Efficacy of a financial literacy program among college students

Abstract

The purpose of this study was to examine the efficacy of a financial education program, MyCollegeMoneyPlan.org, in enhancing student financial competency and well-being. One hundred and eighty-one students in an introductory course at an urban Midwestern university participated in a financial literacy study in a first-year seminar course. Measures were taken to assess financial competency and financial well-being among pre and post-test conditions, as well as among age and gender of participants. Descriptive statistics were presented and discussed. Results were analyzed using Stepwise Regressions, Analyses of Variance, and one-sample t-tests. Financial competency scores significantly increased following the intervention, while financial well-being scores did not differ significantly. Gender and age differences in financial well-being levels were consistent with current research. Research findings and implications for future research were discussed.