Academic Success and Well-Being of College Students_112007

7/28/2019 Academic Success and Well-Being of College Students_112007

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Tae Care Aerica Institte fr Cnser Financial Edcatin and Researc

Jn and Dris Nrtn Scl f Fail and Cnser Sciences

Cllee f Aricltre and Life Sciences

Neer 2007

ACADEmIC SuCCESS AND

WELL-bEINg oF CoLLEgE STuDENTS:FINANCIAL bEhAvIoRS mATTER

Te uniersit f Arizna


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FoR moRE INFoRmATIoN about how the ake Charge America Institute or Consumer Financial Education and Researchcan help you or to order additional copies o this publication, contact Soyeon Shim, Ph.D., Director and Proessor, Norton Schoolo Family and Consumer Sciences at [email protected]

FoRWARD

I CAI Az . C . B

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I J X, P.D ( D CAI)

. B , D. S S , AP (Az P L S US) UA 007. T

UA - E, R O.

Dr. Michael Staten

Director

ake Charge America

Institute or Consumer

Financial Education

and Research UA

Te mission o the ake Charge America

Institute or Consumer Financial Education

and Research at Te University o Arizonais to improve consumer nancial well-being

through our research and outreach programs.

mISSIoN


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ACkNoWLEDgEmENTST J Nz, O S F A T U Az, . W R Lz W. T : J S, C , J. T - C A I C F E R O S F A T U Az.

AuThoRSJ J X, P.D., P, U R I ( D, CAI)S S, P.D., D P, T U Az

B B, P.D., P, T U Az, M U, W AA L, P.D., A P, U I, U-C

College students are at a pivotal time in their lives asthey ace nancial independence and responsible decision-making. In moving rom dependence to independence, theywill chart a course with ar-reaching consequences or theiruture happiness and security. Te methods by which college

students orm desirable nancial habits has been largelyshadowed in supposition. Because the process is not yetunderstood, but is o tantamount importance to the uture oyoung people, urther study is imperative. Universities havea unique opportunity to inuence the development o soundscal practices because they combine a pivotal time rame,an educational setting, and a population with newly emergingresponsibility or their nancial aairs. Further, young adultswho are nancially responsible as college students are morelikely to become well-rounded, happier, and more successulalumni.

Te ollowing report examines the nancial behavioro undergraduate students at Te University o Arizona.

Specically, the study examines cash management, creditmanagement, savings, and risky credit use. We are interestedin what elements inuence nancial behavior, and whetherresponsible nancial habits aect students quality o lie,including nancial satisaction, physical and mental health,academic satisaction and perormance, and lie satisactionin general. A total o 781 undergraduate students respondedto our online survey.

In short, we ound as predicted, that sound nancialdecisions and practices are undoubtedly linked to a betterlie, in a variety o ways. Te importance, then, o developinghealthy nancial habits cannot be overstated. As previouslystated, colleges are in a unique position to assist this process,

and in act, we believe they have a responsibility to studentsas part o an overall educational ramework.Specically, our study ound: Undergraduate students manage cash better than credit

and savings. Students who have a positive attitude about cash

management, nd it easy to do, and eel a sense oaccomplishment do better with cash management.

Upper-class students, particularly seniors, demonstrate asurprisingly more careless attitude with regard to creditmanagement. Being a rst-generation college student,being nancially independent, having a higher personal

income, taking ewer credit hours, and living o campusalso result in a riskier attitude toward credit use. Negativeattitudes, spending less time on studies and more timeon the job, and money management also seem to lead tounwise credit use.

When it comes to saving money, upper-class students doworse than their lower division counterparts. Others whodemonstrate poor saving habits are non-business majors,o-campus students, and those receiving nancial aid.Again, students with negative attitudes and less nancialknowledge are less likely to save money.

Not surprisingly, our study shows that parents areimportant role models in encouraging responsiblenancial behavior. Parental support and advice are key, asare having parents who are married, more highly educatedand who own a home.

Te support o college peers is also important, inuencingstudents to develop good nancial behaviors.

In addition to its own rewards, responsible nancialbehavior leads to a better lie. Perorming desirablenancial behaviors is associated with greater nancialsatisaction, better physical and mental health, andhigher grades.Tese ndings have important implications or nancial

proessionals, educators, campus administrators, andpolicymakers concerned about the well-being o collegestudents. Promoting positive nancial habits, accordingto this report, is likely to improve the overall well-beingo college students, in addition to helping them meet theiracademic goals. Credit management and savings coursesmay be needed or undergraduates, especially upper-division

students (who have worse nancial behaviors than theirlower-division counterparts). iming is critical becauseseniors will soon be entering the job market and acing thenancial decisions o independent living.

Because it is a key component o students nancialdevelopment, parental involvement should be supportedand encouraged. In addition, peer education should beostered, with colleges creating opportunities or students tolearn rom each other (especially in the areas o credit andsavings). Special attention should be paid to nancially at-riskstudents who are apt to engage in risky credit behaviors, withprograms designed specically or them.

ExECuTIvE SummARy


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Tere can be little doubt that credit cardsare an essential component o todaysconsumer liestyles in that they provideboth utilitarian (e.g., convenience andpurchasing power) and hedonic (e.g.,lie status, liestyles) benets. However,i misused or abused, they can also havedevastating eects on consumers overall

well-being (Bernthal, Crockett, & Rose, 2005). One groupthat may be particularly vulnerable to the potential pitalls ocredit use is college students. Reports indicate that 76 percent

o college students have at least one credit card, and 43 percenthave reported holding our or more credit cards (Nellie Mae,2005).

