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This week is Student Employee Appreciation Week! With April being National Financial Literacy Month, the Career Center spoke with seniors Kristen Mayfield and Ian Mueller, peer financial coaches at the Office for Financial Success (OFS). We got to hear some much-needed financial advice and debrief about the impact they’re making at OFS! Take the time this week to show your appreciation to all the wonderful student employees pouring into the Mizzou community!
What does the Office for Financial Success do?
The Office for Financial Success provides an array of free services dedicated to offering students educational resources and learning opportunities fostering the reduction of financial stress and promoting the adoption of a sound financial well-being. OFS prides itself on inclusivity and the understanding that money can be a universal difficulty. A large part of managing your finances is the intrinsic motivation to seek out resources and a willingness to continue educating yourself. It’s about taking your fate into your own hands and being deliberate in your financial choices.
As a peer financial coach Ian, “Focuses on, financial well-being and teaching students about personal finance.” Through giving students various tools and resources, students can learn to effectively manage their money and expenses. Peer financial coaches have the chance to meet one-on-one with students to get an idea of their financial needs. Topics typically range from budgeting to saving and investing, paying for college, opening credit cards and managing student loans. Notably, many of these topics aren’t taught to students in traditional high school classrooms and as a non-financial major it can be hard to navigate with no prior knowledge of best practices. Kristen reflects, “We want students to feel comfortable talking about their finances.” “You’re talking to someone who lives the same lifestyle as you, they know exactly how you feel. We can relate to you.”
Self-discovery and professional growth
On-campus employment offers students many opportunities to learn about themselves in a professional environment. It also gives students the chance to jumpstart their respective careers, working in jobs that they are passionate about and align with their career goals. Further supplementing the diligent work students are doing in the classroom by putting their skills into practice.
In his time at OFS Ian’s learned, “The majority of personal finances, can be simple. The concept of spending less than we make is a pretty simple concept on the surface.” “But in practice, it’s really difficult. It’s really challenging to manage your finances.” Through learning about financial literacy at OFS, Ian’s developed a deeper understanding of what students are struggling with day-to-day. Ian recollects on, “Seeing a lot of different situations to and empathizing with students about what they’re going through and what they’re struggling with.” “Creating a plan for what we’re going to put into action, can sometimes be the most difficult part of managing your finances.”
Kristen’s focused on developing her professional soft skills that will carry with her even after she leaves Mizzou. She shares, “I’ve learned how to communicate effectively with students, so that they feel heard whenever they’re talking about their situations.” “I try presenting information in a way that effectively helps (students) learn what they need, so that they feel comfortable asking questions.”
Defining career goals
Student employment can act as a through line to obtain your career goals. Through various options for mentorship, professional development and hands-on experience, Mizzou student employees are well-equipped before they enter the workforce.
Ian shares, “My career goal is to become a financial planner. I want to work with people and help them manage their finances.” “What I’m doing day-to-day here is practically similar to what I’m going to be doing in my future profession.”
Conversely Kristen didn’t join the OFS team knowing exactly what she wanted to do post-grad. “Whenever I applied to this job, I didn’t really have a lot of experience with presentation skills or with talking one-on-one with clients.” Kristen believes the experience she’s garnered at OFS “helped (her) to narrow (the) direction of what (she) wants to do.” Student employment acts as a figurative “safety net” for students exploring their professional aspirations. Students are able to try new opportunities in a co-creation learning environment with a team supporting their growth. This environment also allows students to pursue employment that aligns with their interests and differing personality types. Kristen chose OFS because “(She) likes learning about finance, but (she) also likes communicating with people.” “(She) likes sitting down and talking to people and being personable.”
Helping students navigate their finances
For many students, coming to college is the first time that they’re managing their own finances and gaining independence in that way. Which can be a task in itself. Often, one of the biggest challenges students face is balancing leisure spending with necessity spending. Ian advocates that students can remediate that “Through being intentional about what (they’re) spending on and maybe reviewing some of (those) things and doing some self-reflection.” Being cognizant of everyday purchases and qualifying what’s a need versus a want goes a long way in balancing your expenses. Kristen adds, “Whether you’re a first-gen student and you’re the first one in your family to go to college, or if you’re just kind of becoming financially independent, you just don’t know a lot about it.” OFS prides itself on inclusivity, so there is no base knowledge requirement you need to come in with. This is a learning experience for everyone! Both Kristen and Ian echo the importance of “Engaging with the Office for Financial Success in some capacity.” Ian adds, “Come and meet with us one-on-one or maybe come to a presentation or workshop on a specific topic. We provide a lot of education and some kind of framework for how you can think about managing your finances and those sorts of things.”
What you should know about financial literacy
In terms of accessibility Ian supports students, “Utilizing some trusted (social media) sources to learn more about personal finance.” These platforms are native to us and can be a great tool to educate yourself on the ins and outs of finances. The resources and counsel the Office for Financial Success provides acts as a great base for what students should know about financial literacy. But to be more proactive in your financial journey Kristen adds, “Use (these resources) to create action steps (for obtaining) financial wellness in your future.”
To participate in National Financial Literacy Month activities and to get additional resources, visit the Office for Financial Success in Stanley Hall.
By Raigan Clay