Financial Literacy as a Pillar of Graduate Student Well-Being

As leaders in graduate education, you are familiar with the mental health challenges that graduate students face. The academic rigors, the pressure to publish, complex advisor relationships and uncertainty about future employment all contribute to a heavy mental toll. But among these stressors, one often-overlooked issue silently compounds student distress: financial insecurity. According to Supporting Graduate Student Mental Health and Well-being, a collaborative report by the Council of Graduate Schools (CGS) and the JED Foundation, one in two PhD students has experienced psychological distress. The reasons are multifaceted, but financial strain consistently emerges as a major contributor. It’s not just about tight stipends or tuition costs—it’s about the emotional and cognitive load of managing money without the tools or confidence to do so.

TIAA echoes this concern: 42% of U.S. adults report that money negatively impacts their mental health. Among young workers especially, the uncertainty is striking—only 30% of Americans aged 25–34 feel empowered to save for retirement, even though 56% believe they can positively affect social issues like climate change. This disconnect points to a troubling gap: many graduate students feel more capable of changing the world than of securing their own financial futures.

As graduate education leaders, you are uniquely positioned to help students see finances not as another burden, but as an area where they can build confidence, clarity, and peace of mind.

Here’s how you can help graduate students develop confidence in their financial decisions:

1. Normalize Financial Literacy as Part of Well-Being

Frame financial wellness is integral to students’ success—not just professionally, but personally. Whether through orientation sessions, mental health programming or career planning events, incorporate discussions around money management as a tool for reducing anxiety and promoting empowerment.

You can use GradSense, the website created by CGS with support from TIAA, designed to help students make an informed financial decision about graduate school. It also provides a budget calculator and other financial planning resources to help students begin thinking about, and getting comfortable with, their financial future.

2. Encourage Early and Simple Financial Planning

TIAA’s Financial Essentials resource offers excellent entry points. From understanding savings to making informed decisions about loans and retirement, it emphasizes that financial health is built step by step—not all at once. Encouraging students to engage with these materials early helps create a foundation of financial confidence that can last a lifetime.

3. Promote Budgeting as a Self-Care Strategy

Creating a budget isn’t just about controlling spending—it’s about gaining clarity. Students who track their expenses and set realistic goals often feel more in control of their situation. GradSense’s guide on how to make a budget is a great starting point for students who may never have learned these skills before.

4. Offer Support for Managing Debt Wisely

Debt, particularly student loans or credit card balances, can be a major source of emotional strain. The debt consolidation guide from TIAA provides students with insights into how they can manage existing debt in ways that don’t derail their academic progress or long-term goals.

Graduate students don’t need to become financial experts overnight, but they do need to believe that financial security is achievable—and that support is available. As a graduate education leader, you can help make financial literacy part of your program’s culture. Invite financial wellness experts to campus, embed financial planning into professional development and encourage open conversations about money without shame or fear.

When students feel confident in their ability to manage money, they’re not only less stressed, but they’re also more focused, more resilient and better equipped to thrive in every aspect of their graduate experience.

Finances don’t have to be another thing students are stressed about. With your leadership, they can become a source of empowerment.

Laura Turner is TIAA’s VP of Corporate Social Responsibility.

This material is for informational or educational purposes only and is not fiduciary investment advice, or a securities, investment strategy, or insurance product recommendation. This material does not consider an individual’s own objectives or circumstances which should be the basis of any investment decision. Investment products may be subject to market and other risk factors. See the applicable product literature or visit TIAA.org for details. Investment, insurance and annuity products are not FDIC insured, are not bank guaranteed, are not deposits, are not insured by any federal government agency, are not a condition to any banking service or activity, and may lose value. TIAA-CREF Individual & Institutional Services, LLC, Member FINRA, distributes securities products. Annuity contracts and certificates are issued by Teachers Insurance and Annuity Association of America (TIAA) and College Retirement Equities Fund (CREF), New York, NY. Each is solely responsible for its own financial condition and contractual obligations.

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