Te negative consequences o irresponsible nancial behavior,especially or young adults who are nancially at risk, canimpede academic success and threaten mental and physicalhealth (Lyons, 2007a, 2007b). Economic psychology studies,in general, show that higher nancial stress is associatedwith higher levels o psychological and physical distress(MacFadyen, MacFadyen, & Prince, 1996; Lyons & Yilmazer,2005). In the long run, adverse nancial outcomes can alsonegatively aect interpersonal and amilial relationships, andhence, an individuals success in lie (Fisher & Lyons, 2006).Yet, we still know very little about the process by which youngadults acquire nancial skills and literacy during the criticaltransitional period o emerging adulthood, and how these skills,(or lack thereo) inuence well-being more generally, both inthe short- and long-term.

> Prpse f te Std

Te purpose o this study was to understand the nancialbehaviors o undergraduate UA students. More specically, weare interested in studying our categories o nancial behaviors:cash management, credit management, savings, and risky

credit use. We want to examine actors that inuence thoseour nancial behaviors, as well as whether or not perormingpositive nancial behaviors matters in various aspects ostudents quality o lie including nancial satisaction, physicaland mental health, academic satisaction and perormance, andlie satisaction in general.

Tis report is organized as ollows. We rst review previousstudies on the nancial behaviors o college students andpresent a conceptual ramework. Ten the objectives,methodology, and ndings o the study are presented. Finally,we summarize major ndings and discuss their implications ornancial proessionals, educators, campus administrators, and

policymakers interested in this age group.

> Preis Stdies n Financial beairs f

Cllee Stdents

As the use o credit cards has prolierated on college campuses(U. S. General Accountability Oce, 2001; Manning 2000;Nellie Mae, 2005; Education Resources Institute & Te Instituteor Higher Education Policy, 1998), researchers in disciplinessuch as economics, sociology, psychology and higher educationadministration have become increasingly interested in thenancial conduct o college students. Some researchers haveocused on college students attitudes about, and behavior with,money in general (Danes & Hira, 1987, Fan & Xiao, 1998;

Markovich & DeVaney, 1997, Masuo, Malroutu, Hanashiro,& Kim, 2004; Rindeisch, Burroughs, & Denton, 1997; Lyons,Neelakantan, & Scherp, 2007). Others have specically ocusedon the ways students use credit cards and the attitudes theyhave toward them (Armstrong & Craven, 1993; Xiao, Noring,& Anderson, 1995, 1997; Education Resources Institute andthe Institute or Higher Education Policy, 1998; Hayhoe, Leach,& urner, 1999; Hayhoe, Leach, urner, Bruin, & Lawrence,2000; Joo, Grable, & Bagwell, 2001; U. S. General AccountabilityOce, 2001; Hayhoe, 2002; Lyons, 2004, 2007a; Staten andBarron, 2002; Baum and OMalley, 2003). In particular, earlierstudies ocused on actors that inuence credit card selection(Kara, Kaynak, & Kucukemirouglu, 1994) and relationshipsbetween student characteristics and the tripartite (aective,cognitive and behavioral) components o their attitudes (Xiao etal., 1995, 1997).

A ew researchers have also attempted to develop a causalmodel that can predict a college students attitudes andbehavioral tendencies when acquiring a new credit card(Kidwell & urrisi, 2000) and also describe the role thatmoney attitudes and credit card use plays in the developmento compulsive buying (Roberts, 1998; Roberts & Jones, 2001).Also, a group o researchers (Pinto, Parente, & Palmer, 2001a;2001b) conducted a study to determine whether school

solicitation policies or student academic perormance causeddierences in the ways students used credit cards. Tey oundno evidence o any dierences.

With the recent increase in the number o reports regardingcollege students misuse or overuse o credit cards, researchershave begun to investigate the personal actors associated withcredit card use, specically the number o credit cards, onaverage, that a student possesses, as well as the extent to whichthe average student typically carries a credit card balance(Hayhoe et al., 1999; Hayhoe, et al., 2000; Hayhoe, 2002,Hayhoe, Leach, & Allen, 2005). Also studied is how dierentpromotional mechanisms used by credit card rms inuence

students account balance and delinquency status (Staten &

INTRoDuCTIoN

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Barron, 2002). Lyons (2004, 2007a) reported a demographicprole o college students (emale, Black, and Hispanic) whowere more likely to be nancially at risk. Researchers alsoexamined the ways in which college students credit cardattitudes and behaviors were related to psychological and socialactors such as locus o control (Joo et al., 2003), impulsivity,lie satisaction, and stress (Norvilitis & Maria, 2002; Norvilitis,Szablicki, & Wilson, 2003), parental socialization (Palmer et al.,2001; Lawrence et al., 2005; Lawrence et al., 2006; Lyons et al.,

2007), and materialism (Pinto et al., 2000).

