Money Matters on Campus details the second-year findings from a survey of 65,000 first-year college students from across the U.S. that sought to better understand the aspects of a student’s life that most significantly predict positive and negative financial outcomes.
The study—conducted by EverFi and sponsored by Higher One – surveyed students on their financial history, perspectives on money management, as well as their past and planned fiscal behaviors. Results mirrored those found in 2012-2013 and significant differences were found among students based on age, race, gender, and institution type. Findings support efforts to mandate financial literacy in high school and highlight the strong connection between knowledge, attitudes, and behaviors in this area. This study also addresses the importance of personal experience in the development of this critical skill.
The survey was deployed just before the implementation of an online education program around college wellness. The majority of participants (88 percent) were fi rst-year college students (mean age = 18.6 years). One of the many survey findings revealed a strong correlation between incurring early debt and not being affiliated with a banking institution. Further, an increased risk of negative financially related outcomes, as students and later in life, was correlated with current risky financial attitudes/behaviors.
Traditional financial literacy education focuses primarily on providing simple financial knowledge and reactionary tools, without accounting for a student’s individual attitudes, motivation and behaviors. Money Matters on Campus details the need for a new, proactive approach to financial literacy education based on identified existing attitudes and behaviors. The study also suggests that colleges and universities should provide fi nancial education early on in a student’s college experience, taking into account attitudinal, behavioral, and demographic differences.
About EverFi, Inc.
EverFi, Inc. is the leading education technology company focused on teaching, assessing, and certifying K-12 and college students in the critical skills they need for life. The company is powering a national movement in 50 states that enables students to learn using the latest technology, including rich media, 3D gaming, simulations, social networking, and virtual worlds. EverFi’s AlcoholEdu® for College is one of the few education technology programs proven to reduce student alcohol use and negative consequences, as demonstrated through independently conducted, empirical research funded by the National Institutes of Health. EverFi has reached more than 7 million students with its online learning platforms. Learn more at www.everfi.com.
About Higher One
Higher One partners with colleges and universities to lower their administrative costs and to improve graduation rates. Higher One provides institutions with a broad array of payment, refund disbursement, data analytics and management tools that help save money and enhance institutional effectiveness. For students, Higher One offers financial literacy programs and convenient, flexible and affordable transaction options to help them manage their finances. Higher One is a leader in higher education, supporting more than 1,900 schools and over 13 million enrolled students.
More information about Higher One can be found at www.higherone.com.