Money Matters on Campus details the third-year findings from a survey of 43,000 college students from across the U.S. that aimed to understand what factors most influence financial capability and how best to support the next generation of adults in achieving their financial goals. Investigators also reviewed trends in the data over the past three years.
The study—conducted by
EverFi and sponsored by Higher One
– surveyed students on their financial history and perspectives on money management, as well as their past and planned fiscal behaviors. Overall, the data suggest that financial experience among incoming college students has increased, but there has not been a concurrent increase in basic finance management skills or fiscal planning. Findings continue to note independent effects of knowledge, attitudes, behaviors and financial stress on the fiscal capability of young adults. This analysis not only provides insight into the context within which financial literacy develops, but also highlights the various domains within this life skill and the necessity for early exposure to financial literacy education and personal experience.
The survey was deployed just before the implementation of an online education program around college wellness. The majority of participants (91 percent) were first-year college students (mean age = 18.6 years). This study also included a sub-sample of students from two-year institutions to examine the unique strengths and challenges these young adults possess related to financial literacy development and education.
The research findings are structured around insights into Financial Behavior, Financial Knowledge, Financial Attitudes, and Financial Stress.
Money Matters on Campus stresses the need for more financial literacy education opportunities on campuses, and for colleges and universities to understand the importance of attitudinal, behavioral, knowledge-based and stress-related components in the development of fiscal interventions for young adults.
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 1,600 schools and over 13 million enrolled students.
More information about Higher One can be found at www.higherone.com.