> Teretical Fraewr

We identied several theories that are relevant to the purposeo our study: the theory o human development (Arnett, 2000;Baltes, 1987; Havighurst, 1972; Shanahan & Hood, 1999),consumer socialization (John, 1999; Moschis, 1987; Ward,1974), and planned behavior (Ajzen, 1991; Ajzen & Fishbein,1980). Using these theories as a oundation, we have developeda conceptual ramework or analyzing the ormation onancial behaviors and the impact that these behaviors haveon the well-being o young adults. Integrating these theories,we propose that socialization processesamily, peers, and

nancial educationcombined with demographic actorsinuence a young adults attitudes, values, and knowledge aboutnances. We urther hypothesize that these attitudes and values,along with subjective norms and perceived control, inuencean individuals behavioral intentions and nancial identity,and in turn, inuence their actual nancial behavior. In ourmodel, we posit that nancial behaviors ultimately aect onesoverall well-being, not only with respect to his or her personalnances but also with respect to physical and mental health,school achievements, and lie satisaction. For a more detaileddiscussion o this conceptual model, see Xiao, Shim, Barber,and Lyons, (2006).

> Sre metdl

In spring 2006, a survey was developed and pre-tested basedon both a literature review and inormation gathered romcollege students, using ocus group techniques. Upon receivingthe university research oces Internal Review Board (IRB)approval, the survey was nalized in the summer o 2006 andput online. In all 2006, Te University o Arizonas Oce oStudent Financial Aid, in conjunction with the authors o thisreport, administered the survey.

In November 2006, two consecutive random samples ostudents (4,000 each) were invited to participate in the onlinesurvey via an e-mail invitation. For each random sampling, oneollow-up reminder was sent. Overall, 1,197 students respondedto the survey, with a return rate o 15 percent. Trough arandom drawing, thirty-ve scholarships ranging rom $100-$500 were given as incentives or participation. Among the1,197 students who responded, 976 completed the survey. Othese, 11 percent were graduate students and 89 percent wereundergraduate students. We conducted Analyses o Variances(ANOVA) on major demographic variables to see i there wereany dierences between the two samples. Te only dierence

was related to student status. Te rst sample had moregraduate students than the second (106 graduate students inthe rst sample compared to 5 in the second). In this report, weocus on the nancial behaviors o 781 undergraduate students.Te ollowing is a descriptive prole o this sub-sample.

RESEARCh obJECTIvES

The research objectives o this study are as ollows:

1. To identiy potential actors that aect the ormation o

nancial behaviors among college students;

2. To examine potential eects o nancial behaviors on

the well-being o college students.


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> Stdent Derapics

Table 1 presents descriptive statistics o the sample oundergraduate students. Te sample has even distributiono the three upper classes with a slightly higher proportiono rst-year students. Most o them are emale, white, single,non-business majors, non-transer students, and in-statestudents. Te age distribution is slightly skewed towards theage 18 group. Hispanic and Asian students are overrepresentedwhile Black students are underrepresented, which is typical in

southwestern states. Te distribution o GPA is skewed towardthe high end, while noticeably 20 percent o students report

GPA is not available, possibly because it is their rst semesterin college. Most o the respondents are registered or 13-15credit hours and are receiving nancial aid. Te majority orespondents live in rented apartments or houses. Most o therespondents are not rst-generation college students, nor arethey nancially independent. Forty percent o them do not havetheir own source o income. Te parents o the majority o therespondents own their own homes. Te distribution o parentalincome is even rom the low to the high end, while 23 percent

o students are not sure about their parents income levels.

ClassFreshman 36%Sophomore 20Junior 21Senior 23

MajorBusiness 15Non-business 85ransfer studentYes 16No 84Age18 2919 2020 1921 18

22-24 14GenderMale 35Female 65Primary ethnic backgroundArican American/Black 3Asian 9Hispanic/Latino 18Native American 2White 64Other 4

Marital statusSingle without children 92Other 8

GPALower than 2.5 72.6-2.9 113.0-3.5 333.6-4.0 29No GPA available 20

Registered credit hours12 hours or ewer 2313-15 4916 or more 28First generation studentYes 20No 80Financially independentYes 22No 78

Residential statusIn-state student 77Out-state/International student 23Average monthly income fromwork

$0 (not employed) 40$1-$249 16$250-$499 21$500-$749 14$750-$999 4$1,000-$1,999 4$2,000-$2,999 1

Parent(s) annual incomeLess than $25,000 8$25,000-$49,999 19$50,000-$74,999 18$75,000-$99,999 13$100,000 or more 19

Not sure 23Parents/guardians own

or rent residenceOwn 83Rent 11Other 3Dont know 3Receiving financial aid thisacademic yearYes 71No 29

Residence during school yearResidential Hall 30Fraternity/Sorority 3Apartment (rent) 33House (rent) 18House (own) 3Live at home with parents 13

Tale 1. Descriptie Statistics f te Saple (N=781)


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We compared the student characteristics and credit behaviorsrom our study with those in one national study (Nellie Mae,2005) and one regional study (Lyons, 2007a). Studies romboth Nellie Mae and Lyons ocused on credit card behavior,but ours has a broader coverage, with a ocus not only oncredit but also on other nancial behavior. Our sample usedor the comparison purpose is restricted to those who areundergraduate students age 24 or younger. Table 2 and 3present comparisons o major demographic and credit behavior

variables, respectively.

Tere are several noticeable dierences between these studies.Compared to studies by Nellie Mae and Lyons, the sample oour study has more rst year students, younger, emale, andHispanic students. About 20 percent o our sample reportGPA is not available while all students in Lyons studyreported GPAs. In terms o credit card behavior, compared toLyons sample, students who have at least one credit card in oursample have a ewer number o credit cards, are less likely tobe late in debt repayments, and are more likely not to pay o acredit card balance.

