When Drew Hammett was thinking about his future career, he knew he wanted to help people in a very tangible, practical sense.
“I decided to pursue personal financial planning because it’s pretty rare that you can have a one-hour meeting with somebody and they can leave that meeting feeling better instantly,” said Hammett, a senior Personal Financial Planning major. “I heard about the Peer Financial Coaching opportunity from a friend last year and decided to apply. It’s very rewarding to be able to sit down with someone for a short meeting and just see their financial stress getting released during the meeting, and just being able to help that person feel empowered about their finances and in control of their finances.”
The Office for Financial Success offers free financial coaching to any Mizzou student, covering topics like building a budget, filing taxes, understanding credit scores, setting financial goals and navigating student debt, in addition to general financial literacy. In addition to one-on-one coaching, Peer Financial Coaches like Hammett, and several other personal financial planning students, also work in groups to give financial education presentations to Mizzou classes and clubs.
Hammett is not only getting practice in working with clients as a Peer Financial Coach, but also advocating for a topic he is passionate about: making discussing finances less taboo.
“I want people to know that it is okay to talk about money,” he said. “A lot of people are maybe ashamed or don’t feel comfortable talking about their finances and what goes into those decisions. But money should be something that people get comfortable talking about so that they can learn how to improve their financial situation and their long-term financial health.”
“Many of our coaches have an interest in working in financial services after graduation, so our model allows these emerging professionals an opportunity to build professional skills closely related to their career goals,” said Alex Embree, program manager for the Office for Financial Success. “During the 23-24 school year OFS peer coaches met with nearly 900 students for one-on-one financial coaching and facilitated over 100 group presentations.
“Our peer coaching model also creates a welcoming environment where student clients can learn personal finance skills with a peer who is also navigating the world of college finances. Those students who came to Office for Financial Success with the highest levels of self-reported financial stress experienced a nearly 40% average reduction in financial stress after meeting with a peer financial coach.”
To learn more about the Office for Financial Success or book an appointment with a Peer Financial Coach, visit financialsuccess.missouri.edu.