CFEE Guidebook

32 BUILDING FINANCIAL CAPABILITY THROUGH FINANCIAL COACHING Peer coaching models can be very effective on campuses where students are eager to be trained as coaches for other students, and where there are resources for coordination and supervision. START SMALL BUT THINK BIG. Building the frame- work for financial capability is not a project that will happen overnight. It involves an education process and a commitment of executive leaders to devote resources and time. Building on small programs is a good way to start. However, there is no reason why every college of the future could not have financial coaches as permanent staff, in the same way that colleges today have academic advisors and financial aid officers. Conclusion Community colleges play an important role in providing economic opportunity for low- income and disadvantaged students, but they are not always positioned to provide adequate resources and services to allow students to build financial health. The need is urgent. The large majority of community college students have never had the benefit of personal finance education at any point in their academic experience, and unfortunately most will leave college without adequate financial skills to navigate an increas- ingly complicated financial world. Acquiring the complex set of skills needed for a healthy financial future is not intuitive. It is a body of knowledge that has to be learned like any other discipline, and then put into practice. It is a bit like learning to drive a car, except that we require individuals to get a license by taking a driver’s education course, passing a written test, and then a road test. Unfortunately, we do not give young adults a learner’s manual or road test for driving their personal finances. Once they leave high school and enter college, they will be taking more responsibility and risk, but for the most part will have no guide for the financial decisions that they make on a daily basis. We know from evidence cited in this Guide that the population of community college stu- dents in this country is more financially fragile than students at four-year colleges. We also know they will be less likely to graduate than their four-year peers, mostly due to a variety of economic circumstances. It is therefore imper- ative that institutions make financial education an intrinsic part of the academic experience, so that students entering the workforce have appropriate skills to perform their jobs and build financial security for themselves and their families. Financial coaching is a transformative way to help students overcome many of the financial roadblocks that may be impeding their path to achieving a degree. Students who participate in coaching will confirm that learning to manage their money has life-changing benefits, including reducing stress, improving family relationships, and enabling future goals. Many participants say that the most impor- tant thing they received from a coach is hope. When coaches help students see possibilities for their economic future that they did not see before, it opens the door for upward mobility and opportunities to achieve their dreams. I believe that every student can benefit from financial coaching and the opportunity to gain financial knowledge and skills that we otherwise would not have known. I have learned lifelong financial skills that I will take with me on my journey, and I am proud to say that I will continue to pay it forward in passing my knowledge along to my family and friends. Sarah, 2017 graduate