Financial Literacy and College Students:

An Exploration of College Students’ Attitudes,

Behaviors, Influences and Preparedness for
Financial Decisions After Graduation

The Honors Program

Senior Capstone Project
Student’s Name: Kerry Quirk
Faculty Sponsor: Dr. Betty Yobaccio
Editorial Reviewer: Dr. Alan Olinsky
April 2015
Table of Contents
Abstract ..................................................................................................................................... 1
Introduction ............................................................................................................................... 2
Literature Review ...................................................................................................................... 3
Financial Literacy Training .................................................................................................. 3
Need for Financial Education of College Students ............................................................... 5
Advantages and Disadvantages of Financial Education Programs ................................... 10
Financial Education Standards .......................................................................................... 15
Overview of Financial Education Programs ...................................................................... 16
Evaluation of Financial Education Programs .................................................................... 20
Attributes and Implementation of Effective Financial Education Programs ...................... 22
Research Questions ................................................................................................................. 23
Methods ................................................................................................................................... 26
Measures ............................................................................................................................. 26
Procedure ............................................................................................................................ 27
Participants ......................................................................................................................... 27
Analyses............................................................................................................................... 28
Results ..................................................................................................................................... 29
General Survey Results ....................................................................................................... 30
Financial Score Results....................................................................................................... 40
Discussion ............................................................................................................................... 43
Financial Attitudes .............................................................................................................. 43
Financial Behaviors ............................................................................................................ 44
Financial Influences ............................................................................................................ 46
Financial Future ................................................................................................................. 47
Non-Significant Factors ...................................................................................................... 50
Implications ......................................................................................................................... 51
Limitations .......................................................................................................................... 52
Future Research .................................................................................................................. 53
Conclusion .............................................................................................................................. 54
Appendices .............................................................................................................................. 55
Appendix A – Survey Permission ....................................................................................... 56
Appendix B – IRB Approval Form ..................................................................................... 57
Appendix C- Informed Consent Form ................................................................................ 58
Appendix D- Survey Questions .......................................................................................... 59
Appendix E- Score Points Distribution ............................................................................... 72
Appendix F- Descriptive Statistics of Response Demographics......................................... 74
Appendix G- Results of Financial Future Questions .......................................................... 78
Appendix H- One-Way ANOVA Results ........................................................................... 80
Appendix I- MANOVA Results ......................................................................................... 87
Appendix J- Post-Hoc Tests ................................................................................................ 92
References ............................................................................................................................... 94
Financial Literacy and College Students: An Exploration of College Students’ Attitudes, Behaviors,
Influences and Preparedness for Financial Decisions After Graduation
Senior Capstone Project for Kerry Quirk

ABSTRACT
Financial literacy is the level of understanding an individual has for different financial topics,

including but not limited to, investment vehicles, retirement accounts, saving, budgeting,

credit and taxes, and the use of such knowledge to change one’s financial behavior to create a

more positive financial position for the future. Past research has shown that college students

consistently have low levels of financial literacy. They also lack knowledgeable influences

on their financial education. Because many college students will soon enter the workforce

after graduation and will be responsible for managing their own salary, retirement accounts

and investment options, they can be considered the ideal recipients of financial education.

After demonstrating the apparent need, I explore the current situation regarding college

students and financial literacy through a survey. Focus will be given to college students’

attitudes towards their finances, their financial behavior, financial influences and their

preparedness for future financial situations. Through the development of three financial

scores, demographic factors were tested to determine if they had a significant impact on

college students’ financial scores. It was found that gender had a specific impact on college

students’ financial attitude score. Specifically, males had a higher score, indicating a greater

interest in their personal financial knowledge. Students who had previously taken an

“Introduction to Financial Management” or “Personal Financial Management” course had

significantly higher financial attitude, behavior and financial future scores. This study creates

the potential for a collegiate level curriculum that could have a meaningful impact on college

students, as it would be a relevant education experience that would cover topics students

directly expressed an interested in learning about.

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Financial Literacy and College Students: An Exploration of College Students’ Attitudes, Behaviors,
Influences and Preparedness for Financial Decisions After Graduation
Senior Capstone Project for Kerry Quirk

INTRODUCTION
Currently, the United States is experiencing a lackluster economy, with unstable retirement

plans, shaky Social Security, increasing personal debt, misuse of credit cards and a lack of

awareness about the consequences of money mismanagement. One solution to these poor

financial behaviors is financial literacy, in particular, the knowledge of financial topics such

as bank accounts, loans, interest, retirement plans and insurance and the understanding of how

to implement the knowledge to change an individual’s financial behavior. Targeting college

students as the recipients of financial education can be beneficial because college students

consistently have low levels of financial literacy, and consequently, make poor financial

decisions. According to the Hartford Financial Services Group,

“Students and parents agree that college students are not well prepared to deal with the

financial challenges that lie ahead. Less than one-quarter of students … and only

twenty percent of parents say students are prepared to deal with the financial

challenges that await them in the real world. More than three-quarters of

students…report that they wish they had more help preparing for their personal

finances” (as cited by National Financial Educators Council, 2013a).

These statistics indicate that there is a great need to understand the current state of the

financial literacy of college students, and to understand how college students plan to learn the

skills necessary to become financially independent adults.

The purpose of this research project is to conduct a survey of college students that aims to

explore the levels of attitudes toward financial literacy, financial behaviors, influences, and

attitudes toward future financial decisions of college students. The following sections include

a Literature Review, development of Research Questions, Methods, Results and Discussion.

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Financial Literacy and College Students: An Exploration of College Students’ Attitudes, Behaviors,
Influences and Preparedness for Financial Decisions After Graduation
Senior Capstone Project for Kerry Quirk

LITERATURE REVIEW
The following literature review is structured to first define financial literacy holistically. The

review will then explore the advantages and disadvantages of financial education, elaborate

on financial education standards, outline what programs are available, and comment on the

evaluation of those programs. The review will then focus specifically on why college

students are an ideal recipient of financial education and explore further into the attitudes,

behaviors and influences of college students toward financial education.

Financial Literacy Training

In order to explore the situation surrounding college students and financial education, it is

necessary to define financial literacy and understand it holistically. According to the

Organization for Economic Cooperation and Development, financial education is the “process

by which financial consumers/investors improve their understanding of financial products and

concepts and, through information, instruction and/or objective advice, develop the skills and

confidence to become more aware of financial risks and opportunities, to make informed

choices, to know where to go for help, and to take other effective actions to improve their

financial well-being” (O’Connell, 2009, p.13). Through financial education, participants

should be able to improve their financial knowledge and skills, change their financial

behavior and experience a positive change in their personal financial position (O’Connell,

2009, p. 13).

Essentially, financial education should include topics such as budgeting, savings, retirement

planning, loans, credit or others. Financial literacy is the degree to which an individual

understands the concepts and can use them successfully in their daily life. Although personal

finance can be taught in a classroom, learned through professional experiences, personal

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Financial Literacy and College Students: An Exploration of College Students’ Attitudes, Behaviors,
Influences and Preparedness for Financial Decisions After Graduation
Senior Capstone Project for Kerry Quirk

experiences, observing other individuals or by other means, it is evident that many still lack

financial literacy. For example, proficiency in financial topics is not common among young

people. Startling results were found in the 2008 Jumpstart Coalition for Personal Financial

Literacy National Survey. This survey found that the average high school student scored a

48.3% proficiency on the survey, which had decreased from 58.3% in 1997-1998. The

average college student scored 62.2% on the survey. While these college students were

considered in the ‘passing’range of the survey, they still scored low on the survey.

Additionally, Jumpstart pointed out that only “28% of Americans graduate from college,

leaving nearly three quarters ill-equipped to make critical financial decisions” (Jumpstart

Coalition, 2008, p. 8-9). Furthermore, people have an unwillingness to learn about and

manage their own finances because they are confusing or they would rather have someone do

it for them (Rotfeld, 2008, pg. 307). This is problematic because the young individuals who

participated in the study will soon enter the workforce, armed forces, higher education or

become parents and will need the skills to be financially competent.

The lack of financial preparation is not a problem just in the United States. Viera (2012)

conducted an extensive literature review on the existing sources about financial literacy. She

based the review on several main topics: financial literacy in young adults, gender influences,

parental influences, low-income people, investment decisions, retirement planning,

socioeconomic conditions and global financial literacy. After completing the literature

review, she concluded that financial literacy levels in young adults is lacking worldwide

(Viera, 2012, p. 33). This is problematic because most young people will someday in the

future encounter important financial decisions including saving for retirement and other

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Financial Literacy and College Students: An Exploration of College Students’ Attitudes, Behaviors,
Influences and Preparedness for Financial Decisions After Graduation
Senior Capstone Project for Kerry Quirk

needs, investing in real and financial assets, and financial decisions including mortgages,

other loans and unwanted debt.

Because each individual has a unique financial situation, it is important to note that financial

literacy can and should be taught in multiple methods. Presenting the material in new and

interesting ways would enhance an individual’s ability to learn and implement healthy

financial practices.

To summarize, financial literacy training is dynamic field that integrates many different

financial and economic topics with both understanding and practice. It is not just the degree

to which an individual understands financial concepts, but how they use that knowledge to

change their behavior in a positive way to impact their future financial position. It can

include many topics, ranging from investment vehicles, saving, budgeting, credit, taxes and

more. Young people, in the United States and abroad, have traditionally scored low on

financial literacy aptitude tests. For this reason, it is important to educate them so they can

one day become successful, financially responsible adults.

Need for Financial Education of College Students

As seen in the research, there have been consistent levels of low financial literacy among

college students. For this reason, and several others, college students are the ideal recipients

of financial education programs. First, many college students many accept a job and enter the

workforce upon graduation. They will be responsible for managing their salary, investment

options and retirement accounts, likely for the first time. Educating college students before

they begin making decisions that can impact their financial well-being will allow them to

make more responsible financial decisions later on and mature into financially independent

adults because they have been exposed to financial topics.

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 Financial Literacy and College Students: An Exploration of College Students’ Attitudes, Behaviors,
Influences and Preparedness for Financial Decisions After Graduation
Senior Capstone Project for Kerry Quirk

Another reason college students are the ideal recipients of financial education is due to the large

amount of student loan debt they hold. The total amount of student loan debt in the United

States is above one trillion dollars (Council of Independent Colleges, 2014). Furthermore, the

average college senior will graduate from a higher education intuition not only with a degree, but

also with about $29,000 in student loan debt (Institute for College Access and Success, 2014).

This is problematic because while the students have accepted a large amount of debt through

student loans, the average starting salary of a college graduate in 2013 was only $45,327

(National Association of Colleges and Employers, 2013). Students are being saddled with a large

amount of debt, salaries that do not allow for full payment of that debt quickly, and a lack of

education on how the debt and loan interest could impact their credit score. By being exposed to

financial education, students can learn techniques and strategies to ensure that they have the

resources available to manage their debt responsibly, effectively pay it off and understand how

their credit score can have lifelong consequences (National Financial Educators Council, 2013b).

College students would also benefit from financial education as they seek to become financially

independent adults. The College Savings Foundation found that college students are delaying

many life milestones such as marriage, purchasing a home and having children because of

financial reasons (College Savings Foundation, 2012). Furthermore, 37% college students stated

that their finances are a significant cause of stress in their lives (Inceptia, 2013). By educating

college students and increasing their financial literacy levels, these students will be able to

approach their personal and professional lives with confidence and tackle financial situations

with knowledge.

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Financial Literacy and College Students: An Exploration of College Students’ Attitudes, Behaviors,
Influences and Preparedness for Financial Decisions After Graduation
Senior Capstone Project for Kerry Quirk

Finally, educating college students on financial topics is also necessary due to the impact

demographic shifts have on for economic reality. In some countries such as the United States,

Japan, Canada and Western Europe, birth rates are declining and individuals are living longer

(South China Morning Post, 2014). Because of this, less money is being paid into social

security programs and more is being distributed out per beneficiary over time. This means

that as individual approach retirement, less monetary benefits will be paid out per retiree

because the Social Security Fund needs to be able to support a larger amount of retirees

(United States Social Security Administration, 2006). This situation is not unique to the

United States, but to all countries with aging populations. Monticone offered the following

statement regarding this economic phenomenon in Italy. While the author of this quote spoke

about young Italians, tie situations of preparing for retirement is applicable to youth

worldwide.

“Social security benefits of younger cohorts will be reduced the most and therefore

younger Italians will have a greater need for pension plans or private savings to build

up their own retirement wealth. Thus, educational initiatives should target this group

who will have a greater need to develop financial skills than its older counterpart…a

higher degree of financial literacy will be needed by generations not yet in the labor

market… financial education in schools is appropriate to spread a deeper financial

culture and raise awareness of financial issues” (Monticone, 2010, 417-418).

Therefore, is important that young individuals prepare for their financial futures by educating

themselves on retirement alternatives besides Social Security. They can no longer rely solely

on government assistance during retirement. Instead, young workers must consider self-

funded retirement accounts or employer-sponsored retirement programs now in order to

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Financial Literacy and College Students: An Exploration of College Students’ Attitudes, Behaviors,
Influences and Preparedness for Financial Decisions After Graduation
Senior Capstone Project for Kerry Quirk

supplement their income in future retirement. Financial education is an important component

in this preparation because it can teach young individuals the concepts and strategies they

will need as they enter the workforce, and for their eventual retirement.

Besides being ideal recipients, college students would also benefit from receiving financial

education due to their misuse of credit. According to a 2009 study by Sallie Mae, 50% of

college students have four or more credit cards. Furthermore, these students hold, on average,

$4100 in credit card debt (Sallie Mae, 2009). Additionally troubling is the fact that 81% of

college students underestimate how long it will take to pay off their credit card balance

(Survey of the States, 2014). Credit cards are an easy way for college students to make

purchases instantly, even if they may not be financially responsible choices. For this reason,

college students overspend on unnecessary items such as food, travel and entertainment

(Tenaglia, 2010, pg.7). Because college students have not been properly trained about credit,

they are overconfident in their ability to pay back their debt and then find themselves in a

financial situation in which they cannot escape their increasing debt. This is challenging

because college students use credit as a means to purchase things that are not necessities, but

then do not understand the cost of paying it back or its effect on their credit score and ability

to gain financing in the future.

