Higher Education Financial Wellness Alliance (HEFWA)

Permanent link for this collectionhttps://hdl.handle.net/2022/25713

The Higher Education Financial Wellness Alliance is a network of professionals and institutions driven to advancing student success through financial wellness. The Higher Education Financial Wellness Alliance was created as a result of the success of the annual Higher Education Financial Wellness Summit (originally known as the National Summit on Collegiate Financial Wellness), which was first held in 2014. The initial primary objective behind the Summit was to bring practitioners together to explore how institutions can better provide access to financial education material that would help address issues related to student debt and a lack of financial literacy among college students. While it is still a core piece of the Summit, the programming has expanded to address barriers to degree completion that stem from students’ financial issues, such as food insecurity, homelessness, and overall financial fragility. While the Summit has been a positive venue for bringing together financial wellness champions from around the country, there is now a clear demand for the opportunity to continue the conversations throughout the rest of the year. This is the reason for the Alliance: to be the premiere forum for conversations related to financial wellness in higher education.

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Bridging Research & Praxis: Applying HEFWA Research to Strengthen Programs
(Higher Education Financial Wellness Alliance (HEFWA), 2025-04) Taylor, ZW; Ray, Sara; Nixon, Dez; Simonds, Richard; Becker, Jenny; Hughes, Steven; Blakeney, Aly; Marx, Andrew
The presentation "Bridging Research to Praxis: Applying HEFWA Research to Strengthen Programs" by the HEFWA Research Committee outlines significant research efforts and findings aimed at enhancing financial wellness programs in higher education. Since 2020, the committee has conducted multiple surveys, qualitative studies, and analyses of institutional websites and chatbots. Key research initiatives include: HEFWA Survey of Financial Wellness Programs: Conducted three times, these surveys provide insights into programming, student engagement, staffing, and budget allocations across various institutions. Qualitative Study of Peer Financial Mentors: This study explores the recruitment, training, and experiences of peer financial mentors, highlighting the importance of soft skills, listening, and support from supervisors. Analysis of Financial Wellness Websites: Examining over 4,399 institutional websites, the study identifies the prevalence, naming conventions, and resource limitations of financial wellness webpages. Human-Computer Interaction Study on Chatbots: Investigating 177 chatbots, the study assesses their effectiveness in providing financial wellness counseling, revealing significant gaps and areas for improvement. The presentation emphasizes the practical application of these research findings to improve financial wellness programs. Recommendations include enhancing website content and structure, optimizing chatbot functionality, and adopting models like the Gradual Release of Responsibility (GRR) for peer mentor development. The ultimate goal is to provide clear, accessible, and effective financial wellness resources to students, thereby bridging the gap between research and practice in higher education.
Artificial Intelligence and Financial Counseling: Do Institutions of Higher Education Embed Chatbots in their Financial Wellness Websites?
(Higher Education Financial Wellness Alliance (HEFWA), 2025-03-21) Taylor, ZW; Marx, A; Nixon, D; Ray, S; Simonds, R; Smith, M; Glass, S; Mesa, J; Becker, J; Blakeney, A; Cerebe, T; Miller, A; Enlow, J; Hughes, S; Colby, H; Kayser, T; Smith, B; Wheeler, B
This brief makes a timely contribution to the literature by accomplishing three objectives: Understanding how many and which kinds of institutions publish financial wellness information on their official .edu website. Understanding whether institutions embed AI chatbots into these financial wellness websites. And understanding whether these AI chatbots are online and available to Internet users during normal local time business hours (9:00 AM to 5:00PM). This brief builds upon HEFWA’s foundational work by exploring the presence of AI chatbots on institutional financial wellness websites. This work will help financial wellness practitioners and students understand whether institutions are leveraging emergent AI technology and how financial wellness programs can leverage this technology to render financial wellness operations more efficient and responsive for college students.
Financial Wellness Education Software: What is Higher Education Including on Their Websites for College Students?
