As my time as a Graduate Program Assistant at Syracuse University’s Office of Financial Literacy comes to a close, I find myself reflecting on an incredibly rewarding and transformative experience. Working alongside a passionate and supportive team, I had the opportunity to not only grow professionally but also personally, developing skills that I know will carry me far beyond the classroom.
When I first joined the Office of Financial Literacy, I was eager to apply what I had learned in my academic studies to a real-world setting. What I didn’t expect was how much I would gain from the students, colleagues, and mission of the office itself. Our work of empowering students to understand better budgeting, financial planning, saving, credit management, and overall financial wellness directly impacts the daily lives of so many students. Being a part of that change has been deeply meaningful to me.
Throughout my time here, I was able to contribute to various campaigns, workshops, and one-on-one coaching sessions. From creating financial literacy content for our social media platforms to helping head initiatives like budgeting workshops and financial wellness events, each project taught me the importance of making financial education approachable, relatable, and impactful.
Grismeldys’ Best Tips:Create Weekly Budgets, Use Free Financial Tools, Build an Emergency Fund, Understand Credit Early, Know Your Wants vs. Needs
In the digital age, financial literacy influencers have emerged as a significant presence, particularly for college students interested in taking full control of their finances and wanting to do so effectively. Through platforms such as TikTok, Instagram, and YouTube, these influencers simplify complex, usually American, financial concepts, offering advice on budgeting, saving, and debt management. For many, this guidance serves as an accessible gateway to financial education, but the rise of such influencers also raises questions about the accuracy and inclusivity of their advice, especially for students from diverse and intersectional backgrounds, like those of the Syracuse University Campus.
Financial literacy influencers have undeniably provided valuable resources for college-aged students. First-generation students, for example, often lack helpful family guidance on navigating financial systems. Influencers, with conversational and relatable content, provide help in bridging this intergenerational gap. Similarly, international students benefit from influencers who demystify the complexities of managing money in a new country, addressing challenges such as currency exchange and unfamiliar local and commercial banking systems. For students with limited or no family support, financial influencers offer a sense of direction where traditional support systems might be absent.
However, the accessibility and conveniences of influencer content are not without limitations. Much of the advice shared by these influencers is generalized and fails to account for the unique challenges faced by students from varying socioeconomic and cultural backgrounds. Students from inner-city environments may find that advice tailored to suburban or affluent contexts—such as saving on groceries through bulk buying—does not align with their lived experiences. Moreover, students in rural areas might encounter financial tips that assume access to banking services or a robust financial infrastructure, resources that are often unavailable in their communities.
The oversimplification of complex financial topics can further exacerbate these limitations. Influencers often distill nuanced subjects into brief, digestible content, which can result in oversights. For instance, strategies for managing student loan repayment can vary significantly based on individual circumstances such as income, family obligations, and career goals. Addressing these intricacies requires more depth than a short video or post can typically provide.
Misinformation is also abounded and presents its own set of concerns. Without regulatory oversight, some influencers disseminate inaccurate or potentially harmful advice. Recommendations to invest in high-risk assets or pursue questionable “side hustles” may prove detrimental to students with limited or no financial safety nets. Ultimately, the monetization of influencer platforms through sponsored content raises ethical concerns. Promotions for financial products such as credit cards or investment apps often prioritize profit over the holistic well-being of their audience.
To navigate this landscape effectively, students must approach financial literacy influencers with a critical mindset. Verifying information through reputable sources—including university financial aid offices, nonprofit organizations, and government websites—is crucial. Students should also assess whether the advice aligns with their specific circumstances, as financial strategies that work for one demographic may not be applicable to another. Diversifying learning resources by attending workshops, enrolling in courses, or utilizing campus financial literacy programs can provide a more comprehensive education.
Universities play a pivotal role in addressing the gaps left by influencer content. By developing targeted financial literacy resources, institutions can better serve their diverse student populations. First-generation students benefit from mentorship programs that pair them with financial peer educators who understand their unique challenges. International students require resources that address issues like cross-border banking and tax compliance. For students with limited family support, emergency financial assistance and tailored workshops on budgeting can be transformative. Inner-city and rural students benefit from content that reflects the realities of their environments, often created through partnerships with community organizations.
