Ball State’s Financial Wellness Department has launched a program designed to help students better understand financial concepts. According to the department's website, services include budget planning assistance and financial strategies for financing larger purchases, such as an apartment or car.
Assistant Director of Financial Wellness and Account Management Evan Richter started the financial wellness program just over two years ago because he said he and his team wanted Ball State students to be better able to manage their finances post-graduation.
“What we're doing is teaching a life skill. [Financial literacy] is something you can have the rest of your life,” Richter said, adding that the program now has two accredited financial counselors and two certified financial peer mentors since it first began.
All of the services and resources the program offers are free to students.
“This is free [and] unbiased — an amazing benefit to have,” Richter said. “I was here 11 years ago, and this wasn't a thing, so it is a new, fresh service that provides real-life skills and real-world results.”
The department even offers personality testing, which allows accredited financial counselors like John Mock to gain a better understanding of a student’s history with money management.
“[A student’s financial standing] could have to do with financial trauma. It could have to do with how you were raised and how you were taught how to handle money,” Mock said.
An April 2021 report from the National Library of Medicine revealed that 75 percent of U.S. college students experienced moderate to high financial distress that year. Richter said he thinks the high rates of distress might be because of the societal stigma around talking about money.
“[Students] want to hide [financial struggles] because if it's out of sight, it's out of mind. If they don't talk about it, they don't have to deal with it. But that only makes it worse,” Richter said.
Mock said that while students who are struggling financially will not always seek help, he hopes the department’s financial wellness program will change things.
“If a student is financially stressed, generally, their academics are going to be affected too,” he said. “It’s going to be really hard to enjoy your experience at Ball State when money is always looming in the back of your mind.”
Students can meet with peer mentors through this service as well. Similar to financial advisers, peer mentors can meet with students one-on-one to go over any financial concerns that students may have.
Financial peer mentor and third-year business administration student Eva Bott said her job as a peer mentor can make it easier for students to talk about their financial concerns.
“I’m just another person for students to come to if they’re not comfortable going to one of our advisers. They can talk to another student,” Bott said.
Financial Wellness will be hosting “Cardinal Financial Wellness Week” March 17-21, a week-long seminar of events and workshops, including a showing of “Legally Blonde” March 21 from 9 p.m. to 11 p.m. in Pruis Hall.
Other events during the week include a trivia night at Brother’s Bar & Grill in Muncie March 18 from 6:30 p.m. to 10 p.m.
To book an appointment with the Financial Wellness Department, email the department at financialwellness@bsu.edu, call 765-285-3939, file a form online or visit the department in Lucina Hall, room LU B32.
Contact Shelby Anderson via email at sanderson9@bsu.edu. Contact Linnea Sundquist via email at linnea.sundquist@bsu.edu.
The Daily News welcomes thoughtful discussion on all of our stories, but please keep comments civil and on-topic. Read our full guidelines here.