The Essential Roles of Peer Mentors: Shaping Financial Education and Wellness on Campus

Written By: Dr. Gabrielle McAllaster,Ph.D., AFC®

Navigating finances in higher education is becoming increasingly complex, especially in our current socio-political environment. Diverse student populations face unique challenges in paying for their education, managing living expenses, and succeeding in their academics (Joy et al., 2024; Moore et al., 2021). Peer mentors play a foundational role in supporting their fellow students by offering insights, guidance, and financial education that can last a lifetime (Goebel et al., 2023). Specifically, they provide a brave space to discuss finances—a welcoming environment where students can confidently seek support from their peers in a way that feels more accessible and approachable. Founded in 2011 as a student-led initiative, the University of Utah’s Financial Wellness Center was one of the first of its kind in a higher education institution. Below are some helpful strategies and insights to cultivate effective peer mentor financial wellness programs. 

Hire Peer Mentors from a Variety of Academic Fields and Experiences 

Diversity is essential to the success of a peer mentor program. We hire peer mentors, both undergrad and graduate students, from various academic fields and backgrounds to ensure a broad range of perspectives and experiences. This approach enables peer mentors to connect with a wide array of students and address their unique financial concerns. I often tell students that financial education is valuable across all fields— from social work to engineering. By providing a space where students can gain financial knowledge, regardless of their academic background, we provide avenues for them to apply these principles in any future career. Students on our campus have the opportunity to select a peer mentor who shares similar experiences, allowing for a more personalized and relatable approach. This strategy not only strengthens the effectiveness of financial education but also fosters a more inclusive and supportive environment, where students can learn from one another and grow together. 

Invest in Student Development and Career Readiness 

Investing in student development is essential for the success of any peer mentor program, and its importance cannot be overstated. We place a strong emphasis on professional development and career readiness for our student staff. Peer mentors build vital social and interpersonal skills, such as compassionate communication and inclusive language, which are crucial for effective mentoring. For instance, our student staff participate in professional development workshops covering topics like resume building, cultural competency, bystander intervention, ethics and boundaries, in addition to their financial counseling training. These opportunities ensure that our peer mentors excel not only in providing financial guidance but also in developing key professional skills that prepare them for success in a variety of career paths. 

Elsa Osborne, H.B.S., AFC®, who began as one of our peer mentors and has since transitioned to the role of Program Coordinator, shared, “Our peer mentors gain a comprehensive understanding of financial principles. This knowledge enables us to offer practical, empathetic support to students facing increasingly complex and challenging personal and financial situations.” 

We are also fortunate to support students in obtaining their Accredited Financial Counselor (AFC) certifications. This certification enhances their financial knowledge and boosts their confidence in providing financial guidance to their peers. Alex Lewis, AFC®, and a double major in Financial Planning & Counseling and Accounting, shared, “Obtaining the AFC certification has directly helped me develop counseling skills to help students with difficult and unique circumstances. The AFC certification will help me stand out as a competitive candidate for future jobs.”  

For higher education financial wellness professionals, investing in students’ AFC certification is invaluable. Many students working in higher education face financial challenges due to low wages. While improving wages is essential, certifications like the AFC offer long-term financial security and open up valuable career opportunities. By providing this support, we not only enhance their knowledge and skills, but also prepare them for future career success in the financial wellness field and beyond. 

Offer a Variety of Professional Experiences and Pathways for Growth 

Our peer mentors gain exposure to a wide range of professional experiences that enhance both their financial knowledge and leadership skills. In addition to providing financial counseling, they participate in IRS Volunteer Income Tax Assistance (VITA) tax preparation, engage in campus outreach, and contribute to marketing and communication efforts. They also lead community engagement events that explore key financial topics, such as Navigating Financial Wellness and Neurodiversity, Spending and Saving with Joy, and Incorporating Social Wellness Into Your Money Plan.  

By leading these experiences, peer mentors gain a deeper understanding of how financial decisions impact individuals’ daily lives. They develop a holistic approach to financial wellness, addressing not only the financial aspects but also the cultural, social, and emotional dimensions of money management. This enables them to offer more compassionate and comprehensive guidance to their peers, fostering a well-rounded approach to financial education and counseling. 

Through these intentional professional experiences, mentors have the opportunity to network with campus partners, engage with professionals, and build a strong professional portfolio. These experiences not only enhance their financial expertise but also develop valuable skills in communication, leadership, and problem-solving—skills that are transferable across any career. By fostering a diverse and well-rounded peer mentor program, universities can create an environment that promotes financial education, empathy, cultural awareness, and career readiness, while also providing students with opportunities to pursue meaningful careers in financial education and beyond. 

About the Author
Gabrielle McAllaster, Ph.D., AFC®, is a dedicated scholar-practitioner and the Director of The Financial Wellness Center at the University of Utah, where she combines her passion for financial education with a commitment to student success. She holds a Ph.D. in Education, specializing in Higher Education, from Rowan University, and has extensive experience across several areas of higher education, including financial wellness, diversity, equity, and inclusion, and student affairs. Her holistic approach to financial wellness emphasizes its essential role in academic achievement and overall well-being. Dr. McAllaster is deeply committed to fostering campus environments where students can explore their leadership potential and grow as justice-centered leaders. 

References  

Goebel, P., Champagne, D., & Chavarria, C. G. (2023). Student Money Management Center
Financial Wellness Program. Financial Advising as a Tool for Student Success and
Educational Equity, 33.  

Joy, L., Tarbhai, U., Fletcher, C., & Webster, J. (2024). Unveiling Disparities Racial, Ethnic, and
Gender Gaps in Student Financial Insecurity and Proposed Solutions. Jobs for the
Future:Trellis Survey Report.  

Moore, A., Nguyen, A., Rivas, S., Bany-Mohammed, A., Majeika, J., & Martinez, L. (2021). A
qualitative examination of the impacts of financial stress on college students’ well-being:
Insights from a large, private institution. SAGE Open Medicine, 9, 20503121211018122. 

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