Money Mentors Ella Turner, Paige Prentice, Oli, Brody Shepherd, Derek Criddle and Colin Trang (back row, from left) help students learn more about saving.
Oli recalled how her father introduced her to personal finance through a Microsoft PowerPoint presentation when she was 8 years old.
“They were out of their parents’ house for the first time, trying to manage their finances by themselves,” said Coates.
The program was established with the backing of seven donors, including the Charles Schwab Foundation and Charlie Maxwell, co-founder and co-chairman of Cresset Capital. The Colangelo College of financial management guidance from Money Mentors coach Colin Trang.
“I’m super excited about just providing a baseline financial mentoring program for our students and our staff,” said the <a re going to be pretty well prepared when they graduate from here," John-Carbon said of the money mentors, adding that the program also serves as a re
“According to the coaches, recruiters want to talk about their experience as a financial coach. So it means that the program makes coaches more marketable to potential employers.”
Participants will be asked to complete an exit survey to evaluate whether their needs—such as improved financial wellness and increased confidence in decision-making—were met. They will also be asked to provide feedback on the mentors’ skills and whether they would recommend the program to others.
“We’re in the business of financial wellness,” said Money Mentors director Carolyn John-Carbon, seen at a recent program meeting.
Parker Ellis, a senior finance major, said he benefited after attending a recent meeting in which Turner presented information regarding what has the greatest impact on a FICO score.
“Colin has been a friend since middle school (in Vancouver, Washington), and he’s been giving me a lot of tips on how to manage money, put it in good savings accounts with high yields,” Ellis said.
The program has ambitious goals: to establish a Money Mentors office within every college at GCU.
“We can say that most (Colangelo College of Business) students know something about personal finance,” John-Carbon said. “However, a theology student may not. A social sciences student may not. A nursing student may not. So the need is greater out there than it is within the (college). Our goal, as we scale the program, is to eventually have an office or one room in every college so that we are present, so that they see us on campus.”
Plans are currently underway to expand the program to online students within the next year.
