How can universities aid students’ financial resilience?
Summary of the Blackbullion tweet chat. Thursday, October 12, 1-2pm #BBuniversity. Blackbullion was joined by a distinguished panel of experts, and participants from the higher education sector, as well as FinTech companies, to discuss the financial resilience of students.
Dr Emily McIntosh, Director of Student Life, University of Bolton @emilythemac
Jenny Shaw, Head Student Services & Insight, Unite Students @jennyshaw
Danielle Coe, Head of Student Finance, University of Hertfordshire @UH_Funding
Brian Hipkin, CEO & Founder at ReFRAME HE Consultancy Ltd @brianadamdan
Chris Shelley, Director of Student and Academic Services, University of Greenwich, AMOSSHE @chris_shelley
Grace Anderson, Fundraising and Communications Manager, Student Minds @StudentMindsOrg
Here are some highlights from the event showing the key points made by our panelists and participants in our very busy chat!
1. Financial education should be made accessible for all students, not just those who are struggling financially. Developing financial resilience is a lifelong skill.
2. It is in universities’ interests to work to improve financial resilience among students – this is particularly important given that poor levels of financial resilience has been linked to other issues such as mental health.
3. Universities need to work with students and the wider community to destigmatise talking about money: there should be no shame in struggling.
4. Early and ongoing intervention is key for students who are facing financial difficulties. This also needs to be talked about more at university – the majority of students will experience some sort of financial hardship in their time at university.
5. Technology has an important role to play in improving levels of financial resilience. Apps and online tools can encourage students to get engaged while gamification can keep them engaged.
6. Ultimately though, students’ ongoing financial success relies on them taking responsibility for their own financial futures. Universities can help, but the final say lies with the individual student.