Tale 2. Cparisns f Tree Stdies: Derapic variales

Nellie Mae (2005) Lyons (2007a) This study (2007Class

Freshman 8% 23.6% 35.72%Sophomore 31% 22.0% 19.97%Juniors 30% 25.0% 21.13%Senior 30% 29.4% 23.18%

Age

18 5% 28.88%19 23% 20.41%

20 21% 18.49%21 25.5% 18.10%22 12% 8.46%23 10% 25: 5.1% 1.93%

Gender

Female 58.8% 64.92%Male 41.2% 35.08%

Race/Ethnicity

White 79.3% 64.28%Black 4.8% 2.82%Asian 9.0% 9.48%

Hispanic 4.1% 17.80%Other 2.8% 5.63%

Married 3.9% 2.68%

GPA

3.6-4.0 28.5% 28.55%3.0-3.5 42.6% 33.29%2.0-2.9 27.3% 16.50%20 30.5% 11.9% 17.9%work only during summer/vacations 18.5%

Monthly income

0 42.4% 39.93%$1-$249 19.5% 15.49%$250-$499 20.9% 21.25%$500-$749 8.6% 14.47%$750-$999 3.7% 4.35%>=$1000 4.9% 4.49%


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> Financial beairs

In this study, the students are asked how requently theyperorm 10 nancial behaviors, where six are about cashmanagement, one about credit management, and three relatedto saving. All were developed based on previous studies(Hilgert, Hogarth, & Beverly 2003; Xiao, Sorhaindo, & Garman,2006). Te question is worded as Indicate how ofen you haveengaged in the ollowing activities within the past six months:never, seldom, sometime, ofen, always, and not applicable.

Most students indicated that they always or ofen perormdesirable cash management behaviors but are less likely to do

so in the areas o credit management and saving. In addition,a signicant percent o students answered never or notapplicableconcerning desirable credit management and savingbehaviors. For example, 43 percent reported never or notapplicable to paying o credit card debts and 67 percentreported never or not applicable to contributing to savings/investing accounts. In the category o cash management,14-18 percent o students do not perorm bill-paying relatedbehaviors. Figure 1 presents requencies o always/ofen

perormed behaviors based on the report o the sample.Table 4 presents requencies o the ten nancial behaviors.

Tale 3. Cparisns f Tree Stdies: Credit Card beair

Nellie Mae (2005) Lyons (2007a) This study (2006)Have credit card 76% 72.4% 70.0%

Number of Credit cards>=1 76% 72.4% 70.04%>=4 43% 18.9% 8.54%average 4.09 1.77

When got first card

Beore college 23% 49.5% 47.35%As reshman 43% 35.9% 35.83%Afer rst year 33% 14.4% 16.82%

Credit card debt

>=$1,000 39% 21.7% 20.84%>=$3,000 23% 10.4% 9.71%

Late on payment 8.6% 4.75%

Max out the limit 21.1% .48%

Dont payoff balance 33.1% 9.%

Fire 1: Financial beairs Alwas/often Perfred

80

80

75

73

60

59

46

38

41

13


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> Ptential Factrs Assciated

wit Financial beairs

In the ollowing section, we ocus on potential actors thatmay be associated with three nancial behaviors, namely

cash management, credit management, and saving. Te cashmanagement behavior is measured by adding the scores othe six cash management behaviors and then dividing the

total score by six. Te saving behavior is measured by addingthe scores o the three saving behaviors and then dividing thetotal score by three. Te original behavior o paying in ull acredit card balance is used to measure the credit management

behavior. We also present potential actors associated with riskycredit card behavior in a separate section.

Tale 4. Freqencies f 10 Financial beairs (%)

NA/never seldom/sometime often/alwaysPay bills on time 14 6 80Comparison shop 5 15 80Maintain balance in bank account 2 23 75Spend within budget 4 23 73Review bills or accuracy 18 22 60rack monthly expenses 6 35 59

Pay o credit card balances 43 16 41Save regularly 13 41 46Set emergency unds 20 42 38Contribute to retire./invest. 67 20 13

> Cas manaeent

o examine potential actors that aect cash management, we excluded students who reported not applicable in any o thesix cash management questions. Te resulting sample size is 624. Based on results o ANOVA, gender, race/ethnicity, credithour, perceived control, value, nancial knowledge, nancial education, parental advice, parental approval, parental approvalcompliance, and peer approval are associated with cash management habits. Students with the ollowing characteristics aremore likely to have desirable cash management practices:

>Females (vs. males)

> Whites (vs. Hispanics)

> Enrolling in more credit hours

>Higher intention to perorm the behavior

> More avorable attitude toward the behavior

> Perceiving more control over the behavior

> Higher level o the sel-actualization value

>Higher sel-reported fnancial knowledge

>Receiving more fnancial education

>More parental fnancial advice

>Higher level o parental approval o the behavior

>Higher level o ollowing parental advice

>Higher level o peer approval o the behavior

Because the above ndings are based on a sub-sample o theundergraduate students, we would like to explore the same

research question by using the ull undergraduate studentsample. According to the theory o planned behavior, behaviorintention is the major predictor o the behavior. We conductedANOVA between the behavior intention regarding cashmanagement and potential inuential variables available romthe survey. All students provided answers or the behaviorintention, and the sample size used in the analyses is 781.