(Higher Education Financial Wellness Alliance (HEFWA), 2025-02-04) Taylor, ZW; Ray, Sara; Glass, Sophie; Marx, Andrew; Simonds, Richard; Mesa, Joseph; Nixon, Dez; Becker, Jenny; Smith, Mallorie; Blakeney, Aly; Cerebe, Tim; Miller, Amanda; Enlow, Justin; Hughes, Steven; Colby, Helen; Kayser, Tristia; Smith, Becky; Wheeler, Brandan
In recent years, both technology and financial wellness programming have significantly transformed the landscape of higher education in the United States. As financial wellness becomes an increasingly prominent student service, many colleges and universities choose to provide financial education software to the students they serve. This software may be the only financial education service offered by the institution, but in many cases, it helps expand or supplement services offered by financial wellness offices and programs.
A Gradual-Release-Of-Responsibility (G-R-R) Model For Developing Peer Financial Mentors In Higher Education
(Higher Education Financial Wellness Alliance (HEFWA), 2025-01-23) Taylor, ZW; Ray, Sara
The last decade has seen tremendous growth in the number of financial education initiatives across higher education institutions (Taylor & Ray, 2023). As part of these efforts, many colleges and universities have launched peer financial mentoring programs that pair trained student employees or volunteers with students seeking personal finance education and support. However, as colleges and universities have created and implemented peer financial mentoring programs, little work has been done to synthesize best practices in training peer mentors. Moreover, no empirical work has explored how peer financial mentors are trained for the job or professionally developed. Yet, a wealth of empirical research has found that financial counseling and mentoring often entails difficult, uncomfortable conversations between mentors and mentees regarding the mentees’ personal finances, resulting in potentially difficult and uncomfortable situations (Alsemgeest, 2016; Simmel, 2011; Trachtman, 1999). Therefore, it is critical to understand how financial wellness programs and their leadership facilitate training for peer financial mentors in college and university settings, informing how to implement and scale robust training for peer financial mentoring programs at institutions of higher education. This brief proposes a Gradual Release of Responsibilities (G-R-R) model (Fisher & Frey, 2021) for the training and development of peer financial mentors, a novel model in the higher education financial wellness field. This model emerged from a larger qualitative research study conducted by the HEFWA Research Committee in which 54 peer financial mentors from 7 different institutions of higher education in the United States were interviewed about their experiences engaging in financial wellness and education work, including their training and professional development. During the course of the study, the following relevant research questions were posed: RQ1: How do peer financial mentors working in U.S. higher education describe their experiences with training for peer financial mentoring? RQ2: Based on their experiences with mentoring their peers, which training and professional development is most effective for peer financial mentors? By answering these questions, program managers of financial wellness programs and financial aid outreach programs can better understand how to train their peer financial mentors for the niche, potentially uncomfortable work of providing financial mentoring for their peers. Moreover, envisioning the work of training peer financial mentors through the G-R-R model will assist program managers in developing high impact training strategies.
Literacy, Wellness, and Everything Else: How Are Financial Wellness Websites in Higher Education Named?
(Higher Education Financial Wellness Alliance (HEFWA), 2025-01) Taylor, ZW; Marx, Andrew; Nixon, Dez; Ray, Sara; Simonds, Richard; Mesa, Joseph; Smith, Mallorie; Miller, Amanda; Blakeney, Aly; Becker, Jenny; Glass, Sophie; Cerebe, Tim; Enlow, Justin; Hughes, Steven; Colby, Helen; Kayser, Tristia; Smith, Becky; Wheeler, Brandan
In recent years, both technology and financial wellness programming have significantly transformed the landscape of higher education in the United States. As financial wellness becomes an increasingly prominent student service, understanding how institutions name and frame these resources is crucial. Specifically, the distinction between terms like "financial literacy" and "financial wellness" can convey different messages to students about the focus and scope of these services. The choice of terminology can impact student engagement and perceptions of the resources offered, influencing whether they view these services as essential for long-term financial health or as basic, one-time educational interventions.
