Changing college students' financial knowledge, attitudes, and behavior through seminar participation (original) (raw)

Financial Education, Financial Knowledge, and Risky Credit Behavior of College Students

Consumer Knowledge and Financial Decisions, 2011

The purpose of this study is to examine associations among financial education, financial knowledge, and risky credit behavior of college students. Using data from a sample of first-year college students, we found evidence that taking personal finance courses in high school and college is associated with financial knowledge as well as risky credit behavior. Specifically, both high school and college personal finance courses are associated positively with subjective financial knowledge. Subjective financial knowledge in turn reduces the chance of engaging in risky paying behavior. In addition, objective credit knowledge reduces the likelihood of engaging in both risky paying and borrowing behaviors.

The credit practices and financial education needs of community college students

Journal of Financial Counseling and Planning, 2003

This study examines the credit practices and financial education needs of community college students. Community college students were found to have specific preferences for financial education content and how that information should be delivered. Students wish to receive information on financial assistance and how to become responsible credit consumers. Students also prefer to receive financial education in one-on-one discussions, small group settings and from financial aid officers. Campus administrators and financial professionals can apply this information to develop resources that specifically address the financial education needs of community college students. Appropriate financial interventions on community college campuses are needed to ensure that these students are not at a financial disadvantage.

Financial Knowledge and Credit Card Behavior of College Students

This study examined the relationship between financial knowledge and credit card behavior of college students. The widespread availability of credit cards has raised concerns over how college students might use those cards given the negative consequences (both immediate and long-term) associated with credit abuse and mismanagement. Using a sample of 1,354 students from a major southeastern university, results suggest that financial knowledge is a significant factor in the credit card decisions of college students. Students with higher scores on a measure of personal financial knowledge are more likely to engage in more responsible credit card use. Specific behaviors chosen have been associated with greater costs of borrowing and adverse economic consequences in the past.

Assessing Changes in the Financial Knowledge of College Seniors

2013

Financial literacy education is increasingly popular. Many public and private entities that deliver such programs seem poised to write new curricula and deliver new programs. However, it is important for a multitude of reasons to know if financial literacy education programs are effective, and, if so, in what ways. Fox, Bartholomae, and Lee (2005) described most financial literacy education programs as “making some effort toward evaluation” (p. 203). However, they also noted that there are “few clear commonalities in the approach taken” (p. 203), perhaps because of the difficulty in determining the most effective evaluation methods. It is clear that financial literacy educators strive to design programs that can demonstrate an impact, generally changes in knowledge, attitudes, behaviors, or some combination of the three. What is not clear, however, is how to select a method to assess the impact of financial education programs. This paper focuses on evaluating financial knowledge cha...

College Students and Financial Literacy

Previous research focused on college students and their credit card usage. This study examines college students' overall financial management practices using quantitative and qualitative data from a multi-state research project. Specifically, the study investigates how college students acquire financial knowledge and behaviors and the factors that place some students at greater financial risk than others. The findings show that parents play a key role in their children's financial socialization. The results provide important insight into financial education opportunities for students, parents, campus administrators, and financial professionals and educators.

journal-Effect of Personal Financial Knowledge on College Students' Credit Card Behavior.pdf

Analysis of survey data collected from 6,520 students at a large Midwestern University affirmed that financial knowledge is a significant factor in the credit card decisions of college students but not entirely in expected ways. Results of a double hurdle analysis indicated that students with relatively higher levels of financial knowledge were not significantly different from students with relatively lower levels in terms of the probability of having a credit card balance. Contrary to expectations, those with higher levels of financial knowledge had significantly higher credit card balances. Overall, the present findings highlight the complex nature of the relationship between personal financial knowledge and credit card behavior.

Earlier financial literacy and later financial behaviour of college students

International Journal of Consumer Studies, 2014

This study examined the association of earlier financial literacy and later financial behavior of college students. Financial literacy was measured by both subjective and objective knowledge and financial behaviors were categorized into risky paying and borrowing behaviors.

Financial Literacy and Credit Cards: A Multi Campus Survey

ijbssnet.com

In America, credit cards on campus have been a disaster, leaving students buried in debt before graduation, often with little hope of paying off the debt before high fees and interest double the amount. This research details a multi-campus survey of current American college students and their use of credit cards. In the current project, we surveyed business students across five campuses in the United States (n=725) in fall, 2009. We found significant differences between students on their knowledge of credit cards and several demographic factors. We conclude by discussing the implications for further research in this area.

The state of financial knowledge in college: New evidence from a national survey

2018

Financial literacy has been evaluated in many different surveys of American adults and children. College students are a dynamic population who face unique financial challenges, yet they have not been broadly sampled as part of existing work measuring financial literacy. This is a notable void in the literature given the rapid increase in college prices and the number of students who finance their college investment using loans. The 2015-16 National Postsecondary Student Aid Study (NPSAS:16) included, for the first time, a standard set of financial literacy questions as well as a new set of questions measuring awareness of student loan repayment terms. Students demonstrated objectively low levels of financial literacy, but levels were higher among groups with social, demographic, economic, and institutional characteristics that are predictive of success in college. Student borrowers tended to have higher student loan literacy, even if they were part of groups with lower financial literacy. We conclude from this that financial literacy