New Study Addresses the Challenges of College Peer Financial Mentors

Taylor, Z. W., Kayser, T., Kaus, J., Ray, S., Villa, M., Weber-Wandel, K., & Schuman, P. (2025). “Not a Lot I Could Do”: Challenges Facing College Peer Financial Mentors. Journal of Student Affairs Research and Practice, 62(1), 54–66. https://doi.org/10.1080/19496591.2024.2411385

Introduction

Peer financial mentoring programs equip students with financial literacy, but mentors often face unique challenges. Mentors are tasked with guiding their peers through inherently sensitive and potentially uncomfortable financial topics like student loans, credit card debt, and financial emergencies. Despite the critical nature and increasing prevalence of these programs, there has been a notable gap in understanding the specific challenges peer financial mentors encounter and the support mechanisms they utilize. Taylor and colleagues (2025) address this crucial gap by investigating the nature of these challenges and the resources mentors employ to navigate them, offering insights for program improvement.

Methods

Qualitative focus groups involved 54 peer financial mentors from seven U.S. institutions (2020-2023). Participants attended one Zoom session. Questions covered challenges and training. Transcripts verified; data anonymized. Two-stage coding identified three themes: scope limitations, knowledge gaps, and modality issues.

Results

Three challenges emerged: Mentors encountered “out-of-scope” issues (e.g., investments, dire crises) beyond their capacity, requiring referrals. They also lacked specific financial knowledge for niche inquiries, relying on supervisors. Additionally, the COVID-19 shift to online mentoring caused infrastructure, group management, and engagement problems. Mentors preferred in-person sessions; supervisors were consistently their primary support.

Discussion

This study highlights peer financial mentor challenges related to scope, mentee situations, and modality. Mentors consistently sought supervisor support, directing mentees to campus resources. Future research should examine program communication, differentiation, and mentor emotional distress. Further study on online versus in-person mentoring and pandemic impacts is also warranted.

Implications for Mentoring Programs

Programs must define scope and foster collaborations for effective referrals. Managers should document mentee issues to build resource libraries, using intake forms. Mentor training needs to incorporate current financial trends and contextual simulations. Programs should evaluate both virtual and in-person modalities, ensuring privacy and trust online. Clear communication of goals and expectations to mentors and mentees is crucial.

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