What Financial Wellness Resources Are Included In Financial Wellness Websites In Higher Education?
(Higher Education Financial Wellness Alliance (HEFWA), 2024-12-02) Taylor, ZW; Marx, Andrew; Ray, Sara; Simonds, Richard; Becker, Jenny; Mesa, Joseph; Smith, Mallorie; Miller, Amanda; Nixon, Dez; Blakeney, Aly; Glass, Sophie; Cerebe, Tim; Enlow, Justin; Hughes, Steven; Colby, Helen; Kayser, Tristia; Smith, Becky; Wheeler, Brandan
In the past two decades, both technology and financial wellness programming has changed the landscape of higher education in the United States. As financial wellness continues to grow as a student service in higher education (Taylor & Ray, 2023), it is critical to understand what financial wellness resources are being made available on institutional (.edu) websites. At the 2024 HEFWA Summit in Pittsburgh, PA, the HEFWA Research Committee first presented on financial wellness websites in higher education (Ray et al., 2024). In September 2024, the HEFWA Research Committee published its first brief on financial wellness websites in higher education (Taylor et al., 2024a), followed shortly thereafter by a webinar in November 2024 focused on financial wellness websites in higher education (Taylor et al., 2024b). This brief and webinar reported data on how many institutions published financial wellness content and resources on a webpage within their .edu institutional website, in addition to many examples and exemplars in the field. This brief focuses specifically on the resources included on financial wellness websites in higher education. It is important to note that the data contained in this brief does not report on programmatic information--this brief and the HEFWA Research Committee project on financial wellness websites in higher education focuses specifically on what financial wellness information is being published by institutions somewhere on their .edu website. As a result, just because an institution publishes a financial wellness resource (ex: an external link to an online budgeting tool or the FAFSA), it does not mean that institution has a fully-staffed financial wellness program.
Financial Wellness Websites in Higher Education: Who, What, Where, and “Other”
(Higher Education Financial Wellness Alliance (HEFWA), 2024-11-13) Taylor, ZW; Simonds, R; Marx, A; Mesa, J; Smith, M; Nixon, D; Ray, S; Miller, A; Enlow, J; Glass, S; Smith, B; Wheeler, B; Colby, H; Cerebe, T; Hughes, S; Becker, J; Blakeney, A; Kayser, T
This webinar was presented on November 13, 2024 as part of the HEFWA Webinar Series. The webinar "Financial Wellness Websites in Higher Education" by the HEFWA Research Committee presents an analysis of financial wellness and literacy web pages across U.S. higher education institutions. The research, conducted using IPEDS data and Google search methods, found that only 21.4% of institutions had financial wellness web pages, with a higher prevalence among public, four-year institutions. These pages are most commonly located within financial aid websites, though some are found in student services or other departments. Key findings include common naming conventions, with most pages labeled as "financial literacy" rather than explicitly providing comprehensive wellness resources. The study explores the range of resources provided on these pages, such as videos, educational software, and multimedia, noting limitations in resource offerings. Challenges in website maintenance, broken links, and limited student awareness of these resources are highlighted. The report recommends strategic content improvements, like mobile-friendly design, concise text, contact information, and multimedia integration, to enhance accessibility and engagement. Future research aims to assess program presence without dedicated web pages and analyze resource depth and staffing on these platforms. The goal is to inform HEFWA members and support institutions in developing effective, student-centered financial wellness resources.
Recruiting and Retaining College Student Workers as Peer Financial Wellness Mentors
(2024-10) Taylor, Z.W.
