Analyzing Financial Literacy Among Undergraduate Students and Current Methods of Increasing Financial Literacy
Analyzing Financial Literacy Among Undergraduate Students and Current Methods of Increasing Financial Literacy
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Date
2019-12-02
Authors
Barreto, Montgomery
Journal Title
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Publisher
University Honors College Middle Tennessee State University
Abstract
This study examines the financial literacy levels of students at Middle Tennessee
State University and the best tools on campus to increase students’ knowledge of basic
financial topics and their own student debt. A survey was administered across campus to
students in multiple finance classes and to the general population of students. The survey
was administered twice, once at the end of the Spring 2019 semester and once at the
beginning of the Fall 2019 semester. The first set of data includes a total of 142
completed surveys. Results showed that students had a higher than average financial
literacy level, with 55.63% of students being able to correctly answer all the Big Three
questions. The results from the second round of collection, in Fall 2019, are less
favorable with 41.14% of students correctly answering all the Big Three questions. There
were mixed results regarding respondents’ understanding of their own student loan debt
with some aspects being almost fully understood and others being vastly misunderstood.
The most effective instrument on campus to help students improve their literacy was
found to be the completion of a finance course. Respondents who said they had
completed a Middle Tennessee State University finance class were significantly more
likely to answer the Big Three questions correctly and more likely to understand their
own student loan debt.
Description
Keywords
Business,
Finance,
personal Finance,
literacy