How Baruch Students Learn the Human Side of Money

How Baruch Students Learn the Human Side of Money

April 14, 2026

At Baruch College, students are learning that successful personal finance is not just about numbers-it is also about understanding people and their behavior.

In the last few years, more than 300 undergraduates have taken Financial Psychology, a course created and taught by Clemente Diaz, associate director at the Starr Career Development Center and adjunct faculty member. Diaz designed the course to help students understand how emotions, behavior, and life experiences shape the financial decisions individuals make every day.

That focus reflects a broader shift in the financial services industry. Financial professionals are typically trained to analyze markets and manage portfolios-but in today's complex landscape, business expertise alone is not enough. Emotions such as fear, stress, uncertainty, and family dynamics often drive financial choices, making psychological insight an essential skill for advisors.

Research underscores just how central these human factors have become. According to the Financial Planning Association, advisors spend approximately 25 percent of their time addressing non-financial issues, including conflict, grief, and mental health challenges. Nearly three-quarters report having clients experience intense emotional reactions such as crying or panic.

Human Side of Financial Decision-Making

Diaz has spent the past six years helping students build that human-touch capability. His course introduces topics such as cognitive biases, psychological money disorders, and the impact of social comparison on financial behavior-giving students a deeper understanding of not only how financial decisions are made, but how those decisions shape long-term outcomes.

"Financial decisions are rarely just rational-they're shaped by emotion, experience, and personal values," Diaz said. "Students are taught how to recognize and respond to those human factors, which is critical to building trust and delivering effective guidance."

What Students Gain Beyond the Syllabus

Diaz noted that as students engage with research findings and theories, they are also strengthening their own financial decision-making skills.

Pre- and post-course assessments show consistent gains: students demonstrate improvements in overall financial well-being, money management behaviors, financial capability, help-seeking habits, and financial self-efficacy. For Diaz, these are important indicators of personal and professional success.

Cristhian De La Cruz ('28), a psychology major with a minor in communication studies, said the course helped him apply classroom theories to his own life.

"I was able to manage my finances more effectively as I learned how to budget, save, and prepare for future needs," De La Cruz said. "The course also has guided my career development by building my critical thinking and self-reflection skills as I explore careers that rely on understanding human behavior, such as counseling and organizational psychology,"

Expanding Opportunities in Financial Psychology

Baruch is redefining finance education by integrating psychology into the curriculum-an approach that began with courses like Financial Psychology and is now expanding across programs.

In Fall 2025, the College launched a financial psychology ad-hoc major, a collaboration between the Weissman School of Arts and Sciences' Department of Psychology, and the Bert W. Wasserman Department of Economics & Finance at the Zicklin School of Business. The interdisciplinary program reflects growing demands for professionals who can combine financial expertise with behavioral insight.

The Starr Center has also broadened access to financial psychology training. In 2024, it began a partnership with the Financial Psychology Institute where more than 350 students have received free access to the Psychology of Financial Planning Specialist Certificate program. In addition to strengthening client-centered skills, the program prepares students for the financial psychology component of the Certified Financial Planner certification.

Financial Literacy Month Events

To celebrate Financial Literacy Month, the Starr Center is hosting a series of workshops focused on building essential money skills:

• Knowing Your Finances: Budgeting & Saving - Tuesday, April 14| 12:30 pm - 2:00 pm
• Understanding Your Financial Mindset - Tuesday, April 14| 4:30 pm - 6:00 pm
• Money Skills 101: Investing is for Everyone - Thursday, April 16 | 12:30 pm - 2:00 pm
• Credit 101: Building & Managing Your Credit Wisely - Tuesday, April 21| 12:30 pm - 2:00 pm