A final reason why college students need financial education revolves around who influences

their financial decisions. Students learn through observing others and understanding their

behaviors. Many different parties influence students each day: parents, other family

members, friends, peers and the media. By being exposed to each of these mediums of

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Financial Literacy and College Students: An Exploration of College Students’ Attitudes, Behaviors,
Influences and Preparedness for Financial Decisions After Graduation
Senior Capstone Project for Kerry Quirk

influence, students hear many different messages that can affect their educational experience,

even if the influence is not a reliable source of information. Research has shown that both

parents and peers have a significant influence on college students’ financial behaviors and

attitudes (Jorgensen 2007, Viera 2010, Schuchardt 2009).

While it is encouraging that college students are reaching out to trusted individuals in their

lives for financial guidance, these individuals may not always be the best teachers on the

subject. First, peers may not be the most ideal teacher because peers of college students are

most likely to be other college students. These students are likely to also have low levels of

financial literacy, or low levels of understanding of personal finance topics. If college

students reach out to one another for guidance on finances, it could lead to a situation of the

uneducated teaching the uneducated.

Parents may also not be the proper teachers for financial education. First, some parents do not

have the ability to teach personal financial topics because they themselves do not have the

knowledge or understanding. Without a solidified understanding of the topics, parents may

not feel comfortable trying to explain topics to their children. Furthermore, some parents feel

that their finances are a private matter that should only be discussed between spouses, not

with children. Finally, according to the 2008 Charles Schwab Parents and Money Survey,

“More than two-thirds (69%) of parents feel less prepared to give their teen advice and

guidance about investing than they do the ““birds and bees”” (Charles Schwab, 2008).

Without appropriate education, “students (ages 15 to 21) feel unprepared to face the complex

world of the 21st Century” (The American Dream Project, 2007). This is problematic

because if students are not receiving any financial education in schools, and are not receiving

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Financial Literacy and College Students: An Exploration of College Students’ Attitudes, Behaviors,
Influences and Preparedness for Financial Decisions After Graduation
Senior Capstone Project for Kerry Quirk

proper guidance form parents, students may not know other resources to turn to in which they

can receive financial advice or example.

In review, college students are the ideal recipients of financial education for several reasons.

First, they consistently score low on financial aptitude tests. Without proper knowledge, they

are not prepared to manage their salary, investment opportunities or retirement accounts

when entering the work force. Additionally, college students have a large amount of student

debt that they must responsibly manage and effectively pay back. They also misuse credit

that can result in the accumulation of credit card debt. The economic arena is also changing

for college students, as they need alternatives to Social security for the retirement income.

Finally, the influences students turn to for financial guidance are not always the best teachers.

By targeting college students as the recipients of financial education, these individuals will be

given the tools and resources they need to tackle the financial challenges they face.

Advantages and Disadvantages of Financial Education Programs

Financial education programs are one way in which college students can receive the education

they need to become financially responsible and independent adults. These programs have

received both kudos and criticism in the research. The following section outlines what the

existing research has found regarding the advantages and disadvantages of financial education

programs.

Becoming literate in financial topics can have many benefits to students. Not only is the

student completing an educational course, they are also learning a valuable life skill. The

value gained from learning financial skills is immense. According to Kapoor, Dlabay and

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Financial Literacy and College Students: An Exploration of College Students’ Attitudes, Behaviors,
Influences and Preparedness for Financial Decisions After Graduation
Senior Capstone Project for Kerry Quirk

Huges (2012), students who complete a comprehensive course are able to engage in the

personal financial planning process: determining their current financial situation, developing

their own financial goals, identifying courses of action to take, evaluating alternative courses

of action, creating and implementing a financial plan and revising and reviewing their own

personal financial plan (Kapoor, Dlabay and Huges, 2012, p.3). The personal financial

planning process is a life-long learning resource that students can use repeatedly as their

financial situation changes. As students mature and take on different financial

responsibilities, this skill has the potential to guide the student through a lifetime of necessary

financial decisions.

In addition to allowing students to participate in the personal financial planning process,

educating students on financial topics has other proven benefits. According to the Council for

Economic Education, students who participate in financial education are more likely to save

money, less likely to max out credit cards, less likely to make late credit card payments, more

likely to pay of credit card balances in full each month, are less likely to be compulsive

buyers and are more likely to take reasonable financial risk (Council for Economic Education,

2014). This finding was echoed in a study that tried to explain poor credit management

behavior of college students. Tenaglia and Yobaccio (2010) found that while financial literacy

training in high school was insignificant, taking just a one-hour seminar on financial literacy

as freshmen, (with a correlation coefficient of -.344 and a t-statistic of -6.75), was

significantly negatively related to poor credit management behaviors. Even just one hour of

education had a significant impact on the likelihood that college students would improve their

credit behavior. This finding is extremely valuable to the body of research literature because

it shows that college students actually find value in learning about financial topics. It can be a

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Financial Literacy and College Students: An Exploration of College Students’ Attitudes, Behaviors,
Influences and Preparedness for Financial Decisions After Graduation
Senior Capstone Project for Kerry Quirk

common perception that students are not interested in their schooling at times, but this

research helped to show that the students were actually engaged in this topic because it

provided value to them. This is important because it shows that if the topic is presented in a

meaningful way, students can realize the value that it can have for them. The attitude a

student has toward a topic can be changed if the information is useful and has value for their

life.

Another benefit can be seen through schools that had mandated financial literacy programs.

Students who participated in these programs experienced greater savings and net worths as

adults (Sun, 2013). Bernheim, et al (2001) investigated the long-term effect on high school

financial curriculum mandates. The study involved surveying adults about their demographic

information, financial and financial behavior information and high school information. Upon

analysis of the survey results, it was determined that the curriculum mandates “significantly

increased exposure to financial education, and ultimately elevate the rates at which

individuals save and accumulate wealth during their adult lives” (Bernheim, 2001, p. 462).

This finding was also true in the 2009 Schuchardt study in which it was concluded that those

students or employees who received financial education had more financial knowledge and

made better financial decisions. Additionally, it was found that students of high schools that

mandated a consumer education class be taken by all students had higher savings rates and net

worth several years after taking such a course (Schuchardt, 2009, p. 87). This is important to

note because as previously indicated, many states do not require financial education as a

mandated course, but it has significant lifelong value for students.

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Financial Literacy and College Students: An Exploration of College Students’ Attitudes, Behaviors,
Influences and Preparedness for Financial Decisions After Graduation
Senior Capstone Project for Kerry Quirk

Jorgensen (2007) also examined the behavior of college students toward finances. After

conducting a survey, Jorgensen tested if gender, academic class level or socioeconomic level

had an impact on financial behaviors of college students. The researcher found that academic

class level had a significant impact on the financial behavior score of an individual. Their

positive financial behaviors increased as their academic class rank rose. In other words, as

students experienced more college classes and progressed in their collegiate career, their

financial behaviors and habits became more positive. No other factors has a significant impact

on the behavior (Jorgensen 2007, pg. 47).

This conclusion was also mimicked by Varcoe, et al. (2005). While students did not need to

complete a mandatory high school financial education course, after a group of students

completed a financial literacy curriculum developed by the researchers, they experienced an

increase in their overall amount of savings. Females saw a greater increase in savings than

males did. A final conclusion was that students knew more about car insurance and reported

better shopping practices, such as comparing prices, after completing the curriculum (Varcoe,

2005, pps. 68-70).

It is interesting that females experienced a greater increase in savings than males did. While

the research did not speak on this topic greatly, the gender difference could be related to

gender differences that are present in society. Women have generally experienced lower

wages than men and have often been portrayed as the minority in social situations. Perhaps

women are using their finances as a way to regain power in society. Having control over

finances can give an individual the ability to be financially independent and support

themselves.

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Financial Literacy and College Students: An Exploration of College Students’ Attitudes, Behaviors,
Influences and Preparedness for Financial Decisions After Graduation
Senior Capstone Project for Kerry Quirk

Although the potential benefits of financial education are clear, the research has shown that

this area has not come without criticism. One area of concern is necessary funding for

implementing financial education courses. A current issue a lack of funds for mandating

financial education programs (Billitteri, 2009, p. 724). In order for a mandate to be

successful, funding needs to be present. Another criticism is whether the program should be

practical in nature (teaching about budgets, credits and bank accounts) or whether it should be

theoretical (teaching economic principles like supply/demand). A third criticism is that some

people feel that mandating the program will do little or nothing to improve financial literacy,

but will take away valuable class time from other subjects (Billitteri, 2009, pg. 725).

Furthermore, some critics think that the topic should not have its own class, but be included in

other classes. There is also debate over whether financial education should begin in

elementary school or should only be taught in high schools. Finally, there is much

controversy over whether or not outside resources such as banks and credit unions should be

utilized in sponsoring programs. Some critics argue that these institutions have a vested

interest in the success of the program because they want to promote their own products such

as credit cards, or bank accounts with their institution.

In addition, although evidence indicates that financial education enhances financial literacy

and thereby self-confidence, this alone does not always translate into better financial decisions

(Willis, 2008). Additionally, Willis argues that in order for people to become financially

literate, they need to be taught the intricate details of the complicated financial system today.

It could be a waste of time for people to become financially literate if they can just use a

financial planner. Furthermore, it was noted that current financial education programs can

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Financial Literacy and College Students: An Exploration of College Students’ Attitudes, Behaviors,
Influences and Preparedness for Financial Decisions After Graduation
Senior Capstone Project for Kerry Quirk

have their results skewed because of self-assessment or a self-selection bias among

participants.

While these points are valid, it is important to note that Willis is not an expert in the financial

field, but instead a law professor. Her stance is interesting, but does not take into account that

these are opinions that have flaws present. For example, while it may be easier for an

individual to have a financial planner make important financial decisions on their behalf, it is

still important that the individual receive the necessary education to make day-to-day

financial decisions that can impact their current and long-term financial situation.

Despite some concerns about financial education, the literature has shown many more benefits

to individuals. For this reason, educational institutions and other groups have begun to

introduce and incorporate financial education into their curriculums. This decision has

resulted in the need for educational and learning standards about financial education, along

with plans as to how educational institutions will ensure that students are meeting learning

objectives and that teachers are adequately prepared to teach their pupils.

Financial Education Standards

As educational standards have changed in the United States, more states have begun

integrating economics and financial literacy standards in their school systems. This provides

evidence that the subject of financial literacy has become increasingly important in recent

years. However, although progress has been made, it has been occurring at a slow rate. For

example, according to the 2014 Council for Economic Education Survey of the States, while

all 50 states have standards for economics, only 45 have these standards implemented and less

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Financial Literacy and College Students: An Exploration of College Students’ Attitudes, Behaviors,
Influences and Preparedness for Financial Decisions After Graduation
Senior Capstone Project for Kerry Quirk

than half have a required class. Even more discouraging, although only 43 states have

standards for financial education, only 35 require implementation of those standards and less

than 20 that require a course be taken by students. (Council for Economic Education, 2014).

The means by which standards will be implemented is determined at the state level. Some

states have financial education and economics included as part of the Common Core standards

program. These standards are considered fully implemented when the teachers have

incorporated the standards into their classroom instruction for a full year (Common Core State

Standards Initiative, 2015). Other states have adopted voluntary standards from the Council

for Economic Education. One example is Rhode Island, in which a group of high school

students reached out to the local government and the Council on Elementary and Secondary

Education to adopt financial literacy standards (Borg, Linda, 2014).

Because many states have different approaches on implementing standards related to financial

education, many students are not exposed to critical topics that can impact their future

financial success. Furthermore, since many students are not receiving this information in high

school, these students enter college and oftentimes graduate without receiving adequate

education that informs them of pertinent financial information. This is a challenging

dichotomy that young adults need to face: they are preparing themselves through education in

college for a career that provides financial security, but are not receiving the education and

understanding necessary to use their new economic resources to their fullest potential.

Overview of Financial Education Programs

There are many different financial education programs available to students. While many

schools offer financial literacy classes, education is also available through public seminars

sponsored by banks or credit unions, after-school clubs or collegiate courses. Furthermore, the

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 Financial Literacy and College Students: An Exploration of College Students’ Attitudes, Behaviors,
Influences and Preparedness for Financial Decisions After Graduation
Senior Capstone Project for Kerry Quirk

government also provides extensive educational resources to the public through websites,

pamphlets or collaborations with community groups.

The United States government offers educational programs that have specific goals in terms of

outcomes for the students. The FTC program was aimed to inform both consumers and

businesses about ways to protect against identity theft, financial fraud and scams, among other

things (Federal Trade Commission, 2015). The FDIC program contains different educational

modules that can be tailored to either adults or young adults that contain information to help

make individuals more financially independent (Federal Deposit Insurance Corporation, 2013).

My Money is an online site that allows individuals to research the “My Money Five”: Earn,

Save and Invest, Protect, Spend, Borrow. Users can also take money quizzes to test their

knowledge of the five principles. Furthermore, a valuable resource on the site is the capability

to view research articles on different life events that can affect one’s financial situation, such

as a marriage, birth of a child, or new job (Financial Literacy and Education Commission,

2014).

Besides programs through governmental agencies, other programs are available that educate on

financial topics. One example of another program is EverFi, a computer-based, financial

simulation program that students, grades 9-12, can use to learn about financial topics and

interact with different scenarios. According to EverFi’s website, the program covers the

following topics: credit score, insurance, credit cards, taxes, investing, savings, 401Ks and

mortgages. The program is no cost to the state or to the participating schools. Instead, outside

groups like banks and credit unions sponsor the programs in schools.

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 Financial Literacy and College Students: An Exploration of College Students’ Attitudes, Behaviors,
Influences and Preparedness for Financial Decisions After Graduation
Senior Capstone Project for Kerry Quirk

Westerly Community Credit Union, located in Southern Rhode Island, explained more in-depth

the purpose:

“…EverFi, a new online Financial Education Program that uses the latest technology-

video, animations, 3-D gaming, avatars and social networking- to bring financial concepts to

life for today’s digital generation. Students learn from mistakes made by Rufus, the

program’s leading character, as they follow him through real life experiences. After

completing 10 modules on banking, credit scores, insurance, credit cards, student loans,

mortgages, taxes, stocks, savings, 401Ks and more, students earn a Certification in Financial

Literacy. Students can log onto the program for life, which will allow them to review specific

topics before making important financial decisions in adulthood… EverFi is the nation’s

leading online Financial Education program used in over 3500 high schools across the

country.” (Westerly Community Credit Union, 2015).

