Financial Literacy and Financial Education Needs in Public University Students

• In Event: Poster Session 10
  In Poster Session: Student Learning and Development in Higher Education Poster Session

Abstract

To the extent that financial literacy improves financial decision-making, a more financially-literate public benefits our communities. Thus, developmentally-appropriate, personally-meaningful financial education has an important role to play in public education. This study used a mixed-methods approach to describe the financial literacy and financial education needs of an ethnically-diverse sample of undergraduates enrolled in a public university. Student financial literacy scores indicate considerable gaps in financial knowledge. While 7.2% of students reported that they manage their day-to-day finances well, 33.3% reported wanting to control impulsive spending and be more frugal and 21.2% reported needing to track/monitor their spending better. Most reported that thinking about their finances made them anxious. We describe areas of need in financial education for public university students.

Author

• Nicole M. Else-Quest, University of Maryland - Baltimore County