Recruiting and retaining high-quality college students to work on campus as part-time student workers has remained a persistent, problematic issue. Especially difficult is staffing peer financial wellness mentoring programs, which require college students to demonstrate both soft skills and hard, financial skills related to financial wellness. This study was framed by Mitchell et al.'s (2001) job embeddedness theory, which explored what aspects of work employees must respond to as both recruitment and retention measures, with the theory being applied in both education and business contexts since its inception in 2001. Leveraging this theory, this qualitative study engaged with peer financial wellness mentors to explore 1) effective methods of recruitment of these mentors and 2) effective methods of retention of these mentors. This study employs a phenomenological qualitative approach using focus group data collection techniques. We conducted purposive sampling from institutions of higher education with peer financial mentoring programs over a three-year span (2020-2023) through professional connections with the Higher Education Financial Wellness Alliance. Participants attended virtual focus groups with peers from their institution, resulting in 22 focus groups held with 54 peer financial wellness mentors across seven institutions of higher education. Overall, data revealed three distinct themes pertinent to the recruitment and retention of student workers: 1) peer financial wellness mentors reported that recruitment methods were multifaceted and included digital and physical information, 2) mentors were retained in their roles because of the flexible, career-oriented nature of their work, and 3) program supervisors were critical in recruiting and retaining mentors. As the first study to explore recruitment and retention strategies of college student workers as peer financial wellness mentors, institutions seeking to build financial wellness programs and staff mentoring programs can learn from these insights and recruit and retain high quality student staff. Ultimately, institutions in many functional units in higher education (admissions, financial aid, student housing, etc.) can learn from this study and better develop comprehensive recruitment and retention strategies to support college students and the peers who support them.
Financial Mentorability: College Peer Financial Mentors Describe Good Mentoring
(2024-10) Taylor, Z.W.
Although many studies have explored mentoring in higher education, no studies have explored how peer financial wellness mentors conceptualize their work and view good financial wellness mentorship. It is especially important to understand the perspectives of these particular types of mentors, as colleges and universities continue to develop financial wellness programming to address persistent issues related to the costs of college and subsequent student loan debt. This study was framed by Reddick's (2014) theory of mentorability, which was later expanded upon by Black and Taylor (2017) and Black et al. (2019) to describe both a college student mentor's and a college student mentee's willingness or preparedness to be mentored in a reciprocal relationship in a higher education context. We leverage this theory to understand how peer financial wellness mentors view mentoring in higher education contexts. Leveraging mentorability, this qualitative study engaged with peer financial wellness mentors to explore descriptions of high-quality mentoring, including deployment of soft skills and financial acumen, both necessary for such specialized peer mentoring. This study employs a phenomenological approach using focus group techniques. We purposively sampled from institutions over a three-year span (2020-2023), resulting in 22 focus groups held with 54 peer financial wellness mentors across seven institutions of higher education. Overall, three main themes emerged from the data. Mentors described high quality peer financial wellness mentoring as 1) focusing on soft skills much more than financial knowledge, 2) emphasizing listening rather than speaking during mentoring sessions, and 3) requiring knowledge of financial resources and campus contacts. Ultimately, institutions supporting all types of mentoring programs can learn from this work, including institutions interested in supporting college student financial wellness through peer financial wellness mentoring models.
A Database of Financial Wellness Webpages in Higher Education
(Higher Education Financial Wellness Alliance (HEFWA), 2024-10) Taylor, Z.W.; Simonds, Richard; Marx, Andrew; Smith, Mallorie; Nixon, Dez; Ray, Sara; Miller, Amanda; Enlow, Justin; Glass, Sophie; Smith, Becky; Wheeler, Brandan; Colby, Helen; Cerebe, Tim; Hughes, Steven; Becker, Jenny; Blakeney, Aly; Kayser, Tristia
This is a .csv database for financial wellness webpages in U.S. higher education.
Recruiting and Retaining College Student Workers as Peer Financial Wellness Mentors
(UNM Mentoring Institute, 2024-10) Taylor, Z.W.
