Money Matters on Campus is a new report detailing the findings from a survey of 40,000 first-year college students from across the U.S. and demonstrating to colleges and universities how student financial problems not only impact individual student outcomes but also the institutional mission.
The study—conducted by EverFi and sponsored by Higher One—surveyed students on banking, savings, credit cards and school loans. The majority of participants (91.2 percent) were first-year college students (mean age = 18.2 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.
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 4.5 million students with its online learning platforms. Learn more at www.everfi.com.
About Higher One
Higher One is a leading company focused on creating cost-saving efficiencies for higher education institutions and providing high-value services to students. Higher One offers a wide array of technological services on campus, ranging from streamlining the institution’s performance analytics and financial aid refund processes to offering students innovative banking services, tuition payment plans, and the basics of financial management. Higher One works closely with colleges and universities to allocate resources more efficiently in order to provide a higher quality of service and education to students.
Founded in 2000 on a college campus by college students, Higher One now serves more than half of the higher education market, providing its services to over 1,250 campuses and 10.8 million students at distinguished public and private institutions nationwide. More information about Higher One can be found at www.higherone.com.