Understanding the Financial Literacy of Young Adults

Nicole Pazarecki and Dr. Ashley Provencher, Department of Economics, Siena College, 515 Loudonville Road, Loudonville, NY 12211

Young adults in the United States are struggling with their financial management.  Few budget or save and many overuse credit.   High student debt and low savings rates are indicators of a potential problem of young adults having the lack of basic financial knowledge. Such poor financial decision making has been tied to their limited knowledge of financial literacy.  Financial literacy can give young adults the opportunity to understand the financial decisions making process and help them make a confident decision that best fits their situation.  During fall 2020, I created and administered an online survey instrument to measure the financial literacy of first-year college students enrolled at a private, liberal arts college. Survey responses also might capture information about barriers to financial literacy, a less understood and under-studied topic. Findings will be used to inform the development of a new community-based curriculum for young adults seeking to improve their financial management skills. Such direct interventions that teach young adults about basic financial knowledge, or even healthy financial management practices, could lead to better decision making about when and how to budget, save, or use credit.   

Additional Abstract Information

Presenter: Nicole Pazarecki

Institution: Siena College

Type: Poster

Subject: Economics

Status: Approved

Time and Location

Session: Poster 5
Date/Time: Tue 12:30pm-1:30pm
Session Number: 4124