Comparing variables that show dierences in the behaviorintention and the actual behavior, we have the ollowingndings. First, actors that show dierences in both the

behavior and the intention include: perceived control, sel-actualization value, parental advice, parental approval,

ollowing parental advice, and peer approval. Second, severalactors show dierences in only the behavior. Females are morelikely than males and whites are more likely than Hispanics toperorm the behavior. Students enrolling in more credit hoursor receiving more nancial education are more likely to engagein the behavior. Tird, several actors show dierences in onlythe behavioral intention. Students who are not rst-generationcollege students, who use more time or school work andmoney management, and whose parents own homes aremore likely to report the intention to have sound cashmanagement habits.


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Male (vs. emale)

Asian, white (vs. Hispanic)

Lower school class standing

Non-rst generation college student Those who are not nancially independent

Lower student income

More credit hours

Higher intention to perorm the behavior

More avorable attitude toward the behavior

Higher level o perceived control

Longer planning horizon

More time spent on school work

Less time spent on paid work

Less time spent on nancial management

Living on campus (vs. o campus)

More parental nancial advice Higher level o parental approval o the behavior

Higher level o ollowing parental advice

Married parents

Higher parental income

Parents being home owners

Higher level o athers education

Higher level o mothers education

Higher level o peer approval o the behavior

> Credit anaeent

Using the same approach, we conducted ANOVA on the credit management behavior and its behavior intention against potentialinuential variables. Tirty-six percent o the sample reported not applicable or this question and are excluded in the analyses.Te sample size is 503 in the credit management behavior analyses. Te characteristics o students who are more likely to perormthe positive credit management behavior are listed below

Figure 2 presents the negative association between the intensity

o perorming the behavior and the academic class standing.Figure 3 presents the negative association between the behaviorintention and academic class standing. It seems that the higher

the academic class standing, the less likely the students perorm

or intend to perorm the positive credit behavior, which shouldbe a concern to administrators and educators.

Fire 2: Credit manaeent beair

Fire 3: Credit manaeent Intentin

mean

mean


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mean

Variables associated with the behavior intention are very similarto those associated with the behavior, with only two exceptions:1) Gender does not show an association with the behaviorintention; and 2) Students who do not receive nancial aid aremore likely to express the intention to perorm the behavior, butthis variable is not associated with the behavior.

In comparing potential inuential variables o the cashmanagement behaviors and the behavior intention, we oundmore variables show associations with the credit managementbehavior, which implies that this age group may be in theprocess o developing the credit management behavior.

> Sain beair

Te same approaches are also used to explore the potentialinuencers o saving behaviors. Afer excluding students whoreport not applicable to any o the three saving behaviors,the resulting sample size in the analyses is 643. Generally,the respondents reported they are less likely to perormsaving behaviors. On a scale o 1 5 (1 never to 5 always), theaverage score or cash management behaviors is 4.14, creditmanagement is 3.78, while saving is only 2.67. Findings o

ANOVA indicate that characteristics o students who are morelikely to perorm saving behaviors are as ollows:

Lower academic class standing

Business major (vs. other majors)

Transer students

Not a frst-generation college student

Higher intention to perorm the behavior

More avorable attitude toward the behavior

Higher level o perceived control o the behavior

Longer planning horizon

Longer time spent on school work

Longer time spent on paid work

Living on campus

More parental fnancial advice

Higher level o parental approval o the behavior

Higher level o ollowing parental advice

Married parents

Parents being home owners

Higher level o athers education

Higher level o mothers education

Higher level o peer approval o the behavior

Figures 4 and 5 show a pattern similar to Figures 2 and 3.When students move up to a higher academic class, they areless likely to perorm or intend to perorm positive savingbehaviors, which indicates a need or nancial education or

these students. Tis may be especially important or seniorswho will ace real-lie, long-term saving decisions as soon asthey graduate and accept their rst ormal jobs.

mean

Fire 4: Sain beair Class

Fire 5: Sain Intentin Class


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Potential inuential actors relating to the behavior intentiono saving are similar to those o the saving behavior, with theollowing exceptions: 1) wo variables, rst-generation collegestudent status and parental marital status show associationwith the saving behavior but do not show associations withthe saving behavior intention; 2) wo variables do not showassociations with the saving behavior but show associationswith the saving behavior intention. A higher level o risk-takingand less time spent on nancial management are associated

with a higher level o intention to perorm the saving behavior;and 3) One variable shows opposite eects. Compared toothers, transer students are more likely to perorm the savingbehavior but less likely to express the intention to perormthe behavior.

> Ris Credit beairs

Risky credit behaviors are dened by six indicators: havingthree or more credit cards (9 percent o the sample), usingcredit cards requently (a ew times a day or a week) (32percent), having credit card debts (68 percent), being late incredit card debt payments (5 percent), never or sometimesnot paying in ull the credit card balance (39 percent), andalmost always or sometimes maxing out the credit card limit(20 percent). Based on Chi-square tests, the ollowing variables

show associations with our or more risky behaviors:

Acadeic class standin has positive associations with sixrisky behaviors except or the late payment behavior. Studentswith higher academic class standing, especially seniors, aremore likely to engage in these practices. Figures 6-11 presentthese patterns, which should concern university administratorsand educators.