This type of program is beneficial to schools because they can implement a program at no cost

to them because the financial institution will bear the financial cost of the software.

Additionally, if teachers do not feel confident in their ability to prepare an entire lesson plan

regarding financial education, they can utilize the online modules to enhance their classroom

instruction. Furthermore, the program covers a comprehensive area of topics that are integral to

financial education. There is some concern about these type of school-institution partnership.

While Westerly Community Credit Union claims to want this partnership to educate young

adults, it is important for schools to evaluate potential sponsors for their credibility. Some

institutions may want to target students with credit card applications or banking promotion.

Schools will need to ensure that the financial education is the priority, not the agenda of the

partnering financial institution.

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 Financial Literacy and College Students: An Exploration of College Students’ Attitudes, Behaviors,
Influences and Preparedness for Financial Decisions After Graduation
Senior Capstone Project for Kerry Quirk

Another alternative program available is the Jumpstart Coalition for Personal Financial

Literacy. This is “an organization of organizations that share a commitment to advancing

financial literacy among pre-school through college-age youth and working collaboratively

toward effective financial education” (Jumpstart Coalition for Personal Financial Literacy,

2015). One of the group’s most notable achievements in the financial education space is the

development of a national financial literacy survey that has been given to many high school

seniors and college students. The results of this annual survey helped lead to the creation of the

National Standards in K-12 Personal Finance Education (Jumpstart Coalition for Personal

Financial Literacy, 2015).

An additional resource available through the community is programming through banks and

credit unions. These institutions offer different workshops and seminars that are open to the

public. These workshops pertain not only to banking topics, but also to other personal finance

topics that could be of value to their clients.

In addition to government, community group and online programs, states and schools districts

across the United States have also adopted their own financial literacy programs to be used in

schools. Two states, Utah and South Carolina, were identified by the National Association of

State Boards of Education in their report “Who Will Own Our Children”, as having exceptional

programs (National Association of State Boards of Education, 2006). Utah has a General

Financial Literacy course for high school juniors or seniors that is required in order for these

students to graduate. The standards for this course include Decision Making and Goals, Income

and Careers, Principles of Money Management and Savings, Investing and Retirement

Planning. Teachers must have a secondary teaching license and an additional teaching

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 Financial Literacy and College Students: An Exploration of College Students’ Attitudes, Behaviors,
Influences and Preparedness for Financial Decisions After Graduation
Senior Capstone Project for Kerry Quirk

endorsement in certain fields (Finance in the Classroom, 2015). The South Carolina State

Department of Education has adopted financial literacy standards and has implemented them

through the Financial Literacy Instruction Act of 2005. This law stated that financial literacy

topics would be included in other current courses in accordance with the National K-12

Standards. Training is available for teachers as well to ensure they are up-to-date on the topics

(South Carolina Department of Education, 2009).

These programs are noteworthy because the Utah course is a requirement for high school

graduation. This means that each student who obtains a high school degree in Utah public

schools will have received some training on financial education. The South Carolina program

is significant because the Department of Education implemented financial education standards

into other disciplines: mathematics, English/language arts and social studies (South Carolina

Department of Education, 2009). These ideas are repeatable because if states already have

standards in place, they can incorporate them into different disciplines and can make those

standards a graduation requirement.

In addition to high school programs, colleges are also offering financial education resources to

students through different means. Some colleges mandate that each student take a financial

education course. Other colleges offer an elective course, such as Bryant University’s

“Personal Financial Planning” course. Additionally, colleges typically offer programming

through on-campus offices such as Financial Aid or Student Affairs.

Evaluation of Financial Education Programs

Since the implementation of educational initiatives and programs can be a costly endeavor,

there has been reasonable concern about the effectiveness of such programs. Individuals want

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 Financial Literacy and College Students: An Exploration of College Students’ Attitudes, Behaviors,
Influences and Preparedness for Financial Decisions After Graduation
Senior Capstone Project for Kerry Quirk

to be sure that the money, labor and other resources deployed for these programs are used

wisely. While there are many financial education programs available, unless they are relatable

to the students’ financial situation, the program may not be useful. Upgrades could be made to

these programs to make them more effective.

It is imperative that there be a standardized way to evaluate the effectiveness of a financial

education program. At the 2009 National Research Symposium on Financial Literacy and

Education, it was concluded that in order for financial education programs to be more

successful, they need to consider what behaviors consumers have, how they are formed and

how they can be changed (Schuchardt, 2009, p. 85). It was found that there was not a

systematic way to evaluate programs because each program had different content, delivery

methods and target populations. Because each program was different, researchers could not

identify the impact of the programs. The participants suggested that a standard of core financial

literacy topics be created. It is also important to determine what method of financial education

is the most effective for students in order to optimize learning and positive behavior changes

(Schuchardt, 2009, p. 88).

Evaluation of financial education programs is necessary in order to determine what types of

programs work best, how effective financial education programs are and to determine the value

for money from financial education (O’Connell, 2009, p.15). There are three main types of

evaluation: evaluation built into programs like a pre and post-test, evaluation of the effect of

financial education on national populations, and evaluation based on past experiments

(O’Connell, 2009, p.16). The need for a standardized financial education evaluation system is

extremely important because there are currently issues with data integrity, practical difficulties

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 Financial Literacy and College Students: An Exploration of College Students’ Attitudes, Behaviors,
Influences and Preparedness for Financial Decisions After Graduation
Senior Capstone Project for Kerry Quirk

such as cost of evaluating, isolation of factors that could affect participants’ learning and a lack

of benchmarks to compare programs to (O’Connell, 2009, p.19).

The call for evaluation and validation of financial education programs is central to the

significance of these programs because without evaluation, there is no way to determine if a

program is providing any service to participating students. Some necessary components of

evaluation should include comparing current programs to one another to identify similarities

and differences. Evaluation should also analyze student learning at both the local and national

level. It may be necessary to collect data from students years after they participate in a

financial education program to see what the long-term impact of their education was. This

would help evaluate the current models of programs to see if students are actually gaining

knowledge that will help them achieve long-term financial security. Finally, it is necessary to

include the input of students in the evaluation of programs. Part of what this study investigates

is what topics students have already learned about and what further interest students have in

different financial topics. Students have preferences in the topics that they wish to learn about,

and they know directly which financial decisions they will be facing in the near future. Who

better to assist in the evaluation of a program than the actual program participants? These

criteria would help to ensure that financial education programs are providing value to students

and are worthwhile of the resources that they require.

Attributes and Implementation of Effective Financial Education Programs

The literature has exhibited several themes regarding the efficacy of financial education

programs. First, financial education should be modernized, motivational and needs to begin

earlier than high school (McCormick, 2009, p.74). Second, standards should be implemented

in all school systems so teachers can provide the best education to students (McCormick,

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Financial Literacy and College Students: An Exploration of College Students’ Attitudes, Behaviors,
Influences and Preparedness for Financial Decisions After Graduation
Senior Capstone Project for Kerry Quirk

2009, pg.79). In terms of the programs themselves, it was noted that programs are more

effective if they are targeted and have a specific topic focus (i.e. credit card counseling)

(Hathaway & Khatiwada, 2008, p.2).

One way to implement standards and evaluate programs could be through education

administration. The NASBE report “Who Will Own Our Children,” concluded that state

boards of education have the power to implement financial literacy programs in schools. In

particular, NASBE cited activities such as preparing and integrating programs, evaluating

programs and the teacher’s ability to teach financial education as problems with today’s

financial literacy curriculums. Some ways to fix these problems include critically evaluating

financial education programs, exposing students earlier to financial topics, training and

recertifying teachers and partnering with outside groups (National Association of State Boards

of Education, 2006). Administration in all educational arenas have the power to adopt new

curriculum to ensure that financial topics become an area that students are proficient in.

The implementation of financial education programs is central to the movement towards

financial education of college students. With programs that are modern, applicable to

students’ lives, standardized and targeted, students will have the opportunity to receive

education that can impact their lives and their financial well-being.

RESEARCH QUESTIONS
Based upon the literature review, this study is designed to explore what the current situation is

regarding college students and their financial literacy. The research questions and hypotheses

are situated among four themes found in the 2007 Jorgensen dissertation: personal attitudes of

college students towards their finances, current financial behaviors of college students,

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Financial Literacy and College Students: An Exploration of College Students’ Attitudes, Behaviors,
Influences and Preparedness for Financial Decisions After Graduation
Senior Capstone Project for Kerry Quirk

who/what influences college students’ financial decisions in the past and future and whether

college students have an understanding about what future financial situations they may

experience. Based upon the survey, scores will be created to measure financial attitudes,

financial behaviors and financial future. The following demographic factors will be analyzed

to see if they have a significant impact on the scores of respondents: Gender, Age, Academic

Class, Degree, Concentration, Minor, Years of Working Experience, Taken an introduction to

financial management course (Yes/No) and Taken an introduction to personal financial

management course (Yes/No).

It is hypothesized that gender will be a significant factor on scores because males may be

more likely to engage in risky behavior, thus affecting their financial behavior score. It is

hypothesized that the number of years working experience a respondent has will be significant

because the longer an individual has worked, the more aware of their financial behaviors and

decisions they will be. As demonstrated in the literature review, it is predicted that academic

class will be a significant factor because as students rise in their academic rank, they are

becoming more responsible and thinking about their future more seriously. It is also predicted

that whether or not participants have taken an introduction to financial management or

personal finance class will have a significant impact on scores because they will have gained

important financial knowledge from such courses. Finally, it is predicted that age, degree,

concentration and minor will not have a significant impact on the scores.

For financial attitudes, it is hypothesized that college students will have high levels of

confidence in their ability to manage their own finances and handle their financial future.

Despite high levels of confidence, the students will have an interest in learning more about

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Financial Literacy and College Students: An Exploration of College Students’ Attitudes, Behaviors,
Influences and Preparedness for Financial Decisions After Graduation
Senior Capstone Project for Kerry Quirk

different financial topics. Furthermore, despite having high levels of confidence, it is

hypothesized that college students will not feel in control of their financial situation, possibly

due to large amounts of student debt.

In terms of financial behaviors, it is hypothesized that gender will have a significant impact

because males may be more likely to engage in riskier behaviors. it is hypothesized that

college students are spending-oriented individuals, perhaps due to a lack of financial

responsibilities, peer pressure and a larger amount of free time. Despite being spending

oriented, the students will not budget or track spending thoroughly and will maintain minimal

financial records through online or mobile applications. The students will have debt

consisting of mainly student loans and credit card debt. It is hypothesized that most students

will pay off this debt themselves, but will use their parents as a “bail-out” if necessary.

It is predicted that college students are influenced by their parents, other family members,

peers, high school/ college education, the media and the internet. The students grew up

learning about topics such as budgeting, being honest in all dealings and working for what

they receive. Even though they learned about different topics from their influences, college

students were not included in making financial decisions in their families. This is because in

their families, finances were kept private or were argued about.

Lastly, college students expect to learn about finances in the future again from their families

and friends, but also from further schooling, life experiences and their future employers.

College students do not have a strong understanding on different upcoming financial

situations, such as job offers, retirement accounts, when loans payments start and rental

agreements.

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Financial Literacy and College Students: An Exploration of College Students’ Attitudes, Behaviors,
Influences and Preparedness for Financial Decisions After Graduation
Senior Capstone Project for Kerry Quirk

METHODS

Measures
The measure used in this research is based upon Dr. Bryce Jorgensen’s survey, “College

Student Financial Literacy Survey”. This was taken from Dr. Jorgensen’s dissertation

“Financial Literacy of College Students: Parental and Peer Influences”. This survey, which

Dr. Jorgensen created, has the purpose of measuring the personal financial literacy levels of

college students, the impact of parental and peer influences, and how knowledge and attitude

is correlated to financial behavior. Specifically, impacts of gender, academic class ranking

and socioeconomic status were examined. (Jorgensen, 2007).

This study uses portions of the “College Student Financial Literacy Survey”, as well as

additional questions created by the researcher that were used in supplement to the original

survey. In total, thirty five questions are included in the survey. This total encompasses

demographic questions, as well as questions probing four content areas: financial attitudes,

financial behaviors, influences and financial future of college students. The survey was

distributed online via a Qualtrics survey link. Participants were notified of any risks involved

with taking the survey through an informed consent form at the beginning of the survey.

Permission to use all or portions of the “College Student Financial Literacy Survey” was

granted to the researcher by Dr. Jorgensen via email. Additionally, the Institutional Review

Board for the sample university approved the research survey. Copies of the permission

email, IRB Approval, Informed Consent Form and survey questions can be viewed in the

Appendix.

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Financial Literacy and College Students: An Exploration of College Students’ Attitudes, Behaviors,
Influences and Preparedness for Financial Decisions After Graduation
Senior Capstone Project for Kerry Quirk

Procedure
The survey was distributed via a Qualtrics online survey link. The survey was activated on

January 15, 2015. The survey was distributed to university students via email and Facebook.

With the survey link, emails and Facebook posts indicated that the survey could be completed

by anyone identifying as a college student (pursuing an undergraduate, graduate or doctorate

level degree). While the survey was primarily distributed to undergraduate and graduate level

students at a university in the New England region of the United States, since the survey was

posted on Facebook, there is the potential that students outside of this university responded.

After the survey had been active for one month, the online link was shut down on February

15, 2015 and the results were aggregated and downloaded into Microsoft Excel using the

Qualtrics software. The data was then analyzed using the statistics software SPSS.

Participants

While the majority of the study participants were from a university in the Northeastern region

of the United States, since the survey was distributed via email and social media, some of the

participants were from outside this university. A total of 101 students responded to the

survey, but only 75 completed the survey. Due to missing values for some questions, only 67

of the completed 75 responses were used for analysis.