Recruiting and retaining high quality college students to work on campus as part-time student workers has remained a persistent, problematic issue (Black & Taylor, 2018; Kim, 2023; Taylor & Black, 2018). Especially difficult is staffing peer financial wellness mentoring programs, which require college students to demonstrate both soft skills and hard, financial skills related to financial wellness (Schuman et al., 2023; Taylor et al., 2021). This study was framed by Mitchell et al.’s (2001) job embeddedness theory, which explored what aspects of work employees most respond to as both recruitment and retention measures, with the theory being applied in both education and business contexts since its inception in 2001. Leveraging this theory, this qualitative study engaged with peer financial wellness mentors to explore 1.) Effective methods of recruitment of these mentors and 2.) Effective methods of retention of these mentors. This study employs a phenomenological qualitative approach using focus group data collection techniques (Saldaña & Omasta, 2022). We conducted purposive sampling from institutions of higher education with peer financial mentoring programs over a three-year span (2020-2023) through professional connections with the Higher Education Financial Wellness Alliance. Participants attended virtual focus groups with peers from their institution, resulting in 22 focus groups held with 54 peer financial wellness mentors across seven institutions of higher education. Overall, data revealed three distinct themes pertinent to the recruitment and retention of student workers: 1.) peer financial wellness mentors reported that recruitment methods were multifaceted and included digital and physical information, 2.) mentors were retained in their roles because of the flexible, career-oriented nature of their work, and 3.) program supervisors were critical in recruiting and retaining mentors. As the first study to explore recruitment and retention strategies of college student workers as peer financial wellness mentors, institutions seeking to build financial wellness programs and staff mentoring programs can learn from these insights and recruit and retain high quality student staff. Ultimately, institutions in many functional units in higher education (admissions, financial aid, student housing, etc.) can learn from this study and better develop comprehensive recruitment and retention strategies to support college students and the peers who support them.
Financial Mentorability: College Peer Financial Mentors Describe Good Mentoring
(UNM Mentoring Institute, 2024-10) Taylor, Z.W.
Although many studies have explored mentoring in higher education (Black & Taylor, 2017; Nuis et al., 2023), no studies have explored how peer financial wellness mentors conceptualize their work and view good financial wellness mentorship. It is especially important to understand the perspectives of these particular types of mentors, as colleges and universities continue to develop financial wellness programming to address persistent issues related to the costs of college and subsequent student loan debt (Schuman et al., 2023; Taylor et al., 2021). This study was framed by Reddick’s (2014) theory of mentorability, which was later expanded upon by Black and Taylor (2017) and Black et al. (2019) to describe both a college student mentor’s and a college student mentee’s willingness or preparedness to be mentored in a reciprocal relationship in a higher education context. We leverage this theory to understand how peer financial wellness mentors view mentoring in higher education contexts. Leveraging mentorability, this qualitative study engaged with peer financial wellness mentors to explore descriptions of high-quality mentoring, including deployment of soft skills and financial acumen, both necessary for such specialized peer mentoring. This study employs a phenomenological approach using focus group techniques (Saldaña & Omasta, 2022). We purposively sampled from institutions over a three-year span (2020-2023), resulting in 22 focus groups held with 54 peer financial wellness mentors across seven institutions of higher education. Overall, three main themes emerged from the data. Mentors described high quality peer financial wellness mentoring as 1.) focusing on soft skills much more than financial knowledge, 2.) emphasizing listening rather than speaking during mentoring sessions, and 3.) requiring knowledge of financial resources and campus contacts. Ultimately, institutions supporting all types of mentoring programs can learn from this work, including institutions interested in supporting college student financial wellness through peer financial wellness mentoring models.
WHERE IS FINANCIAL WELLNESS INFORMATION PUBLISHED WITHIN INSTITUTIONAL WEBSITES IN HIGHER EDUCATION?
