Mallory George, ’27, helping other students learn to manage their money

Risk and reward rise with the stakes. Pharmacy students often face financial stakes much higher than many of their peers or their parents. Most of them will end up with a respectably high income… but they may have commensurately high debt.

Second-year student Mallory George recognized that pharmacy students need to know early just what those financial stakes are.

The median annual wage for pharmacists in May 2023 was $136,030, according to the Bureau of Labor Statistics. The American Association of Colleges of Pharmacy’s 2022 Graduating Student National Summary Report showed the average student loan debt for pharmacy graduates is more than $170,000. MUSC pharmacy students’ average is substantially less, but still formidable.

Prudent use of loans and other sources of income can make a significant difference in the size of debt a student may face at graduation, particularly if a student starts planning early in their academic career.

George, a graduate of the University of South Carolina-Beaufort with a degree in interdisciplinary studies that had a focus on economics and business, is a financial success mentor in MUSC’s Office of Student Financial Literacy. She has launched a financial literacy book club with fellow MUSC student, Michelle Logan from the College of Health Professions.

The book club will meet three times during fall semester to discuss “The Psychology of Money” by Morgan Housel. Registered students can get a free copy of the book.

MUSC started the Office of Financial Literacy to help students navigate these murky fiscal waters. In addition to mentoring, it offers counseling and tips on money management, investment, building credit, insurance and real estate. It also offers resources finding affordable housing, transportation, food, and childcare in Charleston.

The book focuses on the importance of these types of financial literacy.

"Financial success is not a hard science,” said Housel. “It's a soft skill, where how you behave is more important than what you know. I call this soft skill the psychology of money. The aim of this book is to use short stories to convince you that soft skills are more important than the technical side of money. Knowing what to do tells you nothing about what happens in your head when you try to do it."