Financial Literacy and its Influence on First-Year College Student Retention Rates
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Authors
Goldowsky, Bradley
Issue Date
2024
Type
Dissertation
Language
en
Keywords
financial literacy , student retention , first-year college students , pedagogy , higher education
Alternative Title
Abstract
Financial literacy skillsets may be lacking in the first-year college student population, which may contribute to lower first-year college student retention rates. Because financial literacy is a skillset that may need to be taught to college students, this study attempted to understand and explore the link between financial literacy levels and first-year college student retention. By interviewing first-year college students enrolled in a first-year success course, this phenomenologically based study provided insight into students' current understandings and feelings about financial literacy, financial literacy pedagogy, and students' desires to continue to their sophomore year of college. The study provides insight into specific financial literacy topics and other solutions that should be taught and provided to first-year college students. As a result of improved financial literacy programs and resources for students, colleges may recognize improvements in their first- year college student retention and overall graduation rates. This qualitative study used semistructured interviews to understand the subjects’ full experiences in relation to debt (Feige & Yen, 2021) and financial decision-making processes (O'Sullivan et al., 2019). Fifteen students were selected from first-year student success classes at a mid-sized public 4-year college in the Northeast, United States. Data obtained during the semistructured interviews were analyzed and the researcher created coding and themes to review data obtained during the semistructured interviews. Although this study did not find a relationship between financial literacy and first-year student retention rates, the completion of the study resulted in a better understanding of first-year college students' financial literacy levels and the financial literacy topics where first-year college students lacked insight. As a result of the study, it was realized that financial literacy skillsets
were lacking and there were high levels of money mismanagement in the first-year college student population. Suggestions include creating a standardized financial literacy curriculum for students based on their financial literacy levels and programs to help students create and stick to budgets. This study provides insight for college administrators to provide relevant financial literacy to students, which may increase financial literacy levels and provide opportunities for better money management for first- year college students.
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Citation
Publisher
License
Attribution-NonCommercial-NoDerivs 3.0 United States
openAccess
openAccess