Of the 67 usable responses, the respondents were broken into 64.2% females and 35.8% males

(See Appendix F- Descriptive Statistics of Response Demographics). The respondents were

on average 21 years old, with the next highest response among 18 and 19 year olds. The

highest response was received among second semester seniors, followed by second semester

freshmen and second semester sophomores. For the full demographic responses of the 67

usable surveys, please see Appendix F.

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Financial Literacy and College Students: An Exploration of College Students’ Attitudes, Behaviors,
Influences and Preparedness for Financial Decisions After Graduation
Senior Capstone Project for Kerry Quirk

Of the 26 participants that partially completed the survey, there were 13 females, 4 males and

9 that did not disclose their gender. These students were on average 19 years old and mainly

freshmen and sophomore students. It is not possible to determine exactly why these 26

students did not complete the survey, but some possible explanations could be that they were

put off by the survey length, had limited time in their schedule to complete it or simply lacked

interest in the topics.

Analyses
For the purposes of analyzing the data, only the participants who completed the survey

entirely will be analyzed. An exploration into the 26 participants that only partially

completed the survey will be included in the Discussion section of this paper. 75 participants

completed the survey entirely, but 8 respondents were removed due to too many missing

values for some questions. A total of 67 respondents were analyzed.

Data was downloaded into Microsoft Excel and recoded in order to enter it into SPSS. Scores

were also created for financial attitude, financial behavior and financial future. In order to

create these scores, questions were designed for each category that captured the essence of

that factor. Responses were then assigned a numeric point value. Each respondents’ answers

to each question were summed to form the three scores.

For the financial attitudes score, questions 11 (How do you feel about your ability to manage

your own finances?), 12 (How interested are you in increasing your financial knowledge?), 13

(Would you take a personal finance course as an elective?), 14 (What topics would be of

interest to you [for a personal finance elective]?), 15 (regarding rating the importance of

different financial behaviors) and 16 (using a Likert scale to rate how true different financial

statements are to the respondent). Points were assigned to each answer of each question. For

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Financial Literacy and College Students: An Exploration of College Students’ Attitudes, Behaviors,
Influences and Preparedness for Financial Decisions After Graduation
Senior Capstone Project for Kerry Quirk

a breakdown of the points assignment, please see Appendix E. A higher financial attitude

score is better because it indicates a greater interest in financial knowledge, topics and

recognition of important financial scenarios.

For the financial behavior score, questions 17(saving-oriented versus spending-oriented), 20

(How do you maintain your financial records?) and 26 (using a Likert scale to rate how true

different financial behaviors are of the respondent). A higher financial behavior score is

better because it indicates more responsible financial habits.

For the financial future score, question 35 (Answer the following questions about your

understanding of the following financial situations) was used. A higher financial future score

is better because it indicates that the respondent had a larger reported understanding of the

given financial situations.

Data analysis was conducted using the IBM SPSS Statistics Software package. Frequencies

of each question were run to determine how the respondents answered each question.

Descriptive statistics such as overall means were computed for the financial scores. A

correlations test was run on the financial scores. One-way ANOVAs and a MANOVA were

also run to determine if any of the demographic factors had a significant impact on the scores.

RESULTS
The results section of this study is split into two portions: the General Survey Results and the

results of the Financial Scores Analysis. The General Survey Results will present graphics

regarding key questions from the survey. The Financial Scores Results will present the

findings of the statistical analyses of variances of the three scores.

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Financial Literacy and College Students: An Exploration of College Students’ Attitudes, Behaviors,
Influences and Preparedness for Financial Decisions After Graduation
Senior Capstone Project for Kerry Quirk

General Survey Results

Concerning financial attitudes of college students, several questions are key to illustrate the

attitudes of the respondents. First, as exhibited in the graph below, only 10.4% of the students

surveyed feel very sure about their ability to manage their own finances. The majority of

students responded that they were not too sure and wished they knew more about money

management.

Question 11- How Do You Feel About Your Ability to Manage Your Own Finances?

Because many students expressed that they wish they knew more about money management,

it is not surprising that over 80% of the respondents expressed some interest in increasing

their financial knowledge.

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Financial Literacy and College Students: An Exploration of College Students’ Attitudes, Behaviors,
Influences and Preparedness for Financial Decisions After Graduation
Senior Capstone Project for Kerry Quirk

Q12- How Interested Are You in Increasing Your Financial Knowledge?

Students also indicated that they had an interest in learning about many different financial

topics in a personal finance course, but the most prominent areas of interest can be seen in the

table below. Students expressed an interest in topics that they will soon encounter such as

investing their salary, contributing to a retirement account and budgeting.

Q14: Top Five Topics of Interest for a Personal Finance Course

Rank Topic Percentage of Respondents

1 Investing 79%
2 Budgeting 76%
3 Taxes 67%
3 Saving 67%
4 Retirement Accounts 61%
5 Loans/ Debt 60%

Consistent with the data found in the literature review, college students own a large amount of

debt, with over one third owing more than $20,000.

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Financial Literacy and College Students: An Exploration of College Students’ Attitudes, Behaviors,
Influences and Preparedness for Financial Decisions After Graduation
Senior Capstone Project for Kerry Quirk

Q19: How Much Debt Do You Own, Including Student Loans, Credit Cards and Other Loans
(not including mortgages)?

Concerning credit, the students surveyed seemed to have more responsible behavior than their

demographic, in general. Almost half of the respondents reported not having a credit card at

all and only about ten percent had more than one credit card.

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Financial Literacy and College Students: An Exploration of College Students’ Attitudes, Behaviors,
Influences and Preparedness for Financial Decisions After Graduation
Senior Capstone Project for Kerry Quirk

Q22- How Many Credit Cards Do You Have?

When compared to the 2009 Sallie Mae survey, respondents of this survey appeared to be

more responsible with their credit card use, indicating lower than expected amounts of

outstanding credit card debt. In fact, most respondents who had a credit card self-reported

debt amounts that are more manageable. Over 44% of the respondents indicated that their

credit card debt was between $0 and $499. Only a small amount had debt levels over $500.

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Financial Literacy and College Students: An Exploration of College Students’ Attitudes, Behaviors,
Influences and Preparedness for Financial Decisions After Graduation
Senior Capstone Project for Kerry Quirk

Q23- What is the Combined Total Balance on Your Credit Card?

Roughly one third of the respondents indicated that they pay the full amount due on their

monthly credit card statement. A promising response was that only 2.86% of respondents pay

the minimum and no respondents indicated that they skip payments.

Q25- If you pay for your credit card balance, how do you usually pay for your monthly
credit card bills?

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Financial Literacy and College Students: An Exploration of College Students’ Attitudes, Behaviors,
Influences and Preparedness for Financial Decisions After Graduation
Senior Capstone Project for Kerry Quirk

Students were also asked to indicate to which extent their parent or guardian pays for different

expenses. Based upon the responses, the majority of parents of the responding students pay

for all of their child’s auto insurance, auto payments, medical insurance, dental insurance and

cell phone bill. Parents only assist for some of the costs regarding college tuition and college

books. The majority of students also responded that their parents does not pay for any of their

credit card bill.

Q27- My parent/guardian pays for:

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Financial Literacy and College Students: An Exploration of College Students’ Attitudes, Behaviors,
Influences and Preparedness for Financial Decisions After Graduation
Senior Capstone Project for Kerry Quirk

Q28- Do You Have Student Loans?

About two thirds of the students in the survey reported having student loans. Concerning

payment of the loans, the financial responsibility will be that of the students themselves and

sometimes their parents.

Q29- Who Will Pay Off Your Student Loans?

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Financial Literacy and College Students: An Exploration of College Students’ Attitudes, Behaviors,
Influences and Preparedness for Financial Decisions After Graduation
Senior Capstone Project for Kerry Quirk

Students also indicated who they felt had influenced them in the past regarding personal

financial management, and who they felt they could go to in the future to increase their

financial knowledge.

Q30- Where Do You Feel You Have Learned About Personal Financial Management?

Rank Answer Percentage

1 Parents 96%

2 College 45%

3 Internet 45%

4 High School 28%

5 Other Family 25% (Tie)

Members/Books/Media

Q34- Where Do You Expect to Learn More About or Increase Your Financial Knowledge?

Rank Answer Percentage

1 Life Experiences 75%

2 Parents 67%

3 Future Job/ Employers 57%

4 Additional Schooling 55%

5 Books 43%

It is interesting to note that in the past, students tended towards education to gain knowledge,

but for the future, report that life experiences will teach them what they need to know.

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Financial Literacy and College Students: An Exploration of College Students’ Attitudes, Behaviors,
Influences and Preparedness for Financial Decisions After Graduation
Senior Capstone Project for Kerry Quirk

To investigate further the influence of parents, one question asked students to compare their

saving and spending habits to those of their parents. Most students responded that they will

be about as likely to save or spend as their parents, but the next largest group of respondents

indicated that they will be more likely to save than their parents, perhaps indicating a hope to

not repeat some financial situations that their parents may have experienced.

Q33- Compared to Your Parents, Would You Say That You Are:

Finally, the last question of the survey presented different financial situations that college

students may experience in their short-term futures. Students were asked if they understood

each of the scenarios. For graphics concerning student responses to each question, please see

Appendix G.

Of the eleven scenarios, the majority of respondents only understood the six following

situations (The percentage of respondents who answered “Yes” is in parentheses):

 What factors are used to determine a loan (62.7%)

 The concept of compound interest (74.6%)

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Financial Literacy and College Students: An Exploration of College Students’ Attitudes, Behaviors,
Influences and Preparedness for Financial Decisions After Graduation
Senior Capstone Project for Kerry Quirk

 When they are no longer covered under their parent’s insurance (74.6%)

 Feel comfortable reading a job offer and understanding their benefits (67.2%)

 How to apply for a credit card (59.7%)

 When to begin paying off student loans (62.5%)

Of the eleven scenarios, the majority of respondents did not understanding the five following

situations (The percentage of respondents who answered “No” is in parentheses).

 Terms of auto insurance (52.2%)

 How to obtain a credit score and understand its meaning (58.2%)

 Where to go to investment in the stock market and other securities (59.7%)

 The difference between retirement accounts and how to start investing in them

(67.2%)

 How to file their own taxes (76.1%)

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Financial Literacy and College Students: An Exploration of College Students’ Attitudes, Behaviors,
Influences and Preparedness for Financial Decisions After Graduation
Senior Capstone Project for Kerry Quirk

Financial Score Results

First means and standard deviations calculations were performed for the three financial
scores.
Figure 1- Descriptive Statistics of Financial Scores

N Minimum Maximum Mean Std. Deviation

FINANCIAL ATTITUDE
67 49 89 71.18 8.816
SCORES
FINANCIAL BEHAVIOR
67 15 33 25.27 3.788
SCORE
FINANCIAL FUTURE
67 0 11 5.40 2.796
SCORE
Valid N (listwise) 67

For each of the scores, a higher score is better because it indicates a higher level of positive

attitude associated with financial education and topics, better financial habits and behaviors

and a greater understanding of future financial situations.

A correlation test was also performed for the three financial scores. Correlations is a

statistical tool to determine if there are any underlying relationships between variables.

Figure 2- Correlations of Financial Scores

FINANCIAL FINANCIAL FINANCIAL

ATTITUDE BEHAVIOR FUTURE
SCORES SCORE SCORE

FINANCIAL ATTITUDE Pearson Correlation 1 .465** .512**

SCORES Sig. (2-tailed) .000 .000

N 67 67 67
FINANCIAL BEHAVIOR Pearson Correlation .465** 1 .310*
SCORE Sig. (2-tailed) .000 .011
N 67 67 67
FINANCIAL FUTURE Pearson Correlation .512** .310* 1
SCORE Sig. (2-tailed) .000 .011

N 67 67 67
**. Correlation is significant at the 0.01 level (2-tailed).
*. Correlation is significant at the 0.05 level (2-tailed).

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Financial Literacy and College Students: An Exploration of College Students’ Attitudes, Behaviors,
Influences and Preparedness for Financial Decisions After Graduation
Senior Capstone Project for Kerry Quirk

The test indicated that there was a highly positive correlation between the three scores.

Specifically, financial attitude score was positively correlated with the financial behavior

score (r =0.465, p=0.01) and the financial future score (r =0.512, p=0.01). The financial

behavior score was also positively correlated with the financial score (r =0.310, p=0.05). The

Pearson Correlation statistic, if positive and greater than one, indicates the degree to which

two variables are associated with one another. A positive correlation indicates that as one

variable increases in value, the variable it is correlated with will also increase (Lund

Research, Ltd., 2013).

Next One-Way ANOVAs (analysis of variances) were run for each demographic

characteristic by each score. This was done to determine if any demographic factors had a

significant impact on the differences in financial scores. The entire ANOVA results are

outlined in Appendix F.

There was a significant difference found between financial attitudes score and gender, F (1,

65) = 5.083, p=0.028. Specifically, the difference was that males had a higher financial

attitudes score than females (See Appendix H- Post-Hoc Tests). There was also a significant

different between the financial attitude score and whether or not a student had taken a

financial management course, F (1, 64) =9.132, p=0.004. Specifically, the different was that

those students who had taken a financial management course had a higher financial attitude

score. Another significant different was found between the financial attitude score and

whether or not a student had taken a personal finance course, F(6,65)=10.258, p=0.002.

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Specifically, the different was that those students who had taken a personal finance course had

a higher financial attitude score.

The only significant ANOVA for the financial behavior score was found between the

financial behavior score and whether or not a student had taken a financial management

course F(1,64)=11.059, p=0.001. Specifically, the different was that those students who had

taken a financial management course had a higher financial behavior score.

Finally, there were two significant ANOVAs for the financial future score. First, there was a

significant different between the financial future score and whether or not a student had taken

a financial management course, F(1,64)=6.935, p=0.011. The difference was that those

students who had taken a financial management course had a higher financial future score.

Additionally, there was a significant difference between the financial future score and whether

or not a student had taken a personal finance course F(1,65)=6.303, p=0.015. It was found

that students who had taken a personal finance course experienced a higher financial future

score than those who did not take such a course.

In addition to the one-way ANOVAs, a MANOVA (multiple analysis of variance) to

determine if there is significance between the financial scores and the demographic factors.

The results of the MANOVA can be seen in Appendix G. The MANOVA was not

significant.