%

Fire 6: hain Tree r mre Credit Cards

Fire 7: usin Credit Cards Alst Dail r a Few Ties a Wee

%


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%

Fire 8: hain Credit Card Dets

Fire 9: bein Late n Credit Card Paent 2 r mre mnts

%

Fire 10: Neer r Seties Pain off Credit Card balance

%


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hldin edcatinal lansis associated with all riskybehaviors. It is negatively associated with only one behavior(requent use o credit cards) but positively associated with the

other ve risky behaviors.

hldin ter lans is positively associated with our riskybehaviors: having credit card debts, being late in payments, notpaying the balance in ull, and maxing the limit.

Receiin financial aidis negatively associated withone behavior: requent use o credit cards, while positivelyassociated with our behaviors: having credit card debts, beinglate in payments, not paying the balance in ull, and maxing outthe limit.

Stdent inceshows positive associations with ve risky

behaviors. Higher student income is associated with havingthree or more credit cards, having credit card debts, being latein payments, not paying the balance in ull, and maxing out thecredit card limit. Te nding suggests that student income maybe an indicator o nancial need.

Liin ff caps(vs. living on campus) is positivelyassociated with ve behaviors: having three or more creditcards, having credit card debts, being late in payments, notpaying the balance in ull, and maxing out the limit.

Race/Etnicit shows associations with our risky behaviors.Asians are most likely and Hispanics least likely to use credit

cards requently. Other races are most likely and whites leastlikely to have credit card debts. Hispanics are most likely andAsians least likely not to pay credit card balances in ull and tomax out the credit card limit.

First-eneratin cllee stdents are more likely than otherstudents to engage in our risky behaviors: having credit carddebts, being late in payments, not paying balances in ull, andmaxing out the limit. However, they are less likely to use creditcards requently.

Financiall independent stdents are more likely to engagein our risky behaviors: having three or more credit cards,having credit card debts, being late in payments, and not paying

the balance in ull.

Tie spent fr financial anaeentis positivelyassociated with our risky behaviors: having credit card debts,being late in payments, not paying the balance in ull, andmaxing out the limit. Te nding implies that time spent onnancial management seems to be an indicator o nancialdiculties.

year te first credit card is tained is associated with ourrisky behaviors. Te earlier a student gets his rst credit card,the less requently he will use the credit card but the more likelyhe will have credit card debts. Students who report getting their

rst credit cards in their rst year in college are more likely tobe late in payments and not to pay the balance in ull.

Perceied cntrlso perorming positive cash, credit, andsaving activities are associated with our risky behaviors: havingcredit card debts, being late in payments, not paying the balancein ull, and maxing out the limit. I the desirable cash, credit,or saving actions are considered dicult, students are morelikely to act irresponsibly. In addition, i students perceived itis dicult to manage credit wisely, they are more likely to havethree or more credit cards.

Parental appral o cash and credit behaviors is associated

with our and ve risky behaviors respectively. Parentalapproval o the cash and credit behaviors is both negativelyrelated to being late in payments, not paying credit cardbalances in ull, and maxing out the credit card limit. Inaddition, parental approval o the cash behavior is negativelyassociated with the requency o credit card use. Parentalapproval o the credit behavior is negatively associated withhaving three or more credit cards and holding credit card debts.

%

Fire 11: Alwas r Seties t ma ot Credit Card Liit


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Nt fllwin parental adice is associated with ve riskybehaviors: having three or more credit cards, having credit carddebts, being late in payments, not paying the balance in ull,and maxing out the limit.

Faters edcatin sws associations with our behaviors. Itis negatively related to three behaviors (having credit card debts,being late in payments, not paying the balance in ull) and ispositively related to the requency o credit card use.

> Ptential Effects f Financial beairs n Qalit

f Life

Positive nancial behaviors seem to have a positive impact onlie outcomes. Findings rom bivariate analyses indicate thatdemonstrating good nancial practices in cash management,credit management, and saving is positively related to nancialsatisaction, physical and health, academic success andsatisaction, and overall lie satisaction (Table 5).

Tale 5. Financial beairs and Life otces: Reslts f ANovA

Never/Seldom Sometime Often/AlwaysCash Management (N=624)Financial satisaction 2.56 2.58 2.99Health 3.34 3.35 3.73Mental health

depression 4.36 4.03 3.66sel-esteem 4.11 4.83 5.18coping 4.77 5.04 5.31worry 4.69 4.48 4.01impulsivity 4.21 3.82 3.26

GPA group 3.35 3.86 4.10Academic satisaction 3.00 3.46 3.74Lie satisaction 3.06 3.34 3.51Credit Management (N=3)Financial satisaction 2.41 2.44 3.11Health 3.36 3.43 3.66Mental health

depression 4.06 4.06 3.69sel-esteem - - -coping - - -worry 4.71 4.42 3.92impulsivity - - -

GPA group 3.63 4.00 4.19

Academic satisaction 3.50 3.47 3.76Lie satisaction 3.27 3.36 3.51Saving (N=643)Financial satisaction 2.60 3.12 3.45Health 3.46 3.74 3.83Mental health

depression 4.02 3.55 3.60sel-esteem 4.92 5.29 5.12coping - - -worry 4.35 3.90 3.69impulsivity - - -

GPA group 3.96 4.08 4.28Academic satisaction 3.59 3.78 3.83Lie satisaction 3.35 3.58 3.64

N:1. All ndings presented in the table are signicant at 5% or better. In several cells, - means no statistical dierence is

ound.2. Te ollowing are measurements o lie outcome variables:Financialsatisfaction:1-veryunsatised,7-verysatised.Health:1-poor,5-excellent.Mentalhealth:1-never,7-daily.GPAgroup:1-