The rise of financial literacy influencers has undoubtedly democratized access to financial education, making it more approachable for college students. However, their advice is not universally applicable. For students from diverse and intersectional backgrounds, critical engagement with influencer content, supplemented by robust institutional support, is essential. By balancing these resources, students can achieve financial empowerment and navigate their educational journeys with greater confidence.
Share with us your favorite financial influencer of the moment by setting an appointment today. Peer counseling services are available every Spring and Fall semester.
By: Assistant Director, Karina Anderson; June 2024
LGBTQIA2S+ students in college face unique challenges that can exacerbate housing and food insecurity. These issues are often intertwined with trauma, impacting their financial stability and academic success. Through the Office of Financial Literacy Programs at Syracuse University, we explore how housing and food insecurity further affect LGBTQIA2S+ students and provide resources available in the Central New York region to support them.
Understanding Housing Insecurity
Housing insecurity encompasses a range of issues, from difficulty paying rent to generalized houselessness. LGBTQIA2S+ students are disproportionately affected by housing insecurity due to several factors:
Family Rejection: Many LGBTQIA students face rejection from their families due to their sexual orientation or gender identity, leading to a loss of financial and emotional support.
Discrimination: In both housing markets and on-campus housing, LGBTQIA students may encounter discrimination, making it difficult to secure safe and stable housing.
Economic Disadvantages: Pre-existing economic disparities often mean that LGBTQIA students have fewer financial resources to draw upon in times of need.
From a trauma-informed financial literacy perspective, it’s crucial to understand that these students might have heightened stress and anxiety regarding their financial stability. This can impede their ability to manage their finances effectively, as the constant worry about housing can overshadow long-term financial planning and literacy efforts.
Interrogating Food Insecurity
Food insecurity is another significant issue, characterized by the lack of reliable access to enough affordable, nutritious food within an accessible distance. LGBTQIA2S+ students often experience higher rates of food insecurity due to:
Limited Financial Resources: The economic hardships that lead to housing insecurity also contribute to food insecurity.
Health and Safety Concerns: Discrimination and trauma can lead to mental health issues, which in turn can affect a student’s ability to work and manage their finances, exacerbating food insecurity.
Institutional Barriers: Lack of inclusive policies and support systems in colleges can leave LGBTQIA students without adequate resources to address food insecurity.
Trauma-informed financial literacy acknowledges the compounding effects of stress from food insecurity, which can lead to difficulties in budgeting, prioritizing expenses, and seeking help.
Locating Resources in Central New York
Several resources in the Central New York region can help LGBTQIA students combat housing and food insecurity:
Syracuse University’s LGBTQ Resource Center: This center offers support services, including emergency housing assistance and food pantry referrals, specifically tailored for LGBTQIA students.
Syracuse University LGBTQ Resource Center
Q Center at ACR Health: Located in Syracuse, this center provides a safe space, resources, and support for LGBTQIA youth and young adults, including assistance with housing and food insecurity.
Vera House: This organization offers emergency shelter and support services for individuals facing domestic violence, which can be crucial for LGBTQIA students escaping unsafe living situations.
Onondaga Community College Student Support Services: Offers emergency grants and resources to address students’ immediate financial needs, including those related to housing and food.
Addressing housing and food insecurity among LGBTQIA2S+ college students requires a trauma-informed approach that recognizes the unique challenges they face. Financial literacy education should be tailored to their specific needs, incorporating strategies to manage stress and trauma. By leveraging resources available in Central New York, these students can find the support they need to overcome these barriers and achieve academic success.
Resources:
Baams, L., Grossman, A. H., & Russell, S. T. (2015). Minority stress and mechanisms of risk for depression and suicidal ideation among lesbian, gay, and bisexual youth. Developmental Psychology, 51(5), 684.
Syracuse University LGBTQ Resource Center. (n.d.). Retrieved from Syracuse University
Q Center at ACR Health. (n.d.). Retrieved from ACR Health
By integrating these resources and adopting a trauma-informed perspective, we can better support LGBTQIA students in achieving stability and success in their college careers.
