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1. Table of Contents

2. Summarized Written Introduction

3. Voice Introduction

4. Literature Review

5. Financial Knowledge

6. WSECU Credit Union Image

7. Gesa Credit Union

8. Concession

9. Refutation

10. Conclusion

11. Refrences

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Managing Finances as a college student can be difficult for most as their aren't any obvious resources that are provided to students which they can utilize to learn more about the topic. Thus, many choose not to expand their knowledge base and inevitably struggle in the long run when they are juggling Classes, tuition payments, and daily expenses.

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Throughout my research on managing finances as a college student, I found that this topic attracts a great deal of attention, an indication that it is both highly researchable and critically important today. The challenge of balancing tuition, living expenses, and academic responsibilities appears in study after study, underscoring how widespread and urgent the problem is. For example, Adams, Meyers, and Beidas (2016) examined how financial strain fuels perceived stress and psychological symptoms, which then undermine student's social and academic integration. They showed that keeping up with schoolwork, holding a job, and maintaining a social life all at once can push students to their breaking point (Adams et al., 2016). Similarly, Danahy, Loibl, Montalto, and Lillard (2024) documented this strain by highlighting skyrocketing student-loan debt and virtually nonexistent emergency savings. Their findings make clear that without adequate personal or institutional support, many undergraduates live perpetually on financial ruin (Danahy et al., 2024).

A scoping review by Cappelli, Banks, and Gardner (2024) delved into the factors that determine effective money-management behavior among undergraduates. They identified self-efficacy in budgeting, access to financial education workshops, and supportive peer networks as key drivers of positive financial habits. In line with that, Chan, Chau, and Chan (2012) linked stronger financial knowledge and financial literacy to better overall well-being, arguing that embedding personal finance modules within college curricula can yield measurable benefits in students’ stress levels and academic performance. These studies collectively suggest that knowledge alone is not enough; confidence and community support are equally important.

Intervention research further illustrates the power of structured support. Palmer, Bliss, Goetz, and Moorman (2010) evaluated a campus wide financial management project and reported that participants not only improved their ability to track expenses and set realistic budgets but also experienced significant reductions in money related anxiety. Those same students expressed greater confidence in their readiness for post graduation life and the real world. International work echoes these conclusions. In Lebanon, Nasr et al. (2024) found that financial pressure directly correlates with declines in student attendance, engagement, and GPA. Their study highlights that financial stress is not confined to one country or educational system but is a global concern.

Taken together, this body of literature paints a clear picture. When colleges leave students to navigate finances on their own, many struggle in silence, and their academic performance, mental health, and social integration suffer. Yet when institutions offer targeted financial literacy initiatives through partnerships with banks and credit unions, on-campus seminars, or integrated coursework, students acquire the tools, confidence, and support networks they need to manage money effectively (Cappelli et al., 2024; Palmer et al., 2010). From conversations with my peers, I know this is not an isolated issue, but a wide spread problem that even spans the international level. By prioritizing financial education and resources, universities can help students reduce stress, stay focused on their studies, and build a foundation for long term financial well being.

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Students Hosting Finance Trivia Outside of Todd Hall

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In this picture two students from BECU set up a “Cougar Money Matters Mobile” trivia booth outside a busy campus building. They ask simple questions about budgeting, loans, and tuition and give out small prizes for correct answers. This fun approach helps students realize what they do and do not know about money. Palmer, Bliss, Goetz, and Moorman (2010) found that when students take part in hands-on financial workshops like this, they get better at tracking expenses, making realistic budgets, and feeling less worried about money. Having the trivia out in the open also lets friends learn together and talk about answers, which makes the lessons stick even more (Palmer et al., 2010).

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WSECU Credit Union in the Ground Floor of the CUB

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This photo shows the WSECU credit union branch located inside the student union building. Like the Gesa branch, WSECU gives students a convenient spot to ask questions, open checking or savings accounts, and practice basic money skills. Both credit unions place ATMs right outside their doors so that anyone can quickly withdraw cash or check a balance between classes.

Having these services steps from lecture halls means students do not have to learn money management on their own. Instead they can talk with real bankers about setting up direct deposit for a part-time job, transferring funds into an emergency savings account, or understanding how interest works on a loan. According to Palmer, Bliss, Goetz, and Moorman (2010), offering hands-on financial support in a familiar campus setting helps students feel less anxious about money and more confident in their ability to budget. When students use the ATM after a workshop or a one-on-one session, they see immediately how their new skills translate into real dollar amounts.

