Abstract:

In a tertiary education environment, in which the need for student support services is continuously growing, University resources are becoming more limited and student financial hardship more prominent. Research shows that financial issues are the number one contributor to poor mental health in students worldwide. The Financial Wellbeing Program aims to provide the University of South Australia cohort with sufficient tools to develop lifelong skills to undertake the increasing financial challenges that are present in today’s world. The students are offered with a variety of engaging resources, including online and face to face direct individual support, to help them navigate current financial issues and understand the lifelong journey of financial literacy. This is a reflection of the broader University of South Australia Student Association (USASA) strategic plan to empower students to shape their own journey. Within the program, students can apply for an emergency grant support program, access emergency food support, learn to use online tools to track money, receive budgeting education, listen to a financial education podcast created by students for students and accessing/receiving help to negotiate fee-payment plans and extension with the University. Key results from the Financial Wellbeing Program include students gaining financial education awareness, understanding the importance of financial planning, heightened emotional and mental balance, achieving academic success - and for the University an increased student retention.

Keywords:

Student Financial Wellbeing, Student Retention, Student Support Programs, Student Financial Literacy, Student Financial Empowerment, Student Union.