CFEE Guidebook

19 BUILDING FINANCIAL CAPABILITY THROUGH FINANCIAL COACHING Based on Westchester Community College’s experience with its Money Smart Forum, we identified ten proven strategies and practices that community colleges can use to create and implement successful financial coaching programs. Incorporate Financial Coaching into Initiatives for Student Success There are more than 1,000 community colleges in the US 17 and nearly every one is faced with the challenge of how to help students succeed academically and graduate with a degree or certificate. On a national level, only 13% of community college students graduate in two years, about 22% graduate within three years, 28% graduate in four years, and 39% graduate in six years. 18 By contrast, students from four- year colleges earn degrees at a higher rate, with about 60% of students graduating within six years. 19 There are many factors accounting for these differences and for lower graduation rates at two-year institutions. Most community colleges have taken signif- icant steps to introduce initiatives designed to boost opportunities for students to succeed academically, including enrollment manage- ment strategies, college success courses, first- year experience programs, and opportunity programs like TRIO, which aim to closely track and monitor students’ progress throughout their degree process. However, most of these strategies involve academic interventions that may fail to provide a solution for students who need to overcome significant economic barri- ers. Infusing these “success” programs with a component of financial coaching would directly address this need. The Holistic Approach to Student Success Many educators acknowledge that student success and higher graduation rates at community colleges cannot be achieved by academic interventions alone. They argue that academic programs must also be accompanied by a holistic approach that recognizes the total needs of a student and provides appropriate support mechanisms. 20 Helping students to manage their finances and plan for the future should be recognized by colleges as important components of the support services needed as STRATEGIES & PRACTICES FOR IMPLEMENTING FINANCIAL COACHING All students need financial coaching! Even students who major in accounting learn about business transactions but not about personal finance. Coaching helps students develop goals and understand the importance of the many financial decisions they are and will be making. Carolyn J. Christesen, Department Chair and Professor of Accounting, Westchester Community College