Technical Training & Financial Education: The Overlooked Business of Hairstyling
With Stephanie Liebel & Shaun Chiodo
Blog > Technical Training & Financial Education: The Overlooked Business of Hairstyling
Now more than ever, financial literacy education is an essential skill to ensure that students pursuing careers in beauty and wellness are prepared for career longevity. Stephanie Liebel and Shaun Chiodo from Paul Mitchell Schools Michigan, Great Lakes, Fort Myers, Farmington Hills and Sarasota highlight the importance of integrating MONEY EDU’s financial education with technical training to create well-rounded future professionals.
The Importance of Financial Literacy
When asked about the significance of financial literacy for students, Stephanie emphasized the often-overlooked business aspects of hairstyling. "We focus so much on teaching them how to cut hair and perform hairstyling skills that we forget the business aspect of it," she said. Shaun echoed Stephanie's sentiments, highlighting the lack of financial education in traditional schooling. "We don't know what we don't know," he stated. In the cosmetology industry, where cash transactions are common, understanding financial implications - and teaching industry important behaviors, such as tax compliance - is essential.
Overcoming Challenges in Teaching Financial Literacy
Stephanie acknowledged the challenges of making financial literacy engaging for students. Despite this, she remained committed to incorporating financial education into weekly lessons, making the topic more relatable and engaging for students. Her persistence paid off when students nearing graduation requested more in-depth financial lessons, realizing the importance of these skills as they prepared to enter the workforce.
Shaun highlighted the importance of passionate educators in successfully integrating financial literacy into the curriculum. He credited Stephanie's enthusiasm for the subject as a key factor in its successful implementation at their school. Additionally, he mentioned the advantage of digital platforms like Qnity’s MONEY EDU curriculum, which allow students to revisit lessons and reinforce their understanding.
“Talking about money is not comfortable or exciting for students.””
ENGAGING STUDENTS
Relatable Lessons: Making financial literacy engaging can be challenging. Weekly lessons that are relatable and directly applicable to students' future careers help maintain their interest and highlight the importance of these skills.
Real-Life Relevance: As students approach graduation, they become more aware of the importance of financial skills. Practical lessons on budgeting, taxes, and financial planning become more relevant and appreciated.
PASSIONATE EDUCATORS
Enthusiastic Teaching: The enthusiasm of educators plays a significant role in successfully integrating financial literacy into the curriculum. Passionate teachers can make the subject more engaging and relatable for students.
Digital Platforms: Utilizing digital platforms like MONEY EDU allows students to revisit lessons, reinforcing their understanding and making financial education more accessible.
Leveraging Financial Literacy in Admissions
While prospective students might not immediately see the value, parents tend to recognize the importance of financial education.
Highlighting Financial Education: Emphasizing financial literacy during admissions can set cosmetology schools apart from competitors. Prospective students and their parents recognize the value of comprehensive education that prepares students for all aspects of their careers.
Parent Appeal: Financial education is often highly valued by parents, who see it as a critical component of their child's education. Highlighting this aspect can enhance the school's appeal to prospective students and their families.
Complementing Practical Skills with Financial Education
Stephanie believes that the MONEY EDU program complements the practical skills taught at Paul Mitchell Schools by making financial concepts relatable and directly applicable to students' future careers. The program's relatable actors and scenarios help students see the immediate relevance of financial literacy, creating those "aha" moments that enhance their learning experience.
Integrating financial literacy into cosmetology education is essential for preparing students for successful careers in the beauty industry. By combining business skills with technical training, cosmetology schools ensure their graduates are not only skilled professionals, but also business-savvy individuals. This comprehensive approach sets a standard for educational excellence, equipping students with the knowledge and skills needed for sustainable careers in the beauty industry.
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.