Summer internships hold tremendous value for students and recent graduates, providing valuable hands-on experience, networking opportunities, and a glimpse into potential career paths across various industries. However, the financial strain associated with internships can be a significant barrier for many aspiring interns. From travel expenses to housing costs and often inadequate compensation, navigating the financial aspects of internships requires careful planning and resourcefulness. Below, we will explore strategies for making summer internships more accessible, focusing on budgeting, seeking scholarships, maximizing available resources, and finding affordable housing solutions.
1. Budgeting Wisely & Living Below Your Means:
One of the most crucial aspects of preparing for a summer internship is creating a comprehensive budget. Start by estimating all potential expenses, including travel costs, housing, food, and other essentials. Then, compare this total to the income you expect to receive from the internship. If the internship is unpaid or offers minimal compensation, be particularly mindful of your spending or seek grants and scholarships (this will be discussed in the next point).
Living below your means is a key strategy for making summer internships more financially feasible. Embrace a minimalist lifestyle by prioritizing your needs over wants and avoiding unnecessary expenses. Instead of splurging on luxury items or entertainment, focus on experiences that enrich your personal and professional growth.
Consider adopting budget-friendly habits such as looking for student-discounted activities, affordable housing options, exploring public transportation or carpooling, and cooking meals at home instead of dining out frequently. Small adjustments can add up and make a significant difference in your overall budget.
2. Seeking Scholarships and Grants:
Many organizations offer scholarships for students participating in internships or other experiential learning opportunities. Take the time to research and apply for these scholarships, as they can help alleviate the financial burdens associated with internships.
Syracuse University and individual colleges within Syracuse also offer internship scholarships to students. All sophomores and juniors fully enrolled at Syracuse can apply for the Internship Funding Award, which can help cover expenses of a paid or unpaid internship based on certain requirements. This application can be filled out via Handshake and is open until June 11, 2024, allowing ample time to secure a summer internship and manage plans and budget.
In addition to the University-wide internship award, you can also apply to your respective college’s internship scholarships and grants. The Whitman School of Management, Renee Crown Honors College, College of Arts and Sciences, College of Engineering and Computer Science, and other colleges have financial resources you can apply for and further inquire about. There is also the Clements Internship Award available to Syracuse University students, which you may apply for your specific opportunity.
If you are working an unpaid internship and are unable to secure a grant or scholarship, you can also apply to receive credit for your experience that can be applied toward your degree. Speak with your respective advisor on how to proceed with this process.
3. Finding Affordable Housing Solutions:
Securing affordable housing can be one of the most daunting aspects of preparing for a summer internship, especially if the internship is located in a high-cost area or far away from home. However, with some creativity and resourcefulness, you can find housing solutions that fit your budget.
Subletting or Short-Term Rentals: Explore options for subletting a room or apartment for the duration of your internship. Websites like Airbnb or local housing groups on social media platforms often list short-term rental opportunities at competitive prices. Be sure to thoroughly vet potential subletters and clarify rental terms to ensure a smooth and secure living arrangement.
University Dormitories or Student Housing: Some universities offer housing options specifically designed for students participating in summer internships or research programs. These accommodations are often more affordable than traditional rentals and may include amenities such as furnished rooms, communal spaces, and access to campus facilities. Contact the housing office at nearby universities to inquire about availability and application procedures.
Commuting from Home: If your internship is within commuting distance of your permanent residence, consider living at home for the duration of the internship. While commuting may require additional time and transportation expenses, it can significantly reduce housing costs and allow you to maintain a familiar and comfortable living environment.
Negotiating Housing Benefits: Don’t hesitate to negotiate housing benefits with your internship company, especially if the internship is unpaid or offers minimal compensation. Some companies may be willing to provide housing stipends or assistance in finding affordable accommodations for interns. Be proactive in advocating for your needs and exploring potential housing benefits as part of your internship package.
By implementing these strategies, you can make summer internships more accessible and attainable.
Reach out to the Office of Financial Literacy or the financial aid office with any questions or to book an appointment!
