Money matters, let’s make it count!
In the immortal words of The Beatles, we know money can’t buy us love but can it buy us wellbeing?
For a long time now discussion of money has been something of a taboo subject, children not knowing what parents' earnings are etc… Times are moving on now, but we still see money being discussed in isolation. However, research shows us that is not a true picture, in fact there is an inextricable link between money and wellbeing.
Staff in the Money Advice Team based in Student Advice and Wellbeing Services are dealing with issues of limited financial resource, poor financial choices, pay day loans and other money lenders and gambling is on the increase. We saw the impact that the pandemic had on students with jobs being in short supply and we are preparing for the next crisis now with the cost of living increase and fuel prices on the rise as well as money scams.
Financial wellbeing will mean different things to different people, perhaps economic strength or prosperity. Students are certainly not going to be wealthy based on the current Government funding schemes, but they certainly make their money work harder for them than the other way around. Staff within the Money Advice Team work with students to enhance their financial literacy/capability and the benefits are real: research showing that students who can control a budget are more likely to have better degree outcomes.
The challenge for us is participation: to get the message across about the work we do and the broader support we can offer - not just the monetary support available through University hardship funds.
By the end of the session, colleagues will be clearer about the financial pressures that face students and how they can best support them through effective referral and greater collaborative work across their own programmes.
Copyright (c) 2022 James Foreshaw, Beverley Williams
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