Dollars and Sense: The Development of Financial Literacy Through Community College Student Peer Financial Advisors
Year: 2026
Type: dissertation
Abstract: Community college students face a complex set of financial decisions related to funding college. This includes understanding financial aid, student loans, managing credit, budgeting, transfer planning, and long-term financial wellness. To respond, higher education institutions are developing financial literacy and wellness programs to aid and educate their students. An example of such programs are peer-to-peer financial advising programs where trained students offer financial guidance to their peers. While existing research has examined financial literacy programs and peer-to-peer financial advising programs, less is known about how community college peer-to-peer financial advisors describe the role of the advising experience in their perceived financial literacy and financial decision-making. The purpose of this qualitative case study was to examine how community college peer-to-peer financial advisors described the role of the advising experience in their perceived financial literacy, confidence, and financial decision-making. Using Self-Determination Theory (SDT) as the theoretical framework, data were collected through semi-structured participant interviews with 11 current or former community college peer-to-peer financial advisors across two community colleges along with program document analysis. Data were analyzed using Creswell and Poth’s data analysis spiral for theme generation from the collected data. The study found that participants entered these programs from differing motivational pathways. Participants described developing greater financial knowledge, confidence, advising skill, and greater autonomy in their own financial decision-making. Relationships with peer advisors and advisees along with managers, senior advisors, and other college staff were reported as important developmental support for the participants. The study participants also communicated behavioral and cognitive changes when it came to their personal finances, including improved budgeting, expense tracking, debt management, college transfer preparation, and investment decisions. The contribution to the literature from this study is its focus on community colleges and the perceived changes in financial literacy and decision-making of the advisors. Previous research focused primarily on four-year institutions and more often examined topics other than the perceived development of the advisors. One implication for practice is the importance of managerial and staff support for the advisors when operating peer-to-peer advisory programs. A second implication for practice is ensuring funding for financial literacy programs, including peer-to-peer financial advising programs.
Author: Moriarty, Tim
Language: English
Subfield: Finance
Domain: Social Sciences
SDG: Quality education
Open Access status: green
OpenAlex ID: W7214138010