Financial literacy is a critical component of overall well-being and self-sufficiency, particularly for marginalized communities. For LGBTQIA2S+ students, who often navigate a unique set of financial, social, and emotional challenges, financial literacy can be a transformative tool. This article explores how access to financial literacy affects our LGBTQIA2S+ students through our distinct intersectional and trauma-informed approach within our Financial Literacy programs, underscoring the necessity of tailored financial education programs.
Intersectionality and Financial Vulnerability
LGBTQIA2S+ students frequently face intersectional disadvantages that compound their financial vulnerability. Intersectionality, a concept introduced by Kimberlé Crenshaw, highlights how various social identities such as race, gender, sexual orientation, and socioeconomic status intersect, creating overlapping systems of discrimination and disadvantage (Crenshaw, 1989). For LGBTQIA2S+ students of color, for example, financial challenges are often intensified by racial discrimination, making access to financial literacy even more difficult but imperative.
According to the Human Rights Campaign (HRC), LGBTQIA2S+ individuals, particularly those who are also people of color, are more likely to experience economic instability (HRC, 2020). These students often have fewer family resources to fall back on, either due to familial rejection or because their families are also facing economic hardships and marginalization. Financial literacy programs that consider these intersectional challenges can provide these students with the tools to navigate and overcome systemic barriers, by teaching baseline financial literacy with the added context of social and emotional awareness.
We strive to meet every student where they are within their own individual journeys and empower them to make their own strategic choices.
The Impact of Trauma on Financial Literacy
Many LGBTQIA2S+ students endure trauma, including bullying, discrimination, and rejection, which can significantly affect their financial behaviors and decision-making. Trauma-informed financial education acknowledges the impact of such experiences and seeks to create a supportive learning environment that fosters resilience and empowerment.
Research indicates that trauma can lead to difficulties in managing stress and making sound financial decisions (Miller & Helm, 2020). LGBTQIA2S+ students who have experienced trauma may struggle with budgeting, saving, and long-term financial planning due to the psychological impacts of their experiences. Trauma-informed financial literacy programs, therefore, prioritize creating safe, inclusive spaces where students can learn without fear of judgment or additional stress. Our office offers a wide array of general programming and a commitment to entering trusted spaces to promote accessibility and inclusion within our conversations.
Tailored Financial Education Programs
Effective financial literacy programs for LGBTQIA2S+ students should be designed with their specific needs and challenges in mind. This includes addressing the economic implications of discrimination and providing resources that are sensitive to the realities of LGBTQIA2S+ lives.
For instance, the GLSEN (Gay, Lesbian & Straight Education Network) highlights that LGBTQIA2S+ students often face higher education and housing insecurity, making it essential for financial literacy programs to include modules on scholarships, grants, affordable housing options, and managing student loans (GLSEN, 2021). Additionally, our programs address issues such as planning for medical expenses related to gender-affirming care, which can be a significant financial burden.
Empowerment Through Financial Literacy
Access to financial literacy empowers LGBTQIA2S+ students by providing them with the knowledge and skills needed to achieve financial independence and stability. This empowerment can lead to improved mental health, greater self-confidence, and a higher likelihood of academic and professional success.
A study by the Center for American Progress found that LGBTQIA2S+ individuals who receive financial education are more likely to engage in positive financial behaviors, such as saving for emergencies and retirement (Center for American Progress, 2019). By equipping students with these skills, financial literacy programs can help break the cycle of poverty and marginalization that many LGBTQIA2S+ individuals face.
The Syracuse Universityfinancial literacy program is a vital tool for LGBTQIA2S+ students, providing them with the means to navigate a complex and often hostile financial landscape. When approached from an intersectional and trauma-informed perspective, financial education can address the unique challenges these students face and offer them a path toward financial stability and empowerment.
As educators and policymakers, it is imperative to recognize and address the specific needs of LGBTQIA2S+ students to ensure that financial literacy programs are inclusive, supportive, and effective.
References:
Center for American Progress. (2019). The Economic Impact of Ensuring Paid Family Leave for All Americans. Link.
Crenshaw, K. (1989). Demarginalizing the Intersection of Race and Sex: A Black Feminist Critique of Antidiscrimination Doctrine, Feminist Theory and Antiracist Politics. University of Chicago Legal Forum.
