Browsing by Author "Villa, M"

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"Not a whole lot I could do": Challenges Facing College Peer Financial Mentors
(UNM Mentoring Institute, 2023-11) Taylor, Z.W.; Kayser, T; Kaus, J; Ray, Sara; Villa, M
It is critical for college students to develop a sense of financial literacy before they enter the workforce (Durband & Britt, 2012; Goetz et al., 2011). However, financial literacy programs on college campuses are sparse (Britt et al., 2015), and those campuses with programs often do not utilize a peer financial mentoring model. As a result, this study engaged with 54 collegiate peer financial mentors across seven institutions of higher education to explore mentors' challenges working with their peers. This study employs a phenome-nological qualitative approach using focus group data collection techniques (Saldaña & Omasta, 2022). We purposively sampled participants from institutions of higher education with peer financial mentoring programs over a three-year span (2020-2023) through research team connections with the Higher Education Financial Wellness Alliance. Participants attended virtual focus groups with colleagues from their institution, resulting in 22 focus groups held with 54 peer financial mentors across seven institutions of higher education. Three core themes emerged from the data related to the challenges faced by college peer financial mentors: 1.) Mentees having financial concerns that mentors could not help with, 2.) Mentors not possessing the financial knowledge to provide high quality peer financial mentoring, and 3.) Toggling between virtual and in-person programming was fraught with difficulty. Moreover, peer mentors mentioned miscellaneous challenges, such as communication with students, student volume, and students' expectations of the mento-ring session. As the first study of its kind to engage with college peer financial mentors regarding their challenges , institutions seeking to improve their peer financial mentoring model can learn from these challenges and increase programmatic effectiveness. These institutions can also better anticipate student needs and train mentors accordingly. Ultimately, institutions seeking to develop peer financial mentoring programs can also address programmatic expectations and communication with students to streamline the peer financial mentoring process.
Relevant, Professional, and Altruistic: Motivations of College Peer Financial Mentors
(UNM Mentoring Institute, 2023-11) Taylor, Z.W.; Kayser, T; Kaus, J; Ray, Sara; Villa, M
Colleges and universities have struggled to recruit and retain student workers (Zahneis, 2022), and numerous institutions have created financial mentoring programs, that employ peer mentors (Britt et al., 2015). However, these programs also struggle to staff these positions, which require high levels of financial knowledge. As a result, this study engaged with 54 collegiate peer financial mentors across seven institutions of higher education to explore mentors' motivations for seeking employment at their institution. This study employs a phenomenological qualitative approach using focus group data collection techniques (Saldaña & Omasta, 2022). We purposively sampled participants from institutions of higher education with peer financial mentoring programs over a three-year span (2020-2023) through research team connections with the Higher Education Financial Wellness Alliance. Participants attended virtual focus groups with colleagues from their institution, resulting in 22 focus groups held with 54 peer financial mentors across seven institutions of higher education. Three core themes emerged from the data related to motivations of peer financial mentors for seeking employment at their institution: 1.) Mentors wanted pre-professional work experiences aligned with a career in finance, 2.) Mentors wanted an on-campus position that appeared professional and prestigious on a resume, and 3.) Mentors wanted an altruistic job where they could help their peers with financial knowledge and skills. In addition, peer mentors desired soft skill development for future employment. This study is the first of its kind to engage with college peer financial mentors regarding their motivations for seeking employment. As a result, institutions with financial mentoring programs can learn how to better recruit and retain peer financial mentors, which may be in short supply. Moreover, institutions struggling to hire student workers to a variety of positions may learn from this study and better communicate the benefits of the positions, boosting student worker recruitment.
To Their Credit: Information Desired by College Students Seeking Peer Financial Mentoring
(UNM Mentoring Institute, 2023-11) Taylor, Z.W.; Kayser, T; Kaus, J; Ray, Sara; Villa, M
As an emerging field in higher education, institutions have adopted financial mentoring programs to help college students understand their finances (Goetz et al., 2011). However, little guidance exists to help these programs anticipate student needs and facilitate student-friendly programming (Taylor, 2022). As a result, this study engaged with 54 collegiate peer financial mentors across seven institutions of higher education to explore what financial topics college students struggle with and request mentoring for. This study employs a phenomenological qualitative approach using focus group data collection techniques (Saldaña & Omasta, 2022). We purposively sampled participants from institutions of higher education with peer financial men-toring programs over a three-year span (2020-2023) through research team connections with the Higher Education Financial Wellness Alliance. Participants attended virtual focus groups with colleagues from their institution, resulting in 22 focus groups held with 54 peer financial mentors across seven institutions of higher education. Three core themes emerged from the data related to financial topics that college students seek financial mentoring for: 1.) Understanding credit cards and how to build credit, 2.) Budgeting and investing, and 3.) Student loan management and repayment. However, peer financial mentors often expressed concerns about providing peers with financial information, especially about investing and student loan repayment , as peer financial mentors were cautioned by supervisors to avoid discussing investment options and student loan forgiveness. Although financial mentoring programs are emerging on college campuses, this research provides institutions and their financial mentoring programs with a foundation on which to understand what college students request when they seek peer financial mentoring. This study also sheds light on how program managers can anticipate student needs, help mentors navigate difficult topics, and train peer financial mentors to provide accurate, relevant financial information to college students.