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Gesa Credit Union office in the CUB spine

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Throughout the United States, many colleges host the offices of credit unions in their main buildings. At WSU there are two credit unions which are Gesa and WSECU. In the image above the Gesa Credit Union is shown. Many sources have shown that to increase financial literacy amongst students in college they can use these credit unions as a resource to understand basic economics and learn to use small amounts of money in controlled environments as form of training. As the photo above illustrates, having a Gesa Credit Union branch right on the WSU campus can give student the hands-on practice they need to be successful. When students walk up to that teller window or use the ATM kiosk, they are stepping into a controlled environment where they can apply the very budgeting and saving techniques that the research shows are so critical.

According to Adams, Meyers, and Beidas (2016), students under financial strain suffer higher stress and poorer academic integration. Yet those same authors note that simply knowing how to manage expenses, tracking every dollar in and every dollar out, can mitigate that strain. (Adams et al., 2016).

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While many articles and studies emphasize the benefit of introducing financial literacy early in college, some critics argue that students should focus first on adapting to academic life before taking on personal finance lessons. They point out that the first year of college often involves heavy coursework, social adjustment, and time management challenges, and adding budgeting, loans, and savings topics might stretch students’ capacity too thin and risk burnout or lower grades (Danahy, Loibl, Montalto, & Lillard, 2024). From this perspective, postponing formal financial education until later when students have settled into their routines seems a reasonable way to protect academic performance and mental well being (Henry, Weber, & Yarbrough, 2001).

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However, Research offers another outlook. Adams, Meyers, and Beidas (2016) found that students who learn concrete money management strategies early such as tracking every expense and building small emergency savings experience lower perceived stress and fewer psychological symptoms which supports better social and academic integration. Cappelli, Banks, and Gardner (2024) showed that early access to financial education workshops and peer support networks builds the confidence students need to budget effectively and make informed borrowing decisions. Together these studies demonstrate that rather than distracting from coursework, early financial literacy equips students with tools that reduce money related anxiety and free up mental energy for studying, socializing, and thriving in campus life.

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In conclusion, my research on managing finances as a college student has given me valuable insights into the challenges and solutions students face regarding financial stability. Many academic resources highlight the importance of financial literacy, stress management, and financial strain. Articles like "The Relationship between Financial Strain, Perceived Stress, Psychological Symptoms, and Academic and Social Integration in Undergraduate Students." and "Understanding money-management Behavior and its Potential Determinants among Undergraduate Students" have not only deepened my understanding of the topic but also reinforced the importance of financial knowledge for students and how it can affect their wellbeing and academic success.

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Adams, D. R., Meyers, S. A., & Beidas, R. S. (2016). The relationship between financial strain, perceived stress, psychological symptoms, and academic and social integration in undergraduate students. Journal of American College Health, 64(5), 362–370. https://doi.org/10.1080/07448481.2016.1154559

Danahy, R., Loibl, C., Montalto, C. P., & Lillard, D. (2024). Financial stress among college students: New data about student loan debt, lack of emergency savings, social and personal resources. Journal of Consumer Affairs, 58(2), 692–709. https://doi.org/10.1111/joca.12581

Nasr, R., Rahman, A. A., Haddad, C., Nasr, N., Karam, J., Hayek, J., Ismael, I., Swaidan, E., Salameh, P., & Alami, N. (2024). The impact of financial stress on student wellbeing in Lebanese higher education. BMC Public Health, 24(1), 1–13. https://doi.org/10.1186/s12889-024-19312-0

Henry, R. A., Weber, J. G., & Yarbrough, D. (2001). Money Management Practices of College Students. College Student Journal, 35(2), 244.

Cappelli, T., Banks, A. P., & Gardner, B. (2024). Understanding money-management behaviour and its potential determinants among undergraduate students: A scoping review. PLoS ONE, 19(8), 1–17. https://doi.org/10.1371/journal.pone.0307137

Chan, S. F., Chau, A. W.-L., & Chan, K. Y.-K. (2012). Financial Knowledge and Aptitudes: Impacts on College Students’ Financial Well-Being. College Student Journal, 46(1), 114–132.

Palmer, L., Bliss, D. L., Goetz, J. W., & Moorman, D. (2010). Improving Financial Awareness among College Students: Assessment of a Financial Management Project. College Student Journal, 44(3), 659–676.