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DISCUSSION
The survey provided interesting results about college students and their attitudes, behaviors,

influences and understanding of the financial future. This discussion section will examine

each area individually and then describe limitations of the study and areas for future research.

Financial Attitudes
The three significant factors on the financial attitudes score were gender, financial

management course and personal finance course. It is interesting that gender had a significant

impact of the financial attitudes of college students. Specifically, it was interesting that on

average, males were found to have higher financial attitudes scores. This indicates that males

have higher confidence in their ability to manage their own finances, have a greater interest in

increasing their financial knowledge, are more likely to take a personal finance course and

identify more with different financial statements.

One possible explanation for this difference in gender scores could be social norms.

Historically, men have made more money than women. Some industries are male-saturated

and many high-level executive positions are held by majority males. Because of this culture

in which men are associated with financial management, females may feel it is more socially

acceptable for males to handle the management of finances. Females may also not value their

own ability to take an active management approach with their finances if males in their lives

may do it for me. It may also be possible that because of this social norm, women do not

feel welcome or do not feel it is important to be engaged in their own financial world.

Previous studies, such as the 2007 Jorgensen study, did not find that gender had a significant

impact on the financial attitude of college students. The discrepancy in findings may be due

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Financial Literacy and College Students: An Exploration of College Students’ Attitudes, Behaviors,
Influences and Preparedness for Financial Decisions After Graduation
Senior Capstone Project for Kerry Quirk

to the smaller scale of this study. Additionally, a majority of females participated in this

study, which may have impacted the significance of the gender variable.

Whether or not a student had taken a financial management or personal finance course also

had an impact on the respondents’ financial attitudes score. It was found that those students

who had taken either of those courses had a higher financial attitudes score. This finding

seems logical because by taking such courses, students are exposed to many financial topics

and scenarios that may have educated them about the importance of being aware of one’s

financial situation. By taking the courses, students may also have realized an interest in their

own financial welfare which can raise their financial attitudes scores. This finding is notable

because it indicates that financial education, whether it focuses on financial management or

personal finance, truly does have an impact on college students. This strengthens the existing

body of research that claims financial education had positive benefits to recipients.

Financial Behaviors

The financial behavior of the survey respondents was better than expected when compared to

the college student demographic, in general. The survey respondents indicated lower

numbers of credit cards and lower amounts of debt than found in the 2009 Sallie Mae survey.

This could possibly be explained by the 2009 Credit CARD Act (Credit Card Accountability,

Responsibility and Disclosure Act). This law allowed for the reform of the relationship

between college students and credit card companies. After this act became law, it became

illegal for credit card companies to offer prizes or gifts to students if they applied for a credit

card. It also became more difficult for credit cards companies to solicit and market directly to

college students on their college campuses. Furthermore, if a student under twenty one years

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Senior Capstone Project for Kerry Quirk

of age wanted to apply for a credit card, they would now need an adult over twenty one years

old to co-sign with them (Acosta Scott, 2009). Because of this reformation, it is logical that

students now hold less credit cards and consequently, accumulate less credit card debt.

Another important result to note was that the majority students indicated that it was

somewhat important or very important to maintain adequate financial records, spend less than

their income, maintain adequate insurance coverage and plan and implement a regular savings

or investment program. While this study did not conduct any primary research with students

to gain better insights into their individual habits, in general, the survey respondents seemed

to have the ability to recognize and initiate positive financial behaviors.

It was found that the financial management course had a significant impact on the financial

behavior score of respondents. Those respondents who had taken a financial management

course experienced higher financial behavior scores. The higher score indicates students that

are more saving-oriented, maintain detailed or highly detailed financial records and recognize

the importance of their own positive financial behaviors. Again, it is significant that the

financial management course was the significant factor because it supports the existing claims

that financial education can impact financial behaviors. While this study did not measure the

level of financial behaviors before and after students took the financial management course, it

indicates that when compared with students who had not taken a financial management

course, the educated students had more positive, responsible financial behaviors. More

research still needs to be conducted in order to determine the pre and post education levels of

financial behavior, and the lasting impact of the financial education years down the road.

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Financial Influences
Concerning influences, students indicated that in the past, they used parents, high school and

collegiate education and the Internet as ways that they learned about personal financial

management. This is logical because while college students may have not experienced many

financial situations themselves, they may have witnessed their parents or other family

members experience situations. This would have been an excellent learning experience for

college students. Additionally, formalized education such as high school and college are also

logical responses to this question because college students will likely see educational

institutions as reliable sources of information.

There is an interesting, but logical, contrast from past influences to future influences.

Students indicated that while parents would still provide a key role in influencing their

financial knowledge, life would also play a role. Students felt that by experiencing financial

situations themselves and making their own decisions, this would influence their financial

knowledge. On this same point, students viewed their future employers as a source of

influence. By working and gaining experience, students may base some of their financial

decisions off of their professional career.

Another key point is that in both situations, past and future, students indicated education (high

school, college or additional schooling) as influences to their financial knowledge. Not only

does this support the claim that students are viewing education as a reliable source of

influences, but it also indicates that there is a desire by students to learn more about their

finances. Financial education appears to be highly valued by college students as a source of

influence regarding their personal financial management and financial knowledge.

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Financial Future
One of the most interesting findings from the survey revolves around college students and

their preparedness for financial situations in the near future. The financial future score

measured whether or not the respondent had an understanding of eleven different financial

situations that they could experience in the near future after college graduation. It was found

that students who took either a financial management course or a personal finance course

experienced a higher financial future score.

This observation is extremely relevant to the purpose of this study because it again supports

the claim in the existing research that financial education can have benefits to participants,

including preparation for different financial situations. Those students who were exposed to

different financial situations such as student loan dent, filing taxes and auto insurance were

able to report a higher understanding of these topics because of their education. Students who

were not exposed to these topics due to education were left to rely on other means of learning

about these topics, or did not understand them at all.

Additionally, it is interesting to note that the overall mean financial future score was 5.40.

This number indicates that out of a possible eleven scenarios, students only felt comfortable in

their understanding of about half of them. For students that had taken a financial

management or personal finance course, their means scores were 6.44 and 6.41, respectively.

For the students that did not take a financial management or personal finance course, their

means scores were 4.67 and 4.73, respectively. These numbers show that by taking a

financial management or personal finance course, the financial future score was able to be

raised by almost two points. This signifies an understanding of two more financial scenarios

because of financial education.

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Senior Capstone Project for Kerry Quirk

Understanding of Future Financial Situations

To delve further into the financial future scores, an exploration is needed into which questions

college students felt they understood and which they did not and why they may have

answered as they did. About two thirds of the respondents answered that they understood

which factors are used to determine a loan. This is logical because roughly two thirds of the

respondents indicated that they had student loans, thus giving them exposure in the loaning

process. Compound interest was another topic of understanding. This is most likely due to

students having common financial accounts such as checkings or savings accounts that would

pay them interest, thus exposing them to compounding effects.

Students also indicated an understanding of when they will no longer be covered under their

parent’s insurance plans. This can possibly be explained by the enactment of “ObamaCare”

in 2010, which received national attention in the United States by allowing children to remain

covered under their parents’ insurance plans until age 26 (ObamaCare Facts, 2015). Students

most likely heard about this reform through the media, thus increasing their awareness

surrounding insurance coverage. Additionally, about two-thirds of the respondents indicated

an understanding a job offer and benefits. This is also logical, as college years are a time

when students receive their first full-time job offer. These offers are oftentimes presented by

a Human Resources professional who can guide the student through their employment

package. Finally, about 60% students indicated an understanding of how to apply for credit

cards. This may be due to the fact that some colleges and universities have marketing

agreements with credit card companies in which the companies can market debit or prepaid

cards to college students (United States Government Accountability Office, 2014). Because

of such agreements, college students are exposed to the credit card application process.

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Lack of Understanding of Financial Future Situations

It was alarming that many students did not understand some of the financial future scenarios.

It is understandable that about half of the respondents indicated that they do not understand

the terms of their auto insurance because as found in this study, almost 70% of the

respondent’s parents pay for their auto insurance. Students, by not paying for their auto

insurance, may have never viewed their own policy. Another situation which over half of the

respondents did not understand was how to obtain a credit score and understand its meaning.

This is reasonable because credit scores college students have likely not been involved in

financial situations that require a credit score, such as applying for a large loan. However,

even if students have not needed their credit score up to this point in their lives, it is

imperative that they understand its importance and the impact it can have on their ability to

receive credit.

Participants also indicated a lack of understanding in the process of investing in stocks and

other securities. College students may have not been exposed to this process, but should

consider these investments as alternatives to bolster their income and long-term financial

planning. An area of concern is that almost 70% of students indicated a lack of

understanding in different retirement accounts and how to begin investing in them. Students

need to develop a working knowledge of these accounts in order to prepare for their eventual

retirement. It is also important that college students begin to contribute to their retirement

accounts as soon as possible in order to receive the benefit of compounding and monetary

growth for as long as possible. Finally, over 75% of the participants indicated that they did

not understand how to file their own taxes. This is an important concept for college students

to be aware of since they will need to pay taxes annually.

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These topics only represent eleven of the many different financial situations college students

will encounter in the near and distant future as financial citizens. While it is disheartening

that many students do not understand these topics, there is hope that students will use their

available resources to continue their financial education in order to become more responsible

and financially-independent adults. The financial learning process is life-long, so while

students may not understand these topics at this stage in their lives, they can still acquire this

knowledge in the future.

Non-Significant Factors
The non-significant demographic factors in this study were age, academic class, degree,

concentration, minor and years of working experience. There are some possible explanations

as to why these factors did not significantly impact the financial scores.

First, it is rational that degree, concentration and minor were not significant factors. This is

because financial education is not a discipline that is specific to one area of education focus.

Finances impact all individuals regardless of their expertise. Everyone will need to make

financial choices in their lifetime. For this reason, it is not conceivable that degree,

concentration or minor would significantly impact any of the financial scores.

While other studies found academic class to be a significant factor, this study did not. This

could be due to the curriculum at the university at which the survey was conducted. While all

students at that university were required to take an introductory financial management course

before graduation, a personal finance course is only required for accounting majors. It is open

as an elective to other majors. Because the personal finance class covers topics that are more

inclusive of those topics seen in a financial literacy course, is makes sense that academic class

was not significant. Even if students amass more college credits, if their courses do not

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Financial Literacy and College Students: An Exploration of College Students’ Attitudes, Behaviors,
Influences and Preparedness for Financial Decisions After Graduation
Senior Capstone Project for Kerry Quirk

include personal finance topics, their academic class will not have a significant impact on

their financial scores. This logic can also be applied to the age of the student. If the student

has not been exposed to financial topics, then their age would also not be a significant factor.

The Monticone (2010) study found that working experience had an impact on an individual’s

financial literacy; however, this study did not echo this finding. Years of working experience

was not a significant factor. This could be due to the type of work in which college students

are participating. A part-time job on campus may not provide students the same financial

education value as a professional internship. Because this study did not ask students to

disclose their type of working experience, it is understandable that working experience was

not a significant factor.

Implications
The most important take-away from this study is the potential for the development of college

curriculum. Through this study, it was identified which topics students have a direct interest

in learning about. It was also identified which scenarios students already have an

understanding of, and which the majority do not understand. This information can be used to

create a curriculum that will have an impact on college students because it was created using

their direct input.

It is a common frustration among college students that their coursework does not relate to

their work or personal lives. This is not the case with personal finance. Personal finance is an

extremely relevant educational experience that impacts each person, no matter what their

academic discipline is. Every person, including college students, makes financial decisions in

their daily lives. By educating students on personal finance topics, they will receive an

education that has a direct correlation to their lives. It is an educational discipline that holds

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Influences and Preparedness for Financial Decisions After Graduation
Senior Capstone Project for Kerry Quirk

great weight, but is unfortunately overlooked. However, with more research done

surrounding personal finance and educational experiences, there is hope that this educational

branch will grow in popularity, acceptance and incorporation into educational settings,

especially at the collegiate level.

Limitations
This study has several limitations associated with it. First, the sample size of this survey was

small, with only 67 of the total 101 responses being able to be used for the analysis. While 67

respondents is still greater than the 50 respondents that would be needed for the results to be

considered statistically significant in traditional statistics, the sample size was still small, thus

limiting the amount of data and inferences that could be collected.

Another limitation of the study was that respondents were of similar demographics. A

majority of the survey was conducted at a primarily business university in the Northeast

region of the United States. None of the respondents were international students and many

were business majors. It can be argued that many of the respondents had similar educational

backgrounds which could have given them a bias in their responses. For future research, a

wider variety in the demographics of respondents should be a goal.

A final limitation of the study is the possibility of a self-selection bias in the respondents.

Students were given an informed consent form at the beginning of the survey indicating the

purpose of the study. Students who have a greater interest in financial education may have

chosen to continue the survey while students with little interest may have exited the survey. It

is also possible that students may have inflated their financial capabilities in the survey by

answering untruthfully in order to appear more knowledgeable about certain topics. If this

type of respondent bias occurred, it could sway the results of the study.

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Financial Literacy and College Students: An Exploration of College Students’ Attitudes, Behaviors,
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Senior Capstone Project for Kerry Quirk

Future Research
For future research, it would be interesting to investigate further the amount of understanding

college students have regarding future financial situations. A more comprehensive list of

scenarios could be presented to the students to investigate what topics are “common

knowledge” for them, and which topics need more time spent educating. These findings

could be valuable to create a college level curriculum regarding personal financial

management.

Another interesting component of future research could be primary research involving

interview with college students to hear from them why they are interesting in particular topics

and how they may want the material presented to them. This information could also be

included if creating education material for college students. Additionally, it may be interesting

to include a psychological component and investigate if different personality traits have an

impact on the financial scores of students. Could personality types such as introvert/ extrovert

have an impact on the financial scores? Furthermore, could the Myers-Briggs personality

characteristics be used as factors of financial scores?

Finally, the geographic location of where a student lives or what their family occupations are

could be studied as factors of the financial scores. If students are from a geographic area with

higher income or lower income levels, would this significantly impact their financial scores?

Also, if family members have higher or lower paying occupations, would this have a

significant impact on the financial scores of students?

