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The Development of a Holistic Peer-Financial Coaching Model
Short Abstract
Financial illiteracy in the United States is becoming more recognized and popular media articles remind us daily that student loan debt and default is increasing. On-campus financial literacy education and financial planning assistance have become a primary component of student loan default prevention efforts. Many campuses have also begun to explore the idea of peer to peer financial advice as a preferred, low cost service (see Kaus & Trombitas, 2012). However, there is little empirical evidence regarding the efficacy of such interventions. This is due, at least in part, to a lack of theoretical development aimed at guiding the design, implementation, and evaluation of peer financial advice programs. Therefore, the purpose of this paper is (1) to review the four most common approaches to financial advice giving and (2) to propose a theoretical framework to be used in holistic peer financial coaching programs.