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Financial Satisfactin

A 5 point Likert scale was used to measure nancialsatisaction. Te students were asked: How satised areyou with your current nancial status: 1 very unsatised, 2unsatised, 3 neutral, 4 satised, 5 very satised. Students whoreported soung practices regarding money management, creditmanagement, and saving ofen or always were more likelyto report a higher level o nancial satisaction (Figure 12). Forexample, students who never or seldom managed their

money reported the lowest level o nancial satisaction (2.56out o 5) while those who ofen or always did reported thehighest level o nancial satisaction (2.99). Te same pattern isalso ound in credit management and saving.

healt

Health is measured by a 5 point Likert scale: How would yourate your overall health? 1 -poor, 2 air, 3 good, 4 very good,5 excellent. Tose with positive nancial habits also reportedbetter health (Figure 13). For example, students who never orseldom manage their money reported the worst health (3.34out 5) while those reporting ofen or always do reportedthe best health (3.73). Te same pattern is also ound in creditmanagement and saving.

Fire 12: Tse w perfr psitie financial eairs are re satisfied wit teir finances

Fire 13: Tse w perfr psitie financial eairs ae etter ealt


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mental healt

Mental health was measured by 18 items with 5 dimensions:depression, sel-esteem, coping, worry, and impulsivity. Foreach item, scores range rom 1 to 7, with 1 never and 7 daily.

wo dimensions, depression and worry, showed negativeassociations with all three nancial behaviors. For example,students who never or seldom managed their money weredepressed most (4.36 out o 7) while those who ofen or

always did were depressed least (3.66). Te same pattern isound in credit management and saving (Figure 14).

Sel-esteem showed associations with two nancial behaviors,money management and saving behaviors. For example,students who never or seldom managed their moneyreected the lowest sel-esteem (4.11 out o 7) while those whoofen or always did reected the highest sel-esteem (5.18).

wo dimensions, coping and impulsivity showed associationswith only the money management behavior. Coping ispositively associated, while impulsivity is negatively associatedwith the requency o practicing money management.

grade Pint Aerae

GPA is a measure o academic success in ve levels: 1 lowerthan2.0,22.0~2.5,32.6~2.9,43.0~3.5,and53.6~4.0.GPAispositively associated with all three nancial behaviors (Figure15). For example, students who never or seldom managetheir money have the lowest GPA index (3.35 out o 5) whilethose do ofen or always have the highest GPA index (4.10).

Acadeic Satisfactin

A 5-point Likert scale was used to measure academicsatisaction. Te students were asked: How satised are youwith your current academic progress?: 1 very unsatised, 2unsatised, 3 neutral, 4 satisted, 5 very satised. Studentswho reported managing their money or credit ofen oralways were more likely to report a higher level o academicsatisaction. For example, students who never or seldom didreported the lowest level o academic satisaction (3.00 out o5) while those who ofen or always perormed the behaviorreported the highest level o academic satisaction (3.74). Tesame pattern is also ound in credit management and saving.

Fire 14: Tse w perfr psitie financial eairs are less depressed

Fire 15: Tse w perfr psitie financial eairs ae a ier gPA


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Life Satisfactin

A 5-item measure was used or measuring lie satisaction(Diener, Emmons, Larsen, & Grin, 1985). Te ve itemsinclude: 1) In most ways my lie is close to my ideal; 2) Teconditions o my lie are excellent; 3) I am satised with mylie; 4) So ar I have gotten the important things I want inlie; and 5) I I could live my lie over, I would change almostnothing. For each item, scores range rom 1 to 5: 1 stronglydisagree, 2 disagree, 3 neutral, 4 agree, and 5 strongly agree.

In the analyses, the scores o the ve items are added and thendivided by ve, and the scores o the new composite measurerange rom 1 to 5. Positive nancial habits are positivelyassociated with lie satisaction (Figure 16). For example, thosewho reported never or seldom manage their cash reportedthe lowest level o lie satisaction (3.06 out o 5) while thosewho ofen or always did reported the highest level o liesatisaction (3.51). Te same behavioral pattern can be seenin credit management and saving behavior.

In addition, risky credit behaviors may lower nancialsatisaction, increase nancial diculties, decrease physical and

mental health, lower GPA, and lower lie satisaction (Table 6).

Limitations o this study need to be acknowledged. First,this study only collected and analyzed cross-section data.Te ndings need support rom uture longitudinal research.Second, the ndings presented in this report are only rombivariate statistical analyses. More advanced analyses, such

as structural equation modeling have been conducted andpresented in another paper (Shim, Xiao, Barber, & Lyons,2007). In addition, more advanced analyses ocusing on specictopics are underway. Tus, the ollowing ndings should beconsidered preliminary and suggestive.

Sar f majr Findins

T

781 T U Az 00. T q

.

I ,

. T

z , , -

.

S . I

, , ?, .

Fire 16: Tse w perfr psitie financial eairs are re satisfied wit teir lies

Tale 6. Ner f Ris Credit beairs and Life otces: ANovA Reslts

No risk behavior 1-2 behaviors 3-5 behaviorsFinancial satisaction 3.29 3.06 2.46Financial diculty 1.64 1.94 2.73Health 3.81 3.66 3.39Mental health-depression 3.61 3.71 4.01Mental health-worry 3.72 4.1 4.45GPA group 4.45 4.15 3.83Lie satisaction 3.59 3.52 3.35

Note: results presented here are statistically signicant at 5% or better.


