In mental health counseling we often speak about normalizing thoughts, emotions and behaviors that clients perceive as shameful or unacceptable. We may mention statistics that display commonalities between our clients and others or we may simply utilize self-disclosure to admit that we too struggle with similar issues. Regardless of the route, our goal is to decrease anxiety and to reduce the stigmas that are often attached to mental health problems. I find this technique to be extremely effective across the board. No matter the situation or type of client, they all appreciate hearing “you are not alone.” When discussing finances I’m sure that normalizing can also have positive impacts on clients who think negatively about their capabilities. However, there is an aspect of normalizing within the financial world that may be robbing people of reaching their full potential. Young people, particularly those entering college or recent grads have been told through jokes made in the media and even from professors that they may be paying student loan debt for the rest of their lives. Although research proves this to be true for some, societal messaging would lead us to believe that debt is an inevitable aspect of academia. Therefore, students fail to seek scholarships, accept whopping amounts of student loans and rack up debt before they’re experienced enough to comprehend the financial risks that are involved.
Of course there isn’t one particular reason why student loan debt occurs and college students are clichéd as poor, but perhaps there aren’t enough prevention strategies at play before students reach college age. The Gerber college fund for newborns is a great example of an effective way to get people investing in their child’s education. However, more financial advising early on is necessary to dispel the myth that there is no way around post-college debt. Or even the myth that in today’s economic climate, college is the only path towards success. Financial advisors can help demystify the process of obtaining a degree with less financial stress and a future of which you can be proud. I encourage you to question why it is deemed normal for college students to struggle financially during and after college and how such perceptions of normalcy prevent positive change in the future. Financial advisors can help navigate the road to a minimal or debt free education while creating a new normal for a financially stable and competent generation. Although debt is common to the college experience it is a systemic and societal problem that needs to be fixed. It is important to acknowledge that this blog’s take on prevention is only grazing the surface.
