need in terms of financial wellness. A simple survey will help you determine what they need and want. 

In general, most students want a program that offers the following:

  • 24/7 access across a variety of devices
  • Personalization
  • Gamification
  • Relevant topics such as budgeting, FAFSA, student loans, and identity theft
  • Compelling, interactive components like a financial behavior analysis or a student loan snapshot 
  • Ability to speak to a financial counselor or coach

The next question to ask is this:

Do my students know the program exists? 

There's a good chance that the answer is no, which means that it is up to the administration to promote the plan in a way that attracts students’ attention. That way, when a student has a financial need, they know where to turn.

Most colleges and universities understand the need to communicate their financial wellness plan through standard messaging systems like email newsletters. However, there are other ways to substantially increase the participation rate. Let's look at four of them.

#1: Incentives to Participate

Students are motivated by incentives – whether the incentive is cash, college swag, or even points.

Adding an incentive element to your financial wellness program makes participation fun, and who wouldn't want to join in on something fun?

Here are some things to incentivize:

  • Enrollment in the program
  • Completing some first step
  • Participating in a challenge

The best incentives have two levels. The first level is quick and easy, allowing students to instant gratification for participation. The second level can be a bit more difficult, such as a semester goal – this keeps them engaged long-term. 

#2: Find Champions

Find students who are excited about a financial wellness program and get them to champion it to other students. This could be one person, such as a student body president, or you could have champions for each school, class, dorm, or even hall. 

What will a financial wellness champion do?

  • Be the face of the program
  • Answer questions
  • Encourage participation

Having a champion will boost the visibility of your financial wellness program.

#3 Info Cards

What can someone in the financial aid department do if they meet a student who is struggling financially? Of course, they will help them find appropriate ways to solve their immediate problem, but this is also a good time to let students know about the financial wellness program.

Financial aid, professors, and other departments who come in regular contact with students can pass out these cards to struggling students.

An information card can be nothing more than a business card with the following information:

  • Website
  • Program highlights
  • Who to call with questions

#4: Other Inventive Ways to Communicate

There are many other ways to communicate your program to students. Here are a few to consider, but don't stop here:

  • Text messages
  • Refrigerator magnets
  • A-frames near entrances in the cafeteria, library, bookstore, and student centers
  • College swag with the financial wellness website info

Once you know you have a program that meets your students needs, it is up to you to communicate that program to them. Without communication, students are far less likely to benefit from having it available. 

To learn more about iGrad and how colleges can help students become financially resilient, schedule a demo today. 

 

1 - https://research.com/education/student-stress-statistics#4

2 - https://www.hrdsummit.com/wp-content/uploads/sites/6/2019/03/The-Financial-Wellness-of-Gen-Z-The-Good-the-Bad-and-the-Ugly.pdf

3 - https://gflec.org/wp-content/uploads/2019/04/Millennial-Engagement-with-Online-Financial-Education-Resources_FINAL.pdf?x29341

4 - https://www.benefitspro.com/2022/01/11/employers-can-offer-a-path-toward-financial-wellness-but-will-employees-take-it/