Financial Education Delivery

Title

Financial Information Source, Knowledge, and Practices of College Students from Diverse Backgrounds

Document Type

Journal Article

Publication Date

1-2015

Keywords

first-generation college students, financial literacy, financial behavior, underrepresented students, immigrant students

Abstract

Using cross-sectional data, we examined the financial information sources, financial knowledge, and financial practices of young adults, many of whom are first generation college students, ethnic minorities, and immigrants or children of immigrants. Participants (n = 1,249) were undergraduate students at a large regional comprehensive university. The general linear model results suggested personal financial information obtained from parents was positively associated with levels of financial knowledge and financial practices, and information obtained from other family members and college courses was positively associated with better financial practices. The findings suggest that parents and college personal finance courses may serve as positive inputs for financial socialization among young adults regardless of their demographic backgrounds.

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