A large amount of factors could be investigated to see if they help determine the financial

scores of students. All of the observations recorded from such studies could be very helpful if

colleges decide to create more education courses regarding financial management, personal

finance or other financial education disciplines.

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CONCLUSION

College students are an area of the population who would benefit greatly from receiving

financial education, but are not always receiving the training they need to boost their levels of

financial literacy. Students have an interest in increasing their personal financial knowledge,

have the ability to recognize healthy financial behaviors and have identified parties from

whom they can seek financial guidance. Despite this, students still have a lack of

understanding of important personal finance topics and scenarios that they will likely

encounter in their lives. This study helped to explore the landscape surrounding college

students and their financial education, demonstrated a need for college students to receive

financial education and explored implication of the research. It is the hope of the researcher

of this study that more work will be done in the field of financial education to ensure that

college students are properly educated on these important topics before they graduate from a

higher education institution.

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Financial Literacy and College Students: An Exploration of College Students’ Attitudes, Behaviors,
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Senior Capstone Project for Kerry Quirk

APPENDICES

Appendix A- Survey Permission

Appendix B- IRB Approval Form
Appendix C- Informed Consent Form
Appendix D- Survey Questions
Appendix E- Score Points Distribution
Appendix F- Descriptive Statistics of Response Demographics
Appendix G- Results of Financial Future Questions
Appendix H- One-Way ANOVA Results
Appendix I- MANOVA Results
Appendix J- Post-Hoc Tests

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Senior Capstone Project for Kerry Quirk

Appendix A – Survey Permission

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Financial Literacy and College Students: An Exploration of College Students’ Attitudes, Behaviors,
Influences and Preparedness for Financial Decisions After Graduation
Senior Capstone Project for Kerry Quirk

Appendix B – IRB Approval Form

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Senior Capstone Project for Kerry Quirk

Appendix C- Informed Consent Form

Informed Consent

You are invited to participate in a study of the personal financial management attitudes,
behaviors and influences of college students. I hope to learn about the financial management
patterns evidenced in college students and explore their preparedness for becoming financially
independent after graduation.
Your participation in this survey is completely voluntary. There are no foreseeable risks with
completing this survey. If at any time, you do not feel comfortable with a question, you may
omit that question or exit the survey.
Any information obtained in connection with this study will remain confidential and will not
be traced to you. All responses will be pooled to continue the protection of anonymity of
respondents. Additionally, in any written reports or presentations, information will be
presented in aggregate form.

If you any questions about the survey or study, please contact Kerry Quirk at
kquirk1@bryant.edu or Dr. Betty Yobaccio at byobacci@bryant.edu.

Thank you for your time and support of my research! It is greatly appreciated.

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Appendix D- Survey Questions

Survey Questions

Q1 What is your gender?

 Male
 Female

Q2 What is your age?

 17 or younger
 18
 19
 20
 21
 22
 23 or older

Q3 What is your academic standing?

 First Semester Freshman
 Second Semester Freshman
 First Semester Sophomore
 Second Semester Sophomore
 First Semester Junior
 Second Semester Junior
 First Semester Senior
 Second Semester Senior
 Graduate Student
 Other

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Senior Capstone Project for Kerry Quirk

Q4 What degree are you pursuing?

 Bachelor of Science in Business Administration
 Bachelor of Science in Information Technology
 Bachelor of Science in International Business
 Bachelor of Science
 Bachelor of Arts
 Master of Business Administration
 Master of Professional Accountancy
 Master of Science in Taxation
 Master of Arts in Communication
 Master of Arts in Teaching
 Master of Science in Global Environmental Studies
 Other

Q5 What is your concentration(s)?

 Accounting
 Computer and Information Systems
 Entrepreneurship
 Finance
 Financial Services
 Global Supply Chain Management
 Management
 Marketing
 Actuarial Mathematics
 Applied Economics
 Applied Mathematics and Statistics
 Biology
 Environmental Science
 Applied Psychology
 Chinese
 Communication
 Economics
 Global Studies
 History
 Literary and Cultural Studies
 Politics and Law
 Sociology
 Spanish
 Organizational Communication
 Health Communication
 Other

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Q6 What is your minor(s)?

 Business Administration
 Computer Information Systems
 Entrepreneurship
 Finance
 Global Supply Chain Management
 Human Resource Management
 International Business
 Management
 Marketing
 Marketing Analytics
 Sales
 Actuarial Mathematics
 Africana/Black Studies
 Applied Statistics
 Biology
 Biotechnology
 Chinese
 Communication
 Economics
 Environmental Science
 Film Studies
 French
 History
 International Affairs
 Italian
 Latin American and Latina/Latino Studies
 Legal Studies
 Literary and Cultural Studies
 Literature
 Mathematics
 Media and Cultural Studies
 Political Science
 Professional and Creative Writing
 Psychology
 Sociology
 Sociology and Service Learning
 Spanish
 Women, Gender and Sexuality Studies
 Other
 I do not have a minor

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Senior Capstone Project for Kerry Quirk

Q7 How many years of working experience do you have? (Include full or part-time experience, internships, co-
ops, summer jobs, etc.)
 None
 Less than 2 years
 2 to less than 4 years
 4 to less than 6 years
 6 or more years

Q8 Are you an international student?

 No
 Yes, less than 2 years in the US
 Yes, 2 to 4 years in the US
 Yes, 4 to 6 years in the US
 Yes, 6 or more years in the US

Q9 Have you taken Financial Management or Global Dimensions of Financial Management (FIN 201/G), or a
similar introductory course to financial management?
 Yes
 No

Q10 Have you ever taken a course or seminar about personal finance management or financial literacy? (This
could include a college course, speaker, high school course, community program, etc.)
 Yes
 No

Financial Attitudes Please answer the following questions about your personal attitudes toward
finances.

Q11 How do you feel about your ability to manage your own finances?
 Not sure at all- I wish I know a lot more about money management.
 Not too sure- I wish I knew more about money management.
 Somewhat sure- I understand most of what I'll need to know.
 Very sure- I understand money management very well.

Q12 How interested are you in increasing your financial knowledge?

 Very uninterested
 Somewhat uninterested
 Not sure
 Somewhat interested
 Very interested

Q13 Would you take a personal finance course as an elective?

 Yes
 No

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Senior Capstone Project for Kerry Quirk

Q14 Which topics would be of interest to you?

 Budgeting
 Investing
 Taxes
 Credit
 Wills
 Life Insurance
 Auto Insurance
 Loans/debt
 Credit cards
 Saving
 Interest rates
 Retirement accounts (401k, IRA, Roth IRA, etc.)
 Mortgages
 Rental agreements
 Leases
 Pre-nuptial agreements

Financial Attitudes, Continued

Q15 Using the scale below, please rate the importance of items to you.
Somewhat
Not Important Somewhat Very
Unimportant Neutral (3)
(1) Important (4) Important (5)
(2)
Maintaining
adequate financial     
records (a)
Spending less than
    
your income (b)
Maintaining
adequate insurance     
coverage (c)
Planning and
implementing a
regular savings/     
investment
program (d)

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Q16 Rate the following items on a scale of 1-5.1=Not at all true of me2=Somewhat not true of
me3=Neutral4=Somewhat true of me5=Very much true of me

I feel in control of
my financial     
situation. (1)
I feel capable of
using my future
income to achieve     
my financial goals.
(2)
My finances are a
significant source of
    
worry or "hassle"
for me. (3)
I am uncertain
where my money is     
spent. (4)
Purchasing things is
very important to     
my happiness. (5)
I feel capable of
handling my
financial future
    
(buying insurance,
investments, etc.)
(6)
I feel putting away
money each month
for savings or     
investments is
important. (7)
I feel confident that
I can continue my
    
lifestyle after
graduation. (8)
1 (1) 2 (2) 3 (3) 4 (4) 5 (5)
I feel confident in
my understanding of
    
apartment leases and
loan agreements. (9)
I enjoy thinking
about and have
interest in reading     
about money
management (10)
I enjoy talking to
my peers about
money management
    
issues (taxes, credit
cards, investments,
etc.) (11)
I am comfortable
with not paying my
credit card bills in
full each month as     
long as I make the
minimum payment.
(12)

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Financial Literacy and College Students: An Exploration of College Students’ Attitudes, Behaviors,
Influences and Preparedness for Financial Decisions After Graduation
Senior Capstone Project for Kerry Quirk

Financial Behaviors Please answer the following questions about your personal financial behavior and
money management style.

Q17 Some people tend to be very thrifty, saving money whenever they have the chance while others are
spending-oriented, buying whenever they can and even borrowing to consume more. How would you classify
yourself?
 Very thrifty- saving money whenever I can.
 Somewhat thrifty, often saving money.
 Neither thrifty nor spending-oriented.
 Somewhat saving oriented, seldom saving money.
 Very spending-oriented, hardly ever saving money.

Q18 What kind of financial accounts/holdings do you have? (Check all that apply).
 Savings
 Checking
 Money Market
 Certificate of Deposit (CD)
 Stocks
 Bonds
 Mutual Funds
 Other

Q19 How much debt do you own, including student loans, credit cards and other loans (do not include
mortgages, if applicable).
 $0
 $1-$4999
 $5000-$9999
 $10,000-$19,999
 $20,000-$39,000
 $40,000 or more
 I don't know

Q20 How do you maintain your financial records?

 I maintain no records.
 I maintain minimal records.
 I maintain very detailed records.

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Financial Literacy and College Students: An Exploration of College Students’ Attitudes, Behaviors,
Influences and Preparedness for Financial Decisions After Graduation
Senior Capstone Project for Kerry Quirk

Q21 What types of tools do you use to help with money management?
 Online/mobile banking
 Budgeting application
 Paper records
 Other
 None

Financial Behaviors, Continued Please answer the following questions about credit cards.

Q22 How many credit cards do you have?

 0
 1
 2
 3
 4
 5 or more

Q23 What is the combined total balance owed on your credit cards?
 I do not have a credit card.
 $0-$99
 $100-$499
 $500-$1999
 $2000-$4999
 $5000 or more

Q24 Who pays for your credit card bills? (Please choose all that apply).
 I do not have a credit card.
 Myself
 Parents
 Other family members
 Significant other
 Other

Q25 If you pay for your credit card balance, how do you usually pay for your monthly credit card bills?
 I do not have a credit card.
 I pay the minimum.
 I pay between the minimum and the full amount.
 I pay the full amount.
 I skip some payments.

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Financial Literacy and College Students: An Exploration of College Students’ Attitudes, Behaviors,
Influences and Preparedness for Financial Decisions After Graduation
Senior Capstone Project for Kerry Quirk

Financial Behaviors, Continued

Q26 Rate the following items on a scale of 1-5.1= Not at all true of me2=Somewhat true of
me3=Neutral4=Somewhat

1 2 3 4
I budget and track
   
spending.
I use credit cards to
make purchases that I
can't afford and I
   
don't have the money
in the bank to pay
back the bill.
I have my parents
"bail me out" of    
credit card debt.
I work extra hours (in
excess of 20 hours
   
per week) to meet
bills and expenses.
I compare prices
when shopping for    
purchases.
I read to increase my
   
financial knowledge.

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Financial Literacy and College Students: An Exploration of College Students’ Attitudes, Behaviors,
Influences and Preparedness for Financial Decisions After Graduation
Senior Capstone Project for Kerry Quirk

Q27 My parent/guardian pays for:

All Some None
Auto insurance   
Auto payments   
Credit card bill   
Medical insurance   
Dental insurance   
Cell phone bill   
College tuition   
College books   

Q28 Do you have student loans?

 Yes
 No

Q29 Who will pay off your student loans? (Please choose all that apply).
 Me
 Parents
 Other family members
 Other
 I never accepted a loan.

Influences Please answer the following questions about people or places that may have influenced
your financial management style or behaviors.

Q30Where do you feel you have learned about personal financial management? (Check all that apply ).
 Parents
 Other Family Members
 Peers
 High School
 College
 Community Programs (bank seminars, outreach programs, etc.)
 Books
 Media
 Internet
 Informal public seminar or class
 Financial planner or counselor (professional)

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Financial Literacy and College Students: An Exploration of College Students’ Attitudes, Behaviors,
Influences and Preparedness for Financial Decisions After Graduation
Senior Capstone Project for Kerry Quirk

Q31 Which of the following did you learn about in your home while growing up? (Please check all that apply).
 Budgeting
 Auto insurance
 Investing
 Taxes
 Credit
 Wills
 Life Insurance
 Disability Insurance
 Renter's/homeowner's insurance
 Loans/debt
 Giving to Charities
 Interest rates
 Keeping records
 Being honest in all dealings
 Working for what your receive

Q32 How would you describe how finances were handled in your family? (Please check all that apply).
 My parents usually argued about finances.
 Within the family, we openly discussed finances.
 My parents explicitly taught me about finances (debt, saving,etc.)
 We didn't talk much about finances but I learned from my family's example.
 My parents didn't include me in their various financial decisions.
 One parent had the primary responsibility of "dealing" with finances.
 Other

Q33 Compared to your parents, would you say that you are:
 Much more likely to save.
 Somewhat more likely to save.
 About as likely to save/spend.
 Somewhat more likely to spend.
 Much more likely to spend.

Financial Future Please answer the following questions about your future financial decisions.

Q34 Where do you expect to learn more about or increase your financial knowledge? (Please check all that
apply).
 Parents
 Friends
 Other family members
 Additional schooling
 Books
 Media
 Life experiences
 Future job/employer
 Financial planner or counselor (professional)
 Other

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Financial Literacy and College Students: An Exploration of College Students’ Attitudes, Behaviors,
Influences and Preparedness for Financial Decisions After Graduation
Senior Capstone Project for Kerry Quirk

Q35 Please answer the following questions about your understanding of the following financial situations:
Yes No N/A

I know what age I am no

longer covered under
my parents' insurance    
policies (medical,
dental, etc.)

I feel comfortable
reading a job offer and
   
understanding my
benefits.

I know the difference

between different
retirement accounts and    
how to start investing in
them

I know when I need to

begin paying off my    
student loans.

I know how to file my

   
own taxes.

I know how to apply for

   
a credit card.

