Today's Update: Wednesday, May 20
May 20, 2020
Dear Student Life Team,
When we think of well-being, our thoughts often go to mental and physical health first. But there are other dimensions of wellness that are equally important for us. The Student Life Wellness Innovators are encouraging us to consider all the aspects of wellness, especially in the world of COVID-19.
One of those dimensions as developed by the Student Life Student Wellness Center is financial wellness, and certainly many people are feeling the economic pain of the slowed economy and job loss. Whether your family has been directly impacted or not, the pandemic is a good reminder of the importance of planning for the unexpected and to examine your financial wellness practices.
Ben Raines is the Financial Education Wellness Coordinator in the Student Life Student Wellness Center. He runs the acclaimed Scarlet and Gray Financial program that has helped a large number of students, and the concepts can help all of us.
Ben points to a recent study conducted by the Federal Reserve found that 40% of American households are unable to cover an unexpected $400 expense without a credit card or help from family or friends. Inability to cover unexpected financial costs has been associated with a long list of negative financial outcomes including inability to pay monthly bills, higher credit card balances and damage to credit history.
I won’t try to give financial advice, but you can check out iGrad (osu.igrad.com/), an online financial education tool available to the Ohio State community. The site offers tips, tricks and strategies on a host of financial topics from budget to estate planning. OPERS also offers a series of webinars that have been described as very helpful. (www.opers.org/members/financial-wellness.shtml)
These are difficult times, and it is important that we take all the aspects of our well-being into account as we navigate our lives. All the dimensions of wellness are interrelated and neglecting one can impact us in many other ways. Financial wellness is one of those areas that deserves our attention in order to stay Scarlet and Great.