Dorothy B. Durband

The Case for Financial Education Programs

Demand for information on establishing a financial education program in colleges and universities is high as evidenced by ongoing requests to the editors for assistance. Financial education programs for students are growing in number and offer promising opportunities. Colleges and universities have a vested interest in establishing a financial education program for their students. In this chapter we explain why.

Training and Development of Financial Education Program Staff

This chapter describes training and development considerations for a university financial education program staff. Program directors may choose to outsource the training by hiring external professionals or hiring and training from within the college or university. Key questions to ask are posed in this chapter, such as what types of training support the financial education program’s mission? What changes in the external environment demand training and development of staff members? Which staff members need training and development and how much? What staff tasks need improvement through training and development? How can experienced program staff be used to mentor new student staff members?

Staffing and Recruiting Considerations for Financial Education Programs

A financial education program is only as good as the people who staff it. In order to get the right people on staff, careful attention must be paid to the strategy and execution of recruiting and hiring. Underlying the strategy is the determination of which staff positions are needed and how the roles will be defined. Various questions need to be addressed, such as: What financial resources are available? What types of services is the program planning to offer? What is the level of counselor content expertise? What is the type and size of facility where counseling will take place? How large is the program and who is the program’s target audience? With what other programs on campus is there possible opportunity for collaboration? The impact of a financial education program on a college campus is limited only by its implementation. Careful attention to the processes of staff selection is paramount in determining the early trajectory of such a program.

Obtaining Financial Education Program Support

A financial education program is a means for decreasing or preventing the financial stress of students and should be seen by higher education administration as a worthwhile use of university monies. In this chapter, we suggest a range of collaborative ways for financial and other support from stakeholders within higher education institutions. We also provide suggestions on ways public and private sources can help a financial education program. The visibility of a program both within and outside the college or university is an important part of achieving your goals and enhancing outcomes.

A Survey of Clergy Practices Associated with Premarital Financial Counseling

The purpose of this exploratory study was to gain an understanding of the state of clergy-led premarital financial counseling. Clergy respondents (n =223) indicated that they often include a financial component in their formal premarital counseling. The most frequently discussed financial topics are budgeting, managing debt and credit, and saving. The most frequently cited obstacles to providing premarital financial counseling are lack of time and lack of subject matter expertise.

The Importance of Self-Awareness for Financial Counselors and Clients

Topics covered in this chapter include counseling styles and preferences for the financial counselor and for clients, attributes of effective financial counselors, components of self-awareness, and assessment strategies for self-awareness, family of origin and money scripts, unconscious bias, transference, and countertransference. The chapter serves as an introduction to the concept of self-awareness within the context of financial counseling.