GLSEN. (2021). Educational and Mental Health Disparities for LGBTQIA+ Students. Link.
Human Rights Campaign (HRC). (2020). The Economic Impact of Discrimination. Link.
Miller, P., & Helm, S. (2020). Trauma-Informed Financial Literacy Education. Journal of Financial Therapy.
The majority of our college students are learning how to manage money and their studies at the same time. For student-athletes, they must learn this skill quicker than others, as they are receiving the benefits and responsibilities of their athletic scholarship. Through NIL (Name, Image, and Likeness), brand sponsors, civic engagement and heightened expectations, being a student-athlete can be mentally and physically taxing.
Studies suggest that athletes with more financial knowledge are more confident with money management and decision-making. Still, Rubin tells us that they tend to have less knowledge than non-athlete students due to the lack of resources within their department that build upon their working knowledge. Like refunds or tax returns, receiving any kind of large, lump sum of money can be overwhelming and requires responsibility, knowledge of budgeting, and discipline for future financial stability. Many times, these athletes are seeing more cash flow than ever before and given little resources to understand the best ways to manage it. Financial literacy is a major topic within this area of students and must be given more light.
I spoke with Kyra Wood, a Division 1 athlete on the Syracuse University Women’s Basketball Team, and Anwar Sparrow, a Division 1 athlete on the Syracuse University Men’s Football Team, to discuss their take on financial literacy as a student-athlete.
In a post-2020 historic rate of inflation, we have all experienced moments of “I think this used to cost less!”. This has become especially true for travelers: where tourist prices used to be steep, now, the cost to travel has become a tad outrageous. How can a college student drop $1000 or more on a spring break or summer trip, for that amount to only cover the price of a flight and hotel room?
Let’s organize some tips to make traveling more realistic and affordable to prepare for the upcoming spring and summer vacation season.
Do research to see when the most convenient off-season time to travel to your location would be. There are really helpful seasonal price trackers on GoogleFlights and Hopper!
If you’re looking on AirBnb, sometimes you can negotiate prices based on length of stay
Try to look for booking deals; If you purchase a flight from Expedia or on an airline credit card, sometimes you can get bonus points for future travel or a discount for also booking a hotel through that same source.
Make sure that you know the age that you can check into your hotel/AirBnb! Sometimes 18, sometimes 21 or older
Check out StudentUniverse! It is a platform that provides student discounts on all different travel and lifestyle needs.
Hostels (Depending on where you’re going, this could be a safe and affordable option! Also good to consider if you are traveling with other people)
Expedia, Kayak, Trivago
Booking.com
Student prices on hotels (Student Universe)
Save70.com
Other strategies that are helpful is creating a spreadsheet, PowerPoint, or organized document to budget and plan your financial itinerary!
You can do this by using Excel, Google Sheets, or one of your preferred platforms. This will be helpful because you can easily track your fixed expenses versus your budget that you have available to spend on variable expenses (e.i. amenities, activities, entertainment).
Making an appointment with a peer counselor can also be a great resource to help make the expenses that come with travel more approachable, predictable, and less scary. As an out-of-state student with three jobs and a full course-load, I understand how difficult it can be to afford flights and hotels, let alone all the travel costs that incur after just getting there! I have found the key is being honest about your budget, as well as prioritizing balance between working hard and also having fun in college. Also, if you are traveling with friends, communicate this with them as well! A fun trip is a trip that everyone can enjoy without fear of overspending and dealing with its consequences.
Happy traveling and please contact the Office of Financial Literacy with any questions or needs!
Artificial intelligence (AI) has become an integral part of our daily lives and is only going to become more influential as time goes on. Although this concept may seem scary, knowing how to utilize AI to its fullest potential can help contribute to an optimized lifestyle – especially as a college student!
Imagine having a free personalized nutritionist 25/8 who suggests delicious recipes based on the ingredients available in your fridge and consistently helps you achieve your wellness goals. Well… you don’t have to imagine because the resource is right at your fingertips!