I know how to obtain

my credit score and    
understand its meaning.

I know where to go to
invest in the stock
   
market, bonds or other
financial instruments.

I understand the concept

   
of compound interest.

I know what factors are

used to determine if I    
am eligible for a loan.

I understand the terms

of my auto insurance    
policy.

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Financial Literacy and College Students: An Exploration of College Students’ Attitudes, Behaviors,
Influences and Preparedness for Financial Decisions After Graduation
Senior Capstone Project for Kerry Quirk

Thank you for taking the time to participate in this survey. I truly appreciate your patience and honest
answers. Your participation will further my research and provides valuable data. Thanks again!

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Financial Literacy and College Students: An Exploration of College Students’ Attitudes, Behaviors,
Influences and Preparedness for Financial Decisions After Graduation
Senior Capstone Project for Kerry Quirk

Appendix E- Score Points Distribution

Financial Attitude Score Breakdown

Question Number Question Response Type Points

11 How do you feel about Likert scale (4 1-4 based on answer

your ability to manage choices)
your own finances?

12 How interested are Likert scale (5 1-5 based on answer

you in increasing your choices)
financial knowledge?

13 Would you take a Yes or No 1 point for yes, 0 for

personal finance no
course as an elective?

14 Which topics would Choose all that apply 1 point for each topic
be of interest to you? chosen

15 Rate the importance of Likert scale (5 1-5 based on answer

different financial choices)
behaviors

16 Rate the following Likert scale (5 1-5 based on answer

financial statements choices) for each statement
based on how true
they are of you

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Financial Literacy and College Students: An Exploration of College Students’ Attitudes, Behaviors,
Influences and Preparedness for Financial Decisions After Graduation
Senior Capstone Project for Kerry Quirk

Financial Behavior Score Breakdown

Question Number Question Response Type Points

17 Saving-oriented vs. Likert scale (5 5-1 based on answer
spending-oriented choices)
20 How do you Single choice 1-3 based on answer
maintain financial
records?
26 Rate how true Likert scale (5 1-5 based on answer
different financial choices) (some were inverted
behaviors are to you to 5-1 based on
wording)

Financial Future Score Breakdown

Question Number Question Response Type Points

35 Answer questions Yes 1 for yes
regarding your No 0 for no, N/A
understanding of the N/A
following financial
situations.

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Financial Literacy and College Students: An Exploration of College Students’ Attitudes, Behaviors,
Influences and Preparedness for Financial Decisions After Graduation
Senior Capstone Project for Kerry Quirk

Appendix F- Descriptive Statistics of Response Demographics

Figure 1: Gender of Responses

Cumulative
Frequency Percent Valid Percent Percent

Valid Male 24 35.8 35.8 35.8

Female 43 64.2 64.2 100.0

Total 67 100.0 100.0

Figure 2: Age of Responses

Cumulative
Frequency Percent Valid Percent Percent

Valid 18 14 20.9 20.9 20.9

19 15 22.4 22.4 43.3

20 7 10.4 10.4 53.7

21 19 28.4 28.4 82.1

22 8 11.9 11.9 94.0

23 or older 4 6.0 6.0 100.0

Total 67 100.0 100.0

Figure 3: Academic Class of Responses

Cumulative
Frequency Percent Valid Percent Percent

Valid First Semester Freshman 1 1.5 1.5 1.5

Second Semester Freshman 18 26.9 26.9 28.4

First Semester Sophomore 1 1.5 1.5 29.9

Second Semester
12 17.9 17.9 47.8
Sophomore

First Semester Junior 3 4.5 4.5 52.2

Second Semester Junior 1 1.5 1.5 53.7

Second Semester Senior 26 38.8 38.8 92.5

Graduate Student 5 7.5 7.5 100.0

Total 67 100.0 100.0

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Financial Literacy and College Students: An Exploration of College Students’ Attitudes, Behaviors,
Influences and Preparedness for Financial Decisions After Graduation
Senior Capstone Project for Kerry Quirk

Figure 4: Academic Degrees of Responses

Cumulative
Frequency Percent Valid Percent Percent

Valid Bachelor of Science in

32 47.8 47.8 47.8
Business Administration

Bachelor of Science in
10 14.9 14.9 62.7
International Business

Bachelor of Science 11 16.4 16.4 79.1

Bachelor of Arts 4 6.0 6.0 85.1

Master of Business
7 10.4 10.4 95.5
Administration
Master of Science in Global
1 1.5 1.5 97.0
Environmental Studies

Other 2 3.0 3.0 100.0

Total 67 100.0 100.0

Figure 5: Academic Concentration of Responses

Cumulative
Frequency Percent Valid Percent Percent

Valid Accounting 10 14.9 14.9 14.9

Computers and Information

1 1.5 1.5 16.4
Systems

Finance 15 22.4 22.4 38.8

Financial Services 1 1.5 1.5 40.3

Global Supply Chain

2 3.0 3.0 43.3
Management

Management 8 11.9 11.9 55.2

Marketing 10 14.9 14.9 70.1

Actuarial Mathematics 3 4.5 4.5 74.6

Applied mathematics and

1 1.5 1.5 76.1
statistics

Biology 2 3.0 3.0 79.1

Environmental Science 1 1.5 1.5 80.6

Communications 1 1.5 1.5 82.1

Global Studies 1 1.5 1.5 83.6

Literary and Cultural Studies 2 3.0 3.0 86.6

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Financial Literacy and College Students: An Exploration of College Students’ Attitudes, Behaviors,
Influences and Preparedness for Financial Decisions After Graduation
Senior Capstone Project for Kerry Quirk

Other 9 13.4 13.4 100.0

Total 67 100.0 100.0

Figure 6: Academic Minor of Responses

Cumulative
Frequency Percent Valid Percent Percent

Valid Business Administration 10 14.9 15.9 15.9

Computer and Information

3 4.5 4.8 20.6
Systems

Entrepreneurship 1 1.5 1.6 22.2

Finance 2 3.0 3.2 25.4

International Business 1 1.5 1.6 27.0

Marketing 2 3.0 3.2 30.2

Marketing Analytics 1 1.5 1.6 31.7

Applied Statistics 2 3.0 3.2 34.9

Chinese 2 3.0 3.2 38.1

Communication 6 9.0 9.5 47.6

Economics 4 6.0 6.3 54.0

French 1 1.5 1.6 55.6

International Affairs 1 1.5 1.6 57.1

Legal Studies 1 1.5 1.6 58.7

Mathematics 1 1.5 1.6 60.3

Political Science 1 1.5 1.6 61.9

Psychology 2 3.0 3.2 65.1

Sociology 1 1.5 1.6 66.7

Sociology and Service

1 1.5 1.6 68.3
Learning

Spanish 7 10.4 11.1 79.4

No minor 11 16.4 17.5 96.8

Other 2 3.0 3.2 100.0

Total 63 94.0 100.0

Missing -99.0 4 6.0
Total 67 100.0

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Financial Literacy and College Students: An Exploration of College Students’ Attitudes, Behaviors,
Influences and Preparedness for Financial Decisions After Graduation
Senior Capstone Project for Kerry Quirk

Figure 7: Years Working Experience of Responses

Cumulative
Frequency Percent Valid Percent Percent

Valid None 1 1.5 1.5 1.5

Less than 2 Years 11 16.4 16.4 17.9

2 to less than 4 Years 28 41.8 41.8 59.7

4 to less than 6 Years 18 26.9 26.9 86.6

6 or more Years 9 13.4 13.4 100.0

Total 67 100.0 100.0

Figure 8: International Demographic of Responses

Cumulative
Frequency Percent Valid Percent Percent

Valid No 67 100.0 100.0 100.0

Figure 9: Taken Financial Management Course of Responses

Cumulative
Frequency Percent Valid Percent Percent

Valid Yes 27 40.3 40.9 40.9

No 39 58.2 59.1 100.0

Total 66 98.5 100.0

Missing -99.0 1 1.5
Total 67 100.0

Figure 10: Taken Personal Finance Course of Responses

Cumulative
Frequency Percent Valid Percent Percent

Valid Yes 27 40.3 40.3 40.3

No 40 59.7 59.7 100.0

Total 67 100.0 100.0

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Financial Literacy and College Students: An Exploration of College Students’ Attitudes, Behaviors,
Influences and Preparedness for Financial Decisions After Graduation
Senior Capstone Project for Kerry Quirk

Appendix G- Results of Financial Future Questions

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Financial Literacy and College Students: An Exploration of College Students’ Attitudes, Behaviors,
Influences and Preparedness for Financial Decisions After Graduation
Senior Capstone Project for Kerry Quirk

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Financial Literacy and College Students: An Exploration of College Students’ Attitudes, Behaviors,
Influences and Preparedness for Financial Decisions After Graduation
Senior Capstone Project for Kerry Quirk

Appendix H- One-Way ANOVA Results

Figure 1- One- Way ANOVA: Financial Attitude (DV) and Gender (IV)

FINANCIAL ATTITUDE SCORES

Sum of Squares df Mean Square F Sig.

Between Groups 372.052 1 372.052 5.083 .028**

Within Groups 4757.798 65 73.197
Total 5129.851 66

Figure 2- One-Way ANOVA: Financial Attitude (DV) and Age (IV)

FINANCIAL ATTITUDE SCORES

Sum of Squares df Mean Square F Sig.

Between Groups 263.364 5 52.673 .660 .655

Within Groups 4866.487 61 79.778
Total 5129.851 66

Figure 3- One-Way ANOVA: Financial Attitude (DV) and Class (IV)

FINANCIAL ATTITUDE SCORES

Sum of Squares df Mean Square F Sig.

Between Groups 629.818 7 89.974 1.180 .328

Within Groups 4500.033 59 76.272
Total 5129.851 66

Figure 4- One-Way ANOVA: Financial Attitude (DV) and Degree (IV)

FINANCIAL ATTITUDE SCORES

Sum of Squares df Mean Square F Sig.

Between Groups 772.288 6 128.715 1.772 .120

Within Groups 4357.562 60 72.626
Total 5129.851 66

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Financial Literacy and College Students: An Exploration of College Students’ Attitudes, Behaviors,
Influences and Preparedness for Financial Decisions After Graduation
Senior Capstone Project for Kerry Quirk

Figure 5- One-Way ANOVA: Financial Attitude (DV) and Concentration (IV)

FINANCIAL ATTITUDE SCORES

Sum of Squares df Mean Square F Sig.

Between Groups 1671.887 14 119.420 1.796 .065

Within Groups 3457.964 52 66.499
Total 5129.851 66

Figure 6- One-Way ANOVA: Financial Attitude (DV) and Minor (IV)

FINANCIAL ATTITUDE SCORES

Sum of Squares df Mean Square F Sig.

Between Groups 1453.174 21 69.199 .946 .542

Within Groups 3000.254 41 73.177
Total 4453.429 62

Figure 7- One-Way ANOVA: Financial Attitude (DV) and Years Working (IV)

FINANCIAL ATTITUDE SCORES

Sum of Squares df Mean Square F Sig.

Between Groups 154.210 4 38.553 .480 .750

Within Groups 4975.641 62 80.252
Total 5129.851 66

Figure 8- One-Way ANOVA: Financial Attitude (DV) and Financial Management Course (IV)

FINANCIAL ATTITUDE SCORES

Sum of Squares df Mean Square F Sig.

Between Groups 640.530 1 640.530 9.132 .004**

Within Groups 4489.288 64 70.145
Total 5129.818 65

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Financial Literacy and College Students: An Exploration of College Students’ Attitudes, Behaviors,
Influences and Preparedness for Financial Decisions After Graduation
Senior Capstone Project for Kerry Quirk

Figure 9- One-Way ANOVA: Financial Attitude (DV) and Personal Finance Course (IV)

FINANCIAL ATTITUDE SCORES

Sum of Squares df Mean Square F Sig.

Between Groups 699.209 1 699.209 10.258 .002**

Within Groups 4430.642 65 68.164
Total 5129.851 66

Figure 10- One-Way ANOVA: Financial Behavior (DV) and Gender (IV)

FINANCIAL BEHAVIOR SCORE

Sum of Squares df Mean Square F Sig.

Between Groups .423 1 .423 .029 .865

Within Groups 946.741 65 14.565
Total 947.164 66

Figure 11- One-Way ANOVA: Financial Behavior (DV) and Age (IV)

FINANCIAL BEHAVIOR SCORE

Sum of Squares df Mean Square F Sig.

Between Groups 149.649 5 29.930 2.289 .057

Within Groups 797.515 61 13.074
Total 947.164 66

Figure 12- One-Way ANOVA: Financial Behavior (DV) and Degree (IV)

FINANCIAL BEHAVIOR SCORE

Sum of Squares df Mean Square F Sig.

Between Groups 101.143 6 16.857 1.196 .321

Within Groups 846.021 60 14.100
Total 947.164 66

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Financial Literacy and College Students: An Exploration of College Students’ Attitudes, Behaviors,
Influences and Preparedness for Financial Decisions After Graduation
Senior Capstone Project for Kerry Quirk

Figure 13- One-Way ANOVA: Financial Behavior (DV) and Concentration (IV)

FINANCIAL BEHAVIOR SCORE

Sum of Squares df Mean Square F Sig.

Between Groups 216.264 14 15.447 1.099 .381

Within Groups 730.900 52 14.056
Total 947.164 66

Figure 14- One-Way ANOVA: Financial Behavior (DV) and Minor (IV)

FINANCIAL BEHAVIOR SCORE

Sum of Squares df Mean Square F Sig.

Between Groups 206.949 21 9.855 .624 .876

Within Groups 646.988 41 15.780
Total 853.937 62

Figure 15- One-Way ANOVA: Financial Behavior (DV) and Years Worked (IV)

FINANCIAL BEHAVIOR SCORE

Sum of Squares df Mean Square F Sig.

Between Groups 74.021 4 18.505 1.314 .275

Within Groups 873.143 62 14.083
Total 947.164 66

Figure 16- One-Way ANOVA: Financial Behavior (DV) and Financial Management Course
(IV)

FINANCIAL BEHAVIOR SCORE

Sum of Squares df Mean Square F Sig.

