Implementing MONEY EDU: 5 Key Takeaways
With Rachel Wilkerson
Incorporating a financial literacy program into any cosmetology school schedule is a challenge, but Rachel Wilkerson of Paul Mitchell The School Columbus has found a way to bring it to life in a meaningful and impactful manner. Here’s how she did it — and the transformative results she witnessed along the way.
Environment Matters
When Rachel first introduced Qnity’s MONEY EDU program, sessions were held amidst the usual buzz of the school environment. However, this proved to be distracting for students, leading to a lack of active participation. Rachel decided to move the classes to a quiet classroom, which had a remarkable impact: attendance increased, and students became more engaged — suddenly, they were willing to share their financial stories and be vulnerable. The classes, initially attended by 5-8 students, now see 25-35 eager participants every week.
“Holding financial literacy classes in a dedicated space helps students focus, encourages them to share their stories, and fosters a more engaging learning experience.”
Remember, Educators Don’t Need to Have All The Answers
Rachel’s own journey with financial literacy is one of overcoming significant obstacles. Growing up in poverty, she lacked financial guidance. When she was asked to take on the MONEY EDU Ambassador role for her school, she felt a surge of imposter syndrome. However, she embraced the challenge, working through the curriculum multiple times and continuously learning. Her transparency about her struggles and mistakes has created a trusting and open environment for her students.
Key Takeaway:
Educators often face their own financial challenges and may feel unqualified to teach financial literacy. Remember, Educators are expected to be FACILITATORS of MONEY EDU, they aren’t financial experts — the content is plug and play, but allows for open discussions. Embracing this role involves continuous learning and transparency about personal experiences. Sharing one's journey and struggles with students can create a trusting and open environment, making financial literacy more relatable and impactful.
Encourage Real-life Application of MONEY EDU Content
Rachel's practical approach to facilitating MONEY EDU involves focusing on real-life examples. For example, in the MONEY PLANNED module, she shares her own strategies for budgeting with her students, like meal planning and shopping at Costco to avoid the pitfalls of confusing NEEDS vs. WANTS. One student, inspired by Rachel’s story, reevaluated her spending on lash extensions, realizing she could save $1,800 a year by forgoing that “WANT” that she had definitely confused as a “NEED.”
Key Takeaway:
Education should focus on practical, real world examples. Encouraging students to reflect and apply the MONEY EDU content into their own lives encourages critical thinking, and real-life application - that can often make an instant and lasting impact on a students financial choices.
MONEY EDU Doesn’t Only Benefit Students
Rachel’s commitment to financial literacy has also transformed her own life. After becoming a MONEY EDU Ambassador, she and her husband reassessed their finances, aiming to eliminate their own debt and plan for a sustainable future. They are now on track to be debt-free (excluding their mortgage) within one year! Their goals include selling their house, buying land, and building a self-sustainable home, allowing them to retire comfortably by age 50.
Key Takeaway:
Knowledge is power, and financial literacy education has ripple effects on both educators and students' lives. Regularly reassessing personal finances, setting goals and planning for the future can serve as powerful examples for students. This approach not only enhances the educator's credibility but also provides real-life success stories that inspire students.
Give Students the Financial FACTS About Career Paths
Rachel observes a common trend among students aspiring to become SOLOPRENEURS right out of school, influenced by the “boss babe” mentality prevalent on social media. While entrepreneurship offers potential benefits, it’s not for everyone. It’s also often not the best way for students to start off their career in beauty. She uses the MONEY EDU content to educate students on understanding the realities, challenges, and the financial pros and cons of each type of career PATH.
Key Takeaway:
It’s more important than ever for schools to ensure students have all the information on different types of career paths in beauty. By educating students on the pros and cons, they can make the best decision for them - and we can set the stage for greater longevity in the industry.
It’s all about PLANTING SEEDS for future growth.
Rachel’s experience demonstrates that MONEY EDU is about planting seeds for future growth: while educators may not always see immediate impact on their students, one nugget could change the trajectory of a student’s life for the better.
MONEY EDU by Qnity is the premier financial literacy program tailored for beauty and wellness professionals, reaching nearly 40,000 students to date.
This initiative, brought to you by Qnity for Schools, complements your curriculum, equipping the next generation with essential financial training alongside technical training. With 8 modules and 40 visually stimulating lessons, you'll empower your students with training on critical topics such as financial pros and cons of each career path, tax compliance essentials, interpreting profit and loss statements, student loan repayment strategies, and so much more.
With hands-on support from our client success team, we work with each school to integrate seamlessly into your curriculum. Together, let's empower the next generation with technical AND financial education. Click here to learn more.
Want more?
Check out Qnity for Schools’ recent white paper on the state of financial literacy in beauty and wellness.