NCHER was in attendance today for the release of EverFi and Higher One’s second annual "Money Matters on Campus” report that surveyed 65,000 first-year college students on financial education topics such as banking, savings, credit cards and student loans, offering a snapshot of their early financial attitudes, knowledge and preparation. The analysis reveals significant differences in the financial capabilities of students based on age, race, gender and institution type. It also includes data that supports mandatory financial literacy education in high school, highlighting the strong connection between knowledge, attitudes and behaviors in this area.
When comparing data collected in 2013—2014 to the previous year’s cohort, the report revealed nearly identical patterns of responses in relation to credit card and banking behavior and general financial attitudes. Like last year, the 2014 study found that as credit card debt and/or school loan debt increased, students were more likely to demonstrate unhealthy attitudes and behaviors towards spending, saving, and debt. According to the report, other findings include:
- Students were significantly more responsible in their financial behavior if they had prior financial education training;
- Male students were less healthy in almost every aspect of financial behavior than female students, despite having higher levels of financial knowledge.