AI tools such as ChatGPT can analyze the contents of your refrigerator when prompted and provide you with recipe ideas no matter what your dietary restrictions may be. This not only reduces impulsive purchases but also makes grocery shopping less stressful. I personally struggle with knowing what to buy when going to the grocery store so knowing I have a reliable tool that can assist me through the process makes the task a lot less daunting.
Additionally, with inflation increasing to 3.1% as of January 2024, everyone can use a little help from AI to ensure that meals are not only easy and delicious but also easy on the pockets. AI can suggest recipes that align with your financial goals while still helping you achieve a healthier and more balanced diet. It considers the prices of ingredients and helps you prioritize cost-effective options that you maybe didn’t even know existed before.
For example, if I have a budget of $80 this week to spend at the grocery store, want to increase my protein, and won’t have time to cook every day, I can generate a phrase like this in ChatGPT:
“Please make me a grocery list for meal prep this week (5 days) that is high in protein, can be refrigerated for up to 5 days, and will cost under $80”
Following the response to the prompt, you can respond in real time and make any adjustments if there’s something you would like to change.
Cost-effective meal planning is a great strategy and habit to get into when learning how to manage a budget and can influence future behaviors and money-spending habits.
This resourceful approach to meal planning is great for not only your budget but also your planet. College students are reportedly responsible for generating 142 pounds of food waste per year with that number increasing annually. Especially as a generation with growing attention toward sustainability and environmentally friendly habits, this is a great one to implement that can contribute to making a big difference.
By harnessing the power of AI, we not only make smarter, cost-effective choices but also contribute to a healthier planet, fostering a future where technology aligns seamlessly with our well-being and environmental consciousness.
Senior Counselor, Astrid Gedeon, answers a few questions on her experience as a Smart Money Peer Counselor, how it has been beneficial to her, and her experience as a young black professional in finance.
Young people are already disadvantaged by a lack of knowledge when it comes to making financially literate decisions. Although financial literacy is critical to setting yourself up for success in the future, personal finance is not present in the curriculums of many U.S. schools. According to Next Gen’s Personal Finance 2022 Report, 1 in 4 high school students will take a personal finance course before graduation. Although this number is on the rise, it still leaves 75% of students to rely on their parents and relatives to learn the ropes in the financial sphere (and that doesn’t consider the larger number of recent high school graduates who were never offered a course in personal finance).
The glaring problem with young people learning personal finance from their social circles is misinformation. How does one rely on adults to properly educate them on personal finance if the adults themselves also struggle to make financially sound decisions? Many people get caught in the same cycles of debt as their parents because no one has taught them otherwise. It doesn’t help that many loan servicers and credit card companies prey on their customer’s lack of knowledge with incredibly high-interest rates and fees.
Although these problems affect many Americans, they are magnified for marginalized groups for whom systems have worked against for decades. Levels of financial literacy among Black and Hispanic Americans are lower than White and Asian Americans. This is at the forefront of an ongoing problem in the United States referred to as the racial gap in financial literacy.
The same survey suggests that household income and education are the two primary indicators of financial literacy, and there is a significant racial wealth gap within the United States. A 2015 Pew Charitable Trusts report concluded that “that the racial wealth gap has more to do with a lack of assets for Black and Latino families than racial variation in debt or an abundance of debt… evidence suggests that inheritance and other intergenerational wealth transfers benefit Whites to a much larger extent.” The same report found that income among White Americans is higher than Black Americans, regardless of education level. It stated: “Black families whose head earned a college degree is only about two-thirds of the median wealth of White families whose head dropped out of high school.” With household income being a primary factor in determining a person’s level of financial literacy, Black Americans are bound to fall behind due to the social and political barriers that perpetually disvalue
Although saying that financial literacy is a problem for all Americans is true, it is a statement that overshadows the unique challenges of the many groups who fall under the category “American”. Acknowledging the different barriers that Black Americans face in becoming financially literate is a crucial step in remedying the problem.
The race gap in financial literacy is a topic that cannot be properly covered in a short blog post. If you would like to learn more about the race gap and how to challenge it, I am linking a few articles that can further your research and understanding.
In honor of Black History Month, we are focusing on topics related to Black Americans and personal finance. Throughout the month of February, we will be publishing blog articles weekly covering financial literacy and the Black experience in America.
