Creating a New Conceptual Model of Financial Wellness Among College Students

• In Event: Financial Aid and Literacy Unveiled: Insights Into Student Wellness, Discourse, Innovation, and Accessibility

Abstract

In recent decades, there has been growing attention to students’ general well-being, but comparatively little attention on their financial well-being. Finances are a major concern for students. We build on related research and theory to develop our conceptualization of students’ financial wellness as a multidimensional construct comprising seven domains: financial knowledge, financial attitudes, financial behaviors, financial socialization, support for college, financial hardship/challenges, and student background characteristics. We further support these propositions through empirical data from interviews with financial educators and interviews and surveys with high school, undergraduate, and graduate students. Our conceptual model offers a new way for higher education scholars and practitioners to understand the interrelated dimensions that comprise student financial wellness.

Authors

• Katrina Borowiec, Boston College

• Angela Boatman, Boston College