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 Credit Unions Online

Credit Unions Tackle Financial Literacy Deficiency

By Gina Ragusa
April 9, 2014


Despite the nation’s best attempts to boost youth knowledge and acumen, money management skills are still lacking among students, well beyond college.

The latest survey by EverFi and Higher One found that college freshmen who took a money management course in high school were far more likely to be fiscally responsible than those who did not.

Currently only a handful of states require students to take a financial literacy course in order to graduate, which begs the question, “Are we pooling our resources in the right direction?”

Mary Johnson, Director of Financial Literacy and Student Aid Policy at Higher One said that results demonstrate a serious need for financial education before the student reaches college status.

Read More Here.

 

 inside highered

Survey Finds Gender Divide on Students' Financial Literacy

April 9, 2014

A new survey has found that male students outperformed their female counterparts on financial literacy aptitude questions but reported behavior that was less financially responsible overall.  The results of the survey of 65,000 first-year students at four-year institutions were released in a report on Tuesday. The report, which was funded by Ever Fi and Higher One, calls for more robust financial literacy education programs.

 

 NCHER Daily Briefing

EverFi, Higher One Report Details How Early Attitudes and Knowledge Impact Financial Decisions of College Students

April 8, 2014

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.

Read More Here.

 

 USA Today 2

Financial literacy education has lasting impact
Financial literacy courses help shape students into better money managers, study finds

By Hadley Malcolm
April 8, 2014


The effects of financial literacy education in high school continue to influence attitudes and behaviors toward money management for students well after graduation, according to newly released study.

The study of 65,000 college students was given exclusively to USA TODAY by EverFi and Higher One, organizations that help implement financial literacy programs.

First-year college students required to take a financial literacy course in high school are significantly more likely than their peers who didn't take class to be financially responsible, the study found. Just 17 states require a course.

Students who took a class did better on the survey's financial knowledge questions, were found to be more averse to debt, more likely to pay credit card bills on time, and less likely to go over their credit limit.

Read More Here.

 


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Before Higher One, our students only had one way to get their refunds, and that was by paper check. With Higher One processing refunds for us, it has allowed us to provide more options for our students without having to enter and store student banking information. We also no longer have to handle sorting, stuffing and mailing thousands of checks.Suzanne ClaggettUniversity of West Florida
Higher One’s experience with college students and their focus on serving colleges distinguishes Higher One from all other financial service providers. We really liked the fact that the community college customer base is expanding for Higher One.Carla Chance St. Louis Community College

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