Between Groups 133.677 1 133.677 11.059 .001**

Within Groups 773.595 64 12.087
Total 907.273 65

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Financial Literacy and College Students: An Exploration of College Students’ Attitudes, Behaviors,
Influences and Preparedness for Financial Decisions After Graduation
Senior Capstone Project for Kerry Quirk

Figure 17- One-Way ANOVA: Financial Behavior (DV) and Personal Finance Course (IV)

FINANCIAL BEHAVIOR SCORE

Sum of Squares df Mean Square F Sig.

Between Groups 10.079 1 10.079 .699 .406

Within Groups 937.085 65 14.417
Total 947.164 66

Figure 18- One-Way ANOVA: Financial Future (DV) and Gender (IV)

FINANCIAL FUTURE SCORE

Sum of Squares df Mean Square F Sig.

Between Groups 6.926 1 6.926 .884 .351

Within Groups 509.194 65 7.834
Total 516.119 66

Figure 19- One-Way ANOVA: Financial Future (DV) and Age (IV)

FINANCIAL FUTURE SCORE

Sum of Squares df Mean Square F Sig.

Between Groups 53.700 5 10.740 1.417 .231

Within Groups 462.419 61 7.581
Total 516.119 66

Figure 20- One-Way ANOVA: Financial Future (DV) and Degree (IV)

FINANCIAL FUTURE SCORE

Sum of Squares df Mean Square F Sig.

Between Groups 32.148 6 5.358 .664 .679

Within Groups 483.971 60 8.066
Total 516.119 66

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Financial Literacy and College Students: An Exploration of College Students’ Attitudes, Behaviors,
Influences and Preparedness for Financial Decisions After Graduation
Senior Capstone Project for Kerry Quirk

Figure 21- One-Way ANOVA: Financial Future (DV) and Concentration (IV)

FINANCIAL FUTURE SCORE

Sum of Squares df Mean Square F Sig.

Between Groups 82.031 14 5.859 .702 .762

Within Groups 434.089 52 8.348
Total 516.119 66

Figure 22- One-Way ANOVA: Financial Future (DV) and Minor (IV)

FINANCIAL FUTURE SCORE

Sum of Squares df Mean Square F Sig.

Between Groups 234.266 21 11.156 1.717 .068

Within Groups 266.338 41 6.496
Total 500.603 62

Figure 23- One-Way ANOVA: Financial Future (DV) and Years Worked (IV)

FINANCIAL FUTURE SCORE

Sum of Squares df Mean Square F Sig.

Between Groups 21.499 4 5.375 .674 .613

Within Groups 494.620 62 7.978
Total 516.119 66

Figure 24- One-Way ANOVA: Financial Future (DV) and Financial Management Course
(IV)

FINANCIAL FUTURE SCORE

Sum of Squares df Mean Square F Sig.

Between Groups 50.424 1 50.424 6.935 .011**

Within Groups 465.333 64 7.271
Total 515.758 65

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Financial Literacy and College Students: An Exploration of College Students’ Attitudes, Behaviors,
Influences and Preparedness for Financial Decisions After Graduation
Senior Capstone Project for Kerry Quirk

Figure 25- One-Way ANOVA: Financial Future (DV) and Personal Finance Course (IV)

FINANCIAL FUTURE SCORE

Sum of Squares df Mean Square F Sig.

Between Groups 45.626 1 45.626 6.303 .015**

Within Groups 470.494 65 7.238
Total 516.119 66

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Financial Literacy and College Students: An Exploration of College Students’ Attitudes, Behaviors,
Influences and Preparedness for Financial Decisions After Graduation
Senior Capstone Project for Kerry Quirk

Appendix I- MANOVA Results

Multivariate Testsa

Hypothesis
Effect Value F df Error df Sig.

Intercept Pillai's Trace .819 4.531b 3.000 3.000 .123

Wilks' Lambda .181 4.531b 3.000 3.000 .123

Hotelling's
4.531 4.531b 3.000 3.000 .123
Trace

Roy's Largest
4.531 4.531b 3.000 3.000 .123
Root
Q1Gender Pillai's Trace .732 2.730b 3.000 3.000 .216
Wilks' Lambda .268 2.730b 3.000 3.000 .216
Hotelling's
2.730 2.730b 3.000 3.000 .216
Trace
Roy's Largest
2.730 2.730b 3.000 3.000 .216
Root
Q2Age Pillai's Trace 1.773 1.444 15.000 15.000 .243
Wilks' Lambda .014 2.113 15.000 8.683 .133
Hotelling's
19.890 2.210 15.000 5.000 .195
Trace
Roy's Largest
17.467 17.467c 5.000 5.000 .003**
Root
Q3AcademicStanding Pillai's Trace 1.807 1.262 18.000 15.000 .328
Wilks' Lambda .011 1.967 18.000 8.971 .151
Hotelling's
23.228 2.151 18.000 5.000 .203
Trace
Roy's Largest .004**
20.272 16.893c 6.000 5.000
Root
Q4Degree Pillai's Trace 1.927 1.796 15.000 15.000 .134
Wilks' Lambda .017 1.943 15.000 8.683 .162
Hotelling's
14.557 1.617 15.000 5.000 .312
Trace
Roy's Largest
12.151 12.151c 5.000 5.000 .008**
Root
Q5Concentration Pillai's Trace 2.207 1.265 33.000 15.000 .321
Wilks' Lambda .003 1.786 33.000 9.543 .172
Hotelling's
38.760 1.958 33.000 5.000 .234
Trace

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Financial Literacy and College Students: An Exploration of College Students’ Attitudes, Behaviors,
Influences and Preparedness for Financial Decisions After Graduation
Senior Capstone Project for Kerry Quirk

Roy's Largest
33.368 15.167c 11.000 5.000 .004**
Root
Q6Minor Pillai's Trace 2.435 1.196 54.000 15.000 .365
Wilks' Lambda .001 1.454 54.000 9.755 .272
Hotelling's
45.610 1.408 54.000 5.000 .382
Trace
Roy's Largest
37.745 10.485c 18.000 5.000 .008**
Root
Q7YearsWorkingExp Pillai's Trace 1.693 1.619 12.000 15.000 .187
Wilks' Lambda .035 1.750 12.000 8.229 .214
Hotelling's
9.206 1.279 12.000 5.000 .418
Trace
Roy's Largest
6.961 8.702c 4.000 5.000 .018**
Root
Q9TakenFIN201 Pillai's Trace .921 11.736b 3.000 3.000 .036**
Wilks' Lambda .079 11.736b 3.000 3.000 .036**
Hotelling's
11.736 11.736b 3.000 3.000 .036**
Trace
Roy's Largest
11.736 11.736b 3.000 3.000 .036**
Root
Q10Takenpersonalfin Pillai's Trace .883 7.580b 3.000 3.000 .065**
.Course Wilks' Lambda .117 7.580b 3.000 3.000 .065**

Hotelling's
7.580 7.580b 3.000 3.000 .065**
Trace

Roy's Largest
7.580 7.580b 3.000 3.000 .065
Root

a. Design: Intercept + Q1Gender + Q2Age + Q3AcademicStanding + Q4Degree +

Q5Concentration + Q6Minor + Q7YearsWorkingExp + Q9TakenFIN201 +
Q10Takenpersonalfin.Course
b. Exact statistic
c. The statistic is an upper bound on F that yields a lower bound on the significance level.

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Financial Literacy and College Students: An Exploration of College Students’ Attitudes, Behaviors,
Influences and Preparedness for Financial Decisions After Graduation
Senior Capstone Project for Kerry Quirk

Tests of Between-Subjects Effects

Type III Sum Mean

Source Dependent Variable of Squares df Square F Sig.

Corrected Model FINANCIAL

4243.599a 56 75.779 1.811 .264
ATTITUDE SCORES

FINANCIAL
695.759b 56 12.424 .525 .892
BEHAVIOR SCORE

FINANCIAL FUTURE
490.725c 56 8.763 4.627 .046**
SCORE
Intercept FINANCIAL
908.042 1 908.042 21.699 .006**
ATTITUDE SCORES
FINANCIAL
180.997 1 180.997 7.641 .040**
BEHAVIOR SCORE
FINANCIAL FUTURE
25.064 1 25.064 13.235 .015**
SCORE
Q1Gender FINANCIAL
100.411 1 100.411 2.399 .182
ATTITUDE SCORES
FINANCIAL
.697 1 .697 .029 .871
BEHAVIOR SCORE
FINANCIAL FUTURE
9.284 1 9.284 4.903 .078**
SCORE
Q2Age FINANCIAL
406.226 5 81.245 1.941 .242
ATTITUDE SCORES
FINANCIAL
31.134 5 6.227 .263 .916
BEHAVIOR SCORE
FINANCIAL FUTURE
49.986 5 9.997 5.279 .046**
SCORE
Q3AcademicStanding FINANCIAL
357.166 6 59.528 1.422 .358
ATTITUDE SCORES
FINANCIAL
25.934 6 4.322 .182 .969
BEHAVIOR SCORE
FINANCIAL FUTURE
46.694 6 7.782 4.109 .071**
SCORE
Q4Degree FINANCIAL
263.337 5 52.667 1.259 .403
ATTITUDE SCORES
FINANCIAL
88.898 5 17.780 .751 .620
BEHAVIOR SCORE

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Financial Literacy and College Students: An Exploration of College Students’ Attitudes, Behaviors,
Influences and Preparedness for Financial Decisions After Graduation
Senior Capstone Project for Kerry Quirk

FINANCIAL FUTURE
24.463 5 4.893 2.584 .160
SCORE
Q5Concentration FINANCIAL
664.806 11 60.437 1.444 .360
ATTITUDE SCORES
FINANCIAL
93.395 11 8.490 .358 .927
BEHAVIOR SCORE
FINANCIAL FUTURE
93.580 11 8.507 4.492 .055
SCORE
Q6Minor FINANCIAL
1138.030 18 63.224 1.511 .343
ATTITUDE SCORES
FINANCIAL
187.828 18 10.435 .441 .909
BEHAVIOR SCORE
FINANCIAL FUTURE
101.322 18 5.629 2.972 .116
SCORE
Q7YearsWorkingExp FINANCIAL
293.047 4 73.262 1.751 .275
ATTITUDE SCORES
FINANCIAL
22.321 4 5.580 .236 .907
BEHAVIOR SCORE
FINANCIAL FUTURE
18.075 4 4.519 2.386 .183
SCORE
Q9TakenFIN201 FINANCIAL
4.774 1 4.774 .114 .749
ATTITUDE SCORES
FINANCIAL
5.760 1 5.760 .243 .643
BEHAVIOR SCORE
FINANCIAL FUTURE
32.418 1 32.418 17.118 .009**
SCORE
Q10Takenpersonalfin. FINANCIAL
135.692 1 135.692 3.243 .132
Course ATTITUDE SCORES
FINANCIAL
1.384 1 1.384 .058 .819
BEHAVIOR SCORE
FINANCIAL FUTURE
20.092 1 20.092 10.609 .023**
SCORE
Error FINANCIAL
209.240 5 41.848
ATTITUDE SCORES
FINANCIAL
118.434 5 23.687
BEHAVIOR SCORE
FINANCIAL FUTURE
9.469 5 1.894
SCORE

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Financial Literacy and College Students: An Exploration of College Students’ Attitudes, Behaviors,
Influences and Preparedness for Financial Decisions After Graduation
Senior Capstone Project for Kerry Quirk

Total FINANCIAL
323848.000 62
ATTITUDE SCORES
FINANCIAL
40672.000 62
BEHAVIOR SCORE
FINANCIAL FUTURE
2278.000 62
SCORE
Corrected Total FINANCIAL
4452.839 61
ATTITUDE SCORES

FINANCIAL
814.194 61
BEHAVIOR SCORE

FINANCIAL FUTURE
500.194 61
SCORE

a. R Squared = .953 (Adjusted R Squared = .427)

b. R Squared = .855 (Adjusted R Squared = -.775)
c. R Squared = .981 (Adjusted R Squared = .769)

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Financial Literacy and College Students: An Exploration of College Students’ Attitudes, Behaviors,
Influences and Preparedness for Financial Decisions After Graduation
Senior Capstone Project for Kerry Quirk

Appendix J- Post-Hoc Tests

Figure 1: Means Differences: Financial Attitude Score by
Gender
FINANCIAL ATTITUDE SCORES

Q1-Gender Mean N Std. Deviation

Male 74.33 24 9.291

Female 69.42 43 8.125
Total 71.18 67 8.816

Figure 2: Means Differences: Financial Attitude Score by Financial

Management Course
FINANCIAL ATTITUDE SCORES

Q9-Taken FIN 201 Mean N Std. Deviation

Yes 74.93 27 7.834

No 68.59 39 8.726
Total 71.18 66 8.884

Figure 3: Means Differences: Financial Attitudes Score by Personal Finance

Course
FINANCIAL ATTITUDE SCORES

Q10-Taken personal fin.

Course Mean N Std. Deviation

Yes 75.11 27 9.803

No 68.52 40 7.038
Total 71.18 67 8.816

Figure 4: Means Differences: Financial Behavior Score by Financial

Management Course
FINANCIAL BEHAVIOR SCORE

Q9-Taken FIN 201 Mean N Std. Deviation

Yes 27.07 27 3.088

No 24.18 39 3.720
Total 25.36 66 3.736

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Financial Literacy and College Students: An Exploration of College Students’ Attitudes, Behaviors,
Influences and Preparedness for Financial Decisions After Graduation
Senior Capstone Project for Kerry Quirk

Figure 5: Means Difference- Financial Future Score by Financial

Management Course
FINANCIAL FUTURE SCORE

Q9-Taken FIN 201 Mean N Std. Deviation

Yes 6.44 27 2.532

No 4.67 39 2.804
Total 5.39 66 2.817

Figure 6: Means Differences: Financial Future Score by Personal Finance

Course
FINANCIAL FUTURE SCORE

Q10-Taken personal fin.

Course Mean N Std. Deviation

Yes 6.41 27 2.965

No 4.73 40 2.491
Total 5.40 67 2.796

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Financial Literacy and College Students: An Exploration of College Students’ Attitudes, Behaviors,
Influences and Preparedness for Financial Decisions After Graduation
Senior Capstone Project for Kerry Quirk

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