(Higher Education Financial Wellness Alliance (HEFWA), 2024-09) Taylor, Z.W.; Simonds, Richard; Ray, Sara; Mesa, Joseph; Marx, Andrew; Smith, Mallorie; Nixon, Dez; Blakeney, Aly; Glass, Sophie; Cerebe, Tim; Enlow, Justin; Hughes, Steven; Miller, Amanda; Becker, Jenny; Colby, Helen; Kayser, Tristia
Although institutions of higher education in the United States have published websites since the late 1990s, little is known regarding whether institutions publish financial wellness-related content on their websites and specifically where this information resides. Many institutions of higher education have provided their students with access to resources intended to improve their financial wellness and address the financial illiteracy crisis, yet it can sometimes be challenging for students to find the information. These institutions often have several different websites, often under multiple departments, through which students must search for the resources they need. Analyzing the number and location of financial wellness information will ensure students are receiving the necessary information in a trust-worthy manner and help determine how information should be presented for the sake of accessibility. For example, many institutional webpages related to prospective student applications (ex:: https://admissions.indiana.edu/enroll/freshman/) reside within the institution’s broader admissions website (ex: https://admissions.indiana.edu/). However, no studies have explored where financial wellness content or webpages are published. As a result, to inform financial wellness practice in higher education, this brief reports on website data gathered from 948 institutional webpages (all .edu) to better understand where professionals are publishing financial wellness content on their institutional websites.
Financial Wellness Websites in Higher Education
(Higher Education Financial Wellness Alliance (HEFWA), 2024) Taylor, ZW; Ray, Sara; Marx, Andrew; Smith, Mallorie; Glass, Sophie; Blakeney, Aly; Colby, Helen
This database is a list of financial wellness websites in United States higher education as of July 13, 2024. Included in the database is IPEDS unit ID, institution name, URL, and institutional sector.
Does Requiring Program Participation Increase Actual Participation? Evidence From Financial Wellness Programs In Higher Education
(Indiana University, 2024) Taylor, ZW; Glass, Sophie
To date, no empirical studies have investigated whether requiring student services program participation for a certain college student population actually results in increased student participation. As a result, this brief leverages institutional data (n=57) from the 2023 HEFWA Survey of Financial Wellness Programs in Higher Education to answer the following research question: If financial wellness programs in higher education require any student population to participate in financial wellness programming, is that requirement associated with increased participation in financial wellness programming?
HEFWA Research Brief - May 2024 - How Are Financial Wellness Programs in Higher Education Budgeted and Financially Supported?
(Higher Education Financial Wellness Alliance (HEFWA), 2024-05) Taylor, Z.W.
This brief provides an overview of how financial wellness programs in higher education (n=61) are budgeted and from where they receive financial support.
HEFWA Brief - April 2024 - MATURITY AND REPORTING UNITS OF FINANCIAL WELLNESS PROGRAMS IN HIGHER EDUCATION
(Higher Education Financial Wellness Alliance (HEFWA), 2024-04) Taylor, Z.W.
This brief provides a snapshot into when financial wellness programs (n=61) were founded and what campus units they report to (ex: financial aid, student affairs, etc.).
HEFWA Brief: FINANCIAL WELLNESS PROGRAMS AND INTERNAL AND EXTERNAL PARTNERSHIPS
(Higher Education Financial Wellness Alliance (HEFWA), 2024-03) Taylor, Z.W.; Ray, Sara
This brief provides a snapshot into whether financial wellness programs (n=55) in higher education have established internal and external partnerships and who those partners are.
FINANCIAL WELLNESS PROGRAMMING MODALITIES IN HIGHER EDUCATION
(Higher Education Financial Wellness Alliance, 2024-02) Taylor, Z.W.; Ray, Sara
This brief provides a snapshot into how financial wellness programs in higher education operate different service modalities (in-person, virtual, hybrid). This brief is based on a larger survey of financial wellness programs in higher education.
Peer Financial Mentoring in Higher Education: Research to Practice
(Higher Education Financial Wellness Alliance, 2024-02-15) Ray, Sara; Taylor, Z.W.
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 presentation provides an overview of a series of studies that engaged with 54 collegiate peer financial mentors across seven institutions of higher education. 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.

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