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Credit behaviors are associated with a number o studentcharacteristics, psychological variables, and time-use patterns.Upper-class students are less likely to perorm the desirablecredit behavior. Others in this group include rst-generationcollege students, those who are nancially independent, havehigher personal income, have a lighter course load, and live ocampus. Other actors that negatively aect credit use are lesspositive attitudes, perception o diculty, and a shorter time-planning horizon. ime use seems to aect the behavior in that

students who spend less time or school work but more timeor paid work and money management are less likely to havepositive credit management practices.

Saving behaviors are associated with several studentcharacteristics, psychological variables, and time-use actors.Less likely to save money are upper-class students, non-businessmajors, those living o campus, and those receiving nancialaid. In addition, students with less avorable attitudes, whoperceive saving to be dicult and who have less nancialknowledge, who spend less time or school work but more timeor paid work are less likely to save money.

Strong evidence rom this study indicates that parents areimportant in promoting desirable nancial behaviors. Studentswhose parents provide more nancial advice are more likelyto perorm positively. I students believe these practices areapproved o by their parents and they usually ollow theirparents advice on money issues, they are more likely todo them. In addition, several parental characteristics showassociations with these positive nancial practices. For example,parents who are married, own a home, and have a higher levelo education are more likely to have children with positivecredit and saving habits.

College peers may play an important role or students

nancial practices. Evidence rom this study shows that istudents perceive the desirable cash, credit, or saving behaviorsare approved o by their peers, they are more likely to engagein them.

Risky credit behaviors are measured by six indicators: havingthree or more credit cards, using credit cards daily, having creditcard debts, being late in credit card payments, maxing credit cardlimit, and not paying o credit card balances. Students with ahigher academic class standing, especially seniors, are more likelyto engage in these risky credit habits. Other actors that inuencerisky credit behaviors: include holding educational loans, being arst-generation college student, having a higher student income,nding responsible credit behavior dicult, receiving nancialaid, and living o-campus.

Again, parents may play a positive role in encouragingresponsible use o credit. Parental approval and a history oollowing parental advice are correlated with less risky creditcard use. In addition, a athers education level may decreasethe likelihood o three risky credit behaviors. Positive nancialbehavior is associated with positive lie outcomes. Specically,students with responsible nancial habits are more likely tohave higher nancial satisaction, better physical and health,higher grades, more academic satisaction, and greater

satisaction or lie as a whole.

ImPLICATIoNS

Although the fndings reported here are preliminary and

suggestive, they provide helpul insight or educators

and administrators who care about the well-being

o college students. These fndings could be used to

promote eective fnancial education programs that not

only assist students to orm positive fnancial behavior

but also directly improve the quality o their lives. Theollowing are suggested.

1. Positive nancial behaviors could be promoted through

nancial education on campuses since they may

improve the well-being o students directly. Financial

educators could encourage college and university

administrators to be aware o this act and thus

encourage them to provide more support or nancial

education course oerings.

2. Financial education, especially in the areas o credit

management and saving, is needed or undergraduate

students, especially upper-division students. Evidencerom this study shows that upper-class students are

less likely to have desirable credit and saving practices,

which should concern educators, administrators,

and parents. These students will ace independent

decisions about credit and saving now and in their

immediate utures. To make their lives better, they need

to understand the importance o credit management

and saving, avoid risky use o credit, start saving early

or long-term goals, and learn practical skills and

strategies to do so.

3. Financial educators and university administrators

could encourage parents to inspire, support, andencourage their children to develop positive nancial

behavior. This study ound that a number o parent-

related variables are associated with students positive

nancial behaviors, which implies that parents have

signicant infuence on the ormation o their childrens

nancial behavior. To make nancial education more

eective and benecial, nancial educators need

to develop programs to connect parents and their

children.

4. Peer education should be encouraged to let college

students interact with each other to develop positive

credit and saving habits. Some evidence shows that

peers also infuence nancial practices o college

students. Many universities have student-run nancial

education initiatives, and these eorts should be

encouraged, expanded, and ormalized.

5. Financial education programs or college students

should pay special attention to nancially at-risk

students. Students with certain characteristics are less

likely to develop positive nancial habits, and thereore

they need special attention in nancial education.

Special classes should be oered or these students to

address specic nancial issues relevant to them.


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Linda BlockPima County Cooperative ExtensionTe University o Arizona

homas E. BrownSenior Vice PresidentJP Morgan ChaseMelinda BurkeDirectorerry J. LundgrenCenter or Retailing

Te University o Arizona

Michael HallPresidentake Charge America

Ron JunckAttorneyake Charge America

Kellie erhune NeeleyVice President, MarketingHughes Federal Credit Union

James P. PfeifferVP, Business BankingWells Fargo Bank

Jane L. RojasFirst Vice President - Investments

Peter Rose

Pro. Emeritus in FinanceAMU

Soyeon ShimDirector, John & Doris NortonSchool Family & Consumer SciencesTe University o Arizona

Michael SullivanDirector o Educationake Charge America Instituteor Consumer FinancialEducation and ResearchTe University o Arizona

Michael StatenDirectorake Charge America Instituteor Consumer FinancialEducation and Research

Te University o Arizona

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ADvISoRy boARD

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ttp://tcainstitte.r/ John Doris NortonSchool Family Consumer Scienceshe University of Arionaucson, ArionaPh: 520.621.7147

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