Financial Wellness on College Campuses

Financial stress is one of the main stressors that university students face. At Arizona State University, 18.8% of students reported that financial stress has a high or very high effect on their overall stress levels. Nationwide, the National Student Financial Wellness Report states that over 70% of college students feel stressed about their financial situation. To address this problem, universities across the nation have implemented financial wellness programs to educate students on financial matters. This thesis conducts a study of five of the top financial wellness programs in the country, and then uses those findings to identify best practices for creating and implementing a financial wellness program at Arizona State University. I propose the development of a peer-to-peer program formed under the Financial Aid office. It would deliver content through presentations, workshops, one-on-one meetings, and an online platform called iGrad. It would cover critical financial topics such as budgeting, loans, credit, and investments. The program's goal of increasing financial wellness should be evaluated based on perceived efficacy, satisfaction with the material, a decrease in stress levels, lower default rates, and lower borrowing rates. Implementing this program allows ASU to help break the vicious cycle of financial stress that many students face.