US college students have limited financial responsibility awareness (Wood, 2022). This limitation creates conditions of heightened financial risk-taking (Molina-Garcia, Cisneros-Ruz, Lopez-Subires, & Dieguez-Soto, 2023; Xiao, Ahn, Serido & Shim, 2014). For example, students with minimal financial literacy skills are more likely to make poor financial decisions and become the victims of financial scams (Williams & Rote, 2019). Evidence suggests that campus-based programs and course-based projects focused on building financial knowledge among college students can play a pivotal role in helping them acquire life-long financial literacy skills (Goetz, 2011; Looney, 2011). Poor financial management skills can have an impact on financial behaviors, mental health, degree completion, and career options (Mandell & Schmid Klein, 2009).

This study uses anonymous Qualtrics survey responses from 200 undergraduate college students to investigate their overall financial wellness and financial management practices. Additionally, it explores student’s financial preparedness and addresses the factors that play a role in mitigating or increasing their financial risks. Lastly, this study addresses how using course-based projects focused on providing effective financial education can impact students’ financial knowledge and skills. Findings reveal that most respondents have limited formal financial management training, rely on parents for financial wellness knowledge, and are experiencing high levels of financial strain. However, respondents also note that financial course-based projects enhance their financial literacy and competency skills and provide them with a better sense of how to protect themselves from financial scams. This presentation will address practical implications drawn from the findings from this study.

Authors:
Mercedes Valadez, California State University, Sacramento, United States

About the Presenter(s)
Dr. Mercedes Valadez is an Associate Professor in the Division of Criminal Justice at California State University, Sacramento.

See this presentation on the full schedule – Monday Schedule

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