Relevant, Professional, and Altruistic: Motivations of College Peer Financial Mentors

Abstract

Colleges and universities have struggled to recruit and retain student workers (Zahneis, 2022), and numerous institutions have created financial mentoring programs, which 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.