Jackson Harvey
What is Financial Futures?
Stacey Lhuillier
K-State has a well-being initiative that they integrated into all the programs on campus to serve students, and one of the disconnects that they had was in financial well-being. Up to that point, we had our Powercat Financial as a fantastic peer led resource that would assist students to gain insightful information. Financial Futures was an attempt to try to take that into the classroom as more than just a presentation and become more a part of the curriculum that could be integrated into each of the colleges. So, because we were hoping for an all-university financial initiative, we created Financial Futures. That way, we would have an opportunity to have Powercat Financial as a way for students to gain insight about information that they learned through the curriculum that was a part of their classes. It’s a two-part team system that we’ve been able to integrate this all-university financial initiative and we hope to continue to grow to be a part of all colleges and campuses that are here at K-State.
Jackson Harvey
That’s amazing. I know that was something that I wish that I learned more of in high school was to be able to be apart and learn more about those financial skills going forward. I think that’s amazing that we’re going to go and take that initiative into the classroom.
Another important aspect is financial well-being. Why do you think financial well-being is important?
Stacey Lhuillier
For many students, not having that knowledge often creates issues. Our rationale for why we felt like we needed to work towards financial literacy was the stress that oftentimes a lack of well-being can create. That stress in the collegiate environment creates a distraction. Sometimes, students feel stressed about trying to navigate a budget that maybe they don’t have, trying to navigate managing their money, and deterring students in the classroom or in their relationships that they have. That deterrence can create situations where students aren’t able to be retained in the academic setting. They may get discouraged. That was really our initial rationale for why it was so vitally important to create Financial Futures.
Another goal that we have is to try to find ways to normalize financial literacy and demystify it, and make it appear less intimidating so that others feel more receptive to ask those questions. Many times, our decisions can be devastating to our financial future because we make bad financial decisions that affect us for years. As simple as making late payments, or defaulting on loans, or possibly bankruptcy. Therefore, we hope to provide a space to guide students along the right path, to help them have an opportunity to make sure that they have a solid foundation and accomplish that financial stability that they desire.
Jackson Harvey
In the light of the importance of that knowledge, in what ways do you think that Financial Futures will help assist students with financial being in upcoming years?
Stacey Lhuillier
When we first started the Financial Futures initiative, it was very important for us to figure out ways to integrate it into the classroom. We found that by helping students with financial literacy their very 1st year they would build upon that base we set throughout their years here at K-State and beyond.
Financial Futures also hopes to highlight the more unique needs between programs and help provide more scrutinized and individual experiences for each student and their background. We hope to go into the classroom and create that relevance, create that excitement, normalize, and demystify financial literacy so that they feel more confident asking those questions with Powercat Financial who are readily available to begin the process of working with them. I always encourage students to regularly sit down with a peer financial counselor to have those conversations to reach those financial goals while they are reaching those academic goals.
Jackson Harvey
Speaking of goals, what are Financial Futures’ goals as they look towards the future?
Stacey Lhuillier
I think one of the important goals in our future is to continually revisit conservations with different colleges on campus each semester to be instrumental in helping them to accomplish their goals.
For example, here in the College of Business we have some methods to try and reach our entry level students. We have a general business class that is a freshman level course where we go in and introduce some of those topics. Then we go to into one of the sophomore classes, a career accelerator class, and we devise the topics that are relevant to the financial aspects of student’s lives, but are career focused, like negotiating salaries and evaluating job offers. This allows students to be exposed to that from the beginning and build upon that knowledge and skillset as they progress through the program. Being able to have a buffet of resources is our optimal goal along with having a financial literacy program accessible for students in every college to meet their needs based on what is necessary for their students. We also plan to expand on these goals to encompass postgraduates and alumni students in the future.
Jackson Harvey
You mentioned a little bit about the Powercat Financial program. How do you see Financial Futures and Powercat Financial working together within the bigger initiative with the goal of financial wellness?
Stacey Lhuillier
Oftentimes in the classroom a presentation will be done by a faculty consultant, as part of Financial Futures to help develop that content. We found a way to divide and conquer, yet at the same time, we reinforce each other. When we go into the classroom, we’re introducing these concepts, getting them excited, helping them to feel comfortable and confident about those topics, but pointing them towards Powercat Financial to have a more individualized experience. At the same time, Powercat Financial goes into these spaces such as sororities, fraternities, clubs, organizations, first year seminar classes, and they help students get excited about what’s happening there. With that excitement Powercat encourages students to go back to their colleges and advocate for financial literacy in their program! We’re really complementing each other and trying to be the full package so that that way the students are getting the exposure they need and they’re getting the resources to reinforce financial literacy.
Jackson Harvey
In summary, what would you want our readers to take away from our conversation today?
Stacey Lhuillier
In order to create a campus wide financial literacy initiative, it is going to take all of us. It truly is. If we all work together, an attempt to try to obtain the knowledge that can guide us to be able to make good solid financial decisions. It can give us the ability to have financial stability and financial success.
Learn more about K-State’s Financial Futures initiative at www.k-state.edu/financial-futures.
Jackson Harvey
Peer Financial Counselor II
Powercat Financial
