Integrating Individual Student Advising into Financial Education to Optimize Financial Literacy in Veterinary Students

The debt-to-income ratio (DIR) of Doctor of Veterinary Medicine (DVM) students has exceeded the recommended 1.4 and it is predicted that the DIR will approach 2.18 by 2026. The associated stressors negatively impact professional satisfaction and well-being. In conventional approaches to financial education, content is delivered to groups of students as part of the curriculum, but with little opportunity for application. Research in medical and financial education suggests that convenient timing, relevant subject matter and individualization are key characteristics of a successful program that promotes retention and application of knowledge. In this article, we describe an integrative approach to financial education developed by the Colorado State University (CSU) Financial Education Specialist (FES). The FES position requires that the individual be qualified to provide one-on-one financial advising to DVM students as well as develop targeted curricular interventions and optional workshops. Data from student and alumni surveys suggest that this integrative approach to financial education both improves knowledge and alters behaviors surrounding financial management. Interest from academic and professional entities across the United States reflects recognition of the program as an emerging best practice. We describe lessons learned through program implementation, including demands for FES services throughout the academic year, and topics relevant to each student cohort. We propose that providing one-on-one financial advice to DVM students is a critical component of a broader financial education program. Actualizing timing, relevance, and individualization, this integrated approach optimizes opportunities for knowledge application and ultimately behavioral change.