By Larry Urish, contributing writer
The statistics are alarming: Over 25% of college students rate their financial knowledge at “C” or lower, according to a nationwide survey from WalletHub conducted in August 2024. Additionally, the survey reveals that 70% of college students feel overwhelmed by their financial burdens, and 20% have no plan in place to tackle their student debt after graduation.
On a positive note, the administration at Cal State Fullerton recognizes the financial stress many students face and understands that providing resources for better financial literacy can alleviate some of this pressure. In this regard, the university’s Basic Needs Services office, which offers various programs and support for Titans dealing with unexpected financial difficulties, is introducing Financial Wellness Peer Mentoring.
This initiative, which launched last semester, allows CSUF students to have one-on-one meetings with a peer mentor to delve into various financial literacy topics including healthy money habits, credit fundamentals, budgeting, debt management, and much more.
“Talking about money can be a sensitive topic,” said Victoria Ajemian, director of Basic Needs Services. “Students often feel more at ease discussing these issues with a peer. The student-to-student interaction makes the discussion and challenges more relatable. We’ve encountered students who have never been exposed to financial literacy, haven’t heard financial terminology, or haven’t even started a budget. There’s a significant demand for this information across our campus.”
Ajemian highlighted that financial discussions can be intimidating, especially when involving a finance expert. “College students can relate more easily to fellow students,” she noted. “Students may think, ‘This peer mentor understands my experiences. Let’s give this a shot.’”
“Students come with a variety of questions,” shared Tran Nguyen, a second-year business administration student and financial wellness peer mentor. “We tailor the process to each individual. We strive to make it as accessible as possible, with sessions averaging about 30 minutes, available in-person or online. One student commented after a session, ‘This felt like a casual coffee chat, meeting a friend, rather than a formal advisor.’ She was able to open up more easily because I could relate to her in many ways.”
The peer-mentoring initiative is part of Basic Needs Services’ Financial Literacy Program. “Students can access all of our programs virtually via Zoom if they’re not ready for one-on-one mentoring,” Ajemian explained. “We also record programs to feature on our website.” For a variety of useful YouTube videos, visit the Financial Literacy Program site (fullerton.edu/basic-needs/programs/financial.html) and scroll to the bottom of the page.
In addition to the training all Basic Needs Services student assistants receive—which covers the specific services provided, privacy considerations, and the hurdles students face when seeking help—peer mentors are trained on how to effectively engage with students during one-on-one sessions. The additional training includes the topics offered through Basic Needs Services’ Financial Literacy Program, as well as addressing specific queries that arise during sessions.
“We have group discussions about what financial wellness means to participants and how to apply that knowledge to assist students seeking help,” Ajemian mentioned. “As we are just in our second semester, we’re still discovering what topics students are interested in through peer mentoring and will adapt our training as necessary.”
Both Ajemian and Nguyen emphasized that the peer mentors do not serve as financial advisors. “If a student arrives at a peer-mentoring session with questions that require a professional advisor, we direct them to other resources,” Ajemian stated. “These resources include the Office of Financial Aid, Student Business Services, and the Scholarships Office.”
This semester, one-on-one mentoring drop-in hours are held in Gordon Hall, Room 179, on Thursdays from 1-3 p.m. and Fridays from 10:30 a.m. to 12:30 p.m. Zoom sessions are also available.
Students in need of assistance can schedule an appointment by visiting the Financial Literacy Program site (see the web address above) and selecting the link under the Financial Wellness Peer Mentoring section at the top of the page.
Peer mentors have also gained valuable experience through the Financial Wellness program. “They acquire many transferable skills applicable to various career paths,” Ajemian remarked. “Moreover, by engaging in direct conversations with students, they refine their professional communication abilities.”
“This experience has expanded my knowledge in several finance areas because I learned from both the training and through the hands-on experience of helping others,” Nguyen reflected. “When I leave Cal State Fullerton, I will cherish how much I contributed and how I was part of this community.”
