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Financial Literacy and the College Student

22 Pages Posted: 30 Apr 2014  

Kerry M. Tew

Arkansas State University

Philip L. Tew

Arkansas State University

Date Written: April 29, 2014

Abstract

A multi-school, multi-state survey of 513 students is utilized to determine the financial literacy of college students as it relates to their own financial situation. We find that over one fourth of college students are not participants in the financial system, over one third do not know how much credit card or student loan debt that they currently owe, and they overestimate their future earnings by more than 20%. We do find that these troubling statistics are lowered when the students receive their financial information from college personnel rather than high school personnel and family and friends. Our findings illustrate the importance of financial literacy training for all college students.

Keywords: financial literacy, student loan debt, credit card debt, college students

Suggested Citation

Tew, Kerry M. and Tew, Philip L., Financial Literacy and the College Student (April 29, 2014). Available at SSRN: https://ssrn.com/abstract=2430795 or http://dx.doi.org/10.2139/ssrn.2430795

Kerry M. Tew

Arkansas State University ( email )

2713 Pawnee
P.O. Box 1750
Jonesboro, AR 72467-115
United States

Philip L. Tew (Contact Author)

Arkansas State University ( email )

2713 Pawnee
P.O. Box 1750
Jonesboro, AR 72467-115
United States
870-972-3742 (Phone)

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