Financial literacy is an essential part of every college student’s journey, but Tran Nguyen knows firsthand that it can be difficult to know where to start.
“Approaching your finances isn’t an easy thing. I remember when I first started looking at mine, it was scary to see how much I wasn’t saving,” said Nguyen, a second-year business administration student with a joint emphasis in accounting and finance.
To support students as they plan for financial success and address a growing need for financial literacy training amid a fluctuating economy, Cal State Fullerton’s Basic Needs Services launched a financial wellness peer mentorship program this fall. The program provides students with training to help them successfully navigate budgeting, credit management, savings and more.
Victoria Ajemian, director of Basic Needs Services, said that the goal of the program is to make financial literacy education accessible and digestible for all students. She added that the program emphasizes peer-to-peer mentoring because many students feel more comfortable talking to a peer about their financial needs instead of a professional adviser.
“It’s overwhelming to learn all these different areas, from credit and taxes to loans and budgeting. Having a one-on-one conversation with a peer is much more approachable,” said Ajemian. “It’s a real conversation where a student can say, ‘I went through something similar. Here’s what worked for me.’”
The program is led by peer mentors like Nguyen who are trained to help students navigate a myriad of financial questions and obstacles, including how to manage student loan payments and how to start building credit. She said that one of the greatest strengths of the program is the mentors’ ability to meet every student where they are and find solutions that fit their lifestyles.
“Every person’s financial situation looks different,” said Nguyen. “During our sessions, I work with students to learn about their background and spending habits. We find what techniques work best for them, whether that means tracking spending on pen and paper or following a strategic spending plan.”
As an aspiring certified public accountant, Nguyen said the program has provided her with hands-on financial advising experience, which has bolstered her critical thinking, problem-solving and interpersonal communication skills.
“I want to help people and uplift students in the CSUF community, and financial literacy training is a big part of that,” said Nguyen.
Paid peer mentor positions are open to students from all majors, and through this work, they have the opportunity to hone their advising skill set, collaborate with others and address significant financial challenges among college students.
The financial wellness peer mentorship program is part of a series of financial literacy programs created by CSUF’s Basic Needs Services that are free and open to all students. The different sessions cover such topics as budgeting, debt management and credit basics.
“We’re focused on a holistic approach that gives students the budgeting and financial wellness tools they need to succeed,” said Ajemian. “These skills will not only support them through their time at Cal State Fullerton, but they will continue to serve them after graduation and into their careers.”
To learn more about drop-in hours or schedule an appointment with a financial wellness peer mentor, visit the Basic Needs Services’ Financial Literacy Program website.