Personal finance for college students varies case by case, but many students may not know the resources at hand to grow their understanding in financial literacy.
At Western Washington University, there are a variety of options, including an investment club, financial literacy program and financial management club, which can all provide students with resources, depending on their understanding and financial goals.
The definition of financial literacy, taken from the Federal Student Aid Office of the U.S. Department of Education, explains financial literacy as the understanding and knowledge of earning, saving, investing and managing money.
The Merriman Financial Literacy Program at Western was developed by alumnus Paul Merriman and provides one-on-one peer mentoring which teaches students to grow financially, maintain independence and invest, with resources for students to utilize. The program is also accessible to educators, faculty, alumni and families.
Peter Wagner, program specialist for the Merriman Financial Literacy Program declined to comment on behalf of the program.
Financial literacy is also being introduced in K-12 schools across the United States. According to Next Gen Personal Finance, 30 states now require a personal finance course prior to high school graduation. Jump$tart is a non-profit based out of Washington D.C. which brings resources and financial literacy to schools throughout the states.
Joel Chrisler, director of teacher engagement and support at Jump$tart was a teacher for 33 years before taking his position with the non-profit.
“With financial literacy, there are so many different avenues and so many different parts to it,” Chrisler said. “We want to make sure we instill the values of saving. We want to instill the values of opportunity cost and choice and those types of things.”
Jump$tart works with over 100 partner companies to bring resources to students, educators and parents. This includes curricula for educators, classes, texts and workshops, which all help strengthen one’s understanding of financial literacy.
Chrisler notes the attention brought to financial literacy in the classroom plays a large role in the stigma about money in students’ homes and families. While it can be an uneasy topic, introducing it at a young age instills curiosity and openness.
Chrisler said that incorporating financial literacy into schools has not been a controversial topic, and is something parents are in support of.
Financial literacy goes beyond what students learn in early education and their home lives; it is a concept that will be carried throughout their entire adulthood. At Western, the Investment Club aims to be an open space for students to show up curious and discuss with one another.
Cameron Haberman, president of the club and a fifth-year year finance student, said he started the club because he felt like there needed to be a space for students to openly talk about investing, something he is also very passionate about.
“We can’t offer financial advice, of course, but it’s kind of like an opinion discussion,” Haberman said.
For Haberman, investing is a tool. His goal is to be a young business owner and he’s currently investing all of his earnings in hopes for a shorter term gain.
While the club offers conversation and opinion, it also offers investment role play. Paper Trading is a game they play which allows everyone to invest in stocks using Monopoly money, which allows players to partake in investing without the risk.
“It’s lighthearted and something we can always talk about. And it also includes people who may not have capital to invest which I think is important,” Haberman said.
One of the challenges the club faces is bringing in a wide range of students. While they advertise occasionally via Instagram, the majority of their participants are finance majors. Haberman would like to grow the club in a way that brings in people from all different majors.
For those who do not have an understanding of investing, the club’s website provides links to basic resources, and there is also no expectation of knowledge in the subject to participate in the club.
“If someone knows nothing, (the focus) would be trying to supply the most basic groundwork for how to grow as someone who is curious,” Haberman said.
Madrona Raney (she/her), is a reporter for campus life. She is a senior at WWU studying News/Editorial Journalism. She did her first year at Point Loma Nazarene University and was a reporter for them on The Point. During her free time, she enjoys traveling, being outside, making coffee, snowboarding, boating and spending time with friends and family. You can reach her at madronaraney.thefront@gmail.com.
