As a finance student, Andrea Stewart-Douglas acquired extensive knowledge regarding monetary policy, investment banking, and accounting standards. Nevertheless, she still accumulated credit card debt.
“I consistently advise students that I, too, have made errors in managing finances,” stated Stewart-Douglas, the first director of student financial wellness programs at Washington University in St. Louis. “This understanding doesn’t come naturally; it is something you must acquire.”
The financial wellness initiative is a recent endeavor by the Division of Student Affairs aimed at enhancing financial literacy across the student body. In her newly appointed role, Stewart-Douglas has created classes and workshops covering subjects such as budgeting, taxes, and investing. Additionally, she offers personalized coaching and links students to financial tools and resources like iGrad, an online platform designed to aid students in navigating financial aid, credit reports, and tax documents.
“Every student — regardless of their background or income levels — must learn to manage their finances and prepare for the future. We believe that equipping our students with accurate information and essential skills will set them up for enhanced achievement both now and in the future,” remarked Stewart-Douglas. “Many of us learned these lessons through difficult experiences and mistakes. However, we aim for our students to graduate from WashU equipped with these vital life skills.”
Stewart-Douglas mentioned that WashU adopts a comprehensive strategy toward financial wellness. In addition to financial education, she also assists students facing challenges. She oversees the Student Success Fund, which caters to emergency and educational enrichment expenditures. Furthermore, she connects students to resources related to financial aid, dining, and accommodations.
Her office collaborates with the Taylor Family Center for Student Success, which supports the increasing demographic of lower-income and first-generation students at WashU through peer mentoring and professional development programs. Currently, 22% of WashU undergraduates qualify for Pell grants.
“Financial literacy comprises just one facet of our efforts here,” Stewart-Douglas highlighted. “Addressing the knowledge gaps is crucial. However, we also aim to tackle the gaps in necessity. Our mission is to integrate education with resources so that we can support the complete student in one location.”
Stewart-Douglas emphasized that every student can gain from the initiative’s diverse range of programs. At 5 p.m. on March 25, students will have the opportunity to learn how to assess an employer’s benefits package. Moreover, at 1 p.m. on April 11, a wealth management specialist will instruct students on beginning their investments.
“We continuously listen to our students to ascertain which topics are most pertinent and timely for them,” Stewart-Douglas articulated.
A national study conducted by TIAA Institute’s Global Financial Literacy Excellence Center indicates that financial literacy is notably lacking across all generations, particularly among Generation Z, the current college demographics.
The study also revealed a significant relationship between financial literacy — such as comprehending compound interest and knowing how to complete a 1098-T tax form — and financial wellness, which includes possessing sufficient resources to meet financial goals, handle unforeseen expenses, and prepare for the future.
Stewart-Douglas has witnessed this reality during her 12 years in WashU’s Student Financial Services. Although 26 states, including Missouri, mandate high school students to finish a course in personal finance, numerous students sought her help feeling daunted by their monthly expenses. In response, she initiated a program titled B.E.A.R.S., which stands for Being Economically Aware and Responsible Students. Participants learned to create and maintain a budget, build credit, and file their taxes.
Stewart-Douglas intends to introduce additional educational opportunities for students across various schools and courses, such as the Bear Beginnings orientation program. Ultimately, she envisions assembling a team of peer counselors and developing customized programming for graduate and professional students.
Anna Gonzalez, vice chancellor for student affairs, noted that financial literacy is a vital aspect of the division’s “Healthy Excellence” initiative.
“We understand that physical and mental well-being are essential for lifelong achievement. Financial health is equally important,” Gonzalez stated. “I can assure you, financial stress can adversely affect your academic performance and mental wellness. Colleges have been slow to acknowledge the significance of financial literacy, but at WashU, we are committed to helping students acquire these essential skills as part of our educational mission.”
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