A significant portion of college students encounter difficulties in managing their budgets and comprehending financial literacy. Data from the National Association of Student Financial Aid Administrators (NASFAA) indicates that merely 40% of four-year college students have engaged in a personal finance course. To address this issue, Western Washington University has introduced the Merriman Financial Literacy Program, which offers peer mentorship, access to financial tools, and educational events focusing on saving, investing, and budgeting strategies.
The peer mentorship component involves students from the College of Business and Economics guiding participants in financial management. This arrangement benefits both parties, as mentees enhance their understanding of finances while mentors gain valuable work experience for future career opportunities. According to Yousef Tirhi, a third-year student majoring in finance and entrepreneurship who serves as a peer mentor, the program's primary goal is to cater to the specific needs of each student. He emphasizes that every individual's financial situation varies, necessitating personalized financial plans.
Tirhi highlights that the program distinguishes itself by focusing on the unique requirements of students, enabling them to learn about topics not typically covered in class or mainstream media. Andrew Long, a third-year economics major, underscored the importance of planning for the future through mentorship, noting that retirement may seem distant but requires early preparation.
Elizabeth Snyder, a financial investment advisor and Western alumna, suggests that awareness of spending habits is crucial for effective budgeting. She advises students to monitor their expenses critically and adjust accordingly. Snyder also warns against common financial pitfalls, such as overestimating one's financial capacity with credit cards. The Merriman Financial Literacy Program aims to educate students on using credit cards responsibly and avoiding potential oversights in money management.
In addition to its current offerings, the program seeks to expand its reach within the Bellingham community by collaborating with local banks to enhance employees' knowledge of personal finance topics. An upcoming workshop scheduled for May 29 at 4 p.m. in the Biology Building, room 234, will focus on Strategies For Financial Success, providing further opportunities for students to develop essential skills.
Through initiatives like the Merriman Financial Literacy Program, Western Washington University continues to support students in navigating the complexities of personal finance. By fostering an environment of learning and mentorship, the university empowers its students to make informed financial decisions, setting them up for long-term success.