Financial Education With College Students: Comparing Peer-Led and Traditional Classroom Instruction
Rent the article at a discountRent now
* Final gross prices may vary according to local VAT.Get Access
This project compared the learning gains from teaching financial literacy skills to undergraduate students through two methods: traditional classroom instruction and peer financial counseling. Students at a southeastern university received instruction through either a semester-long course on family economics (N = 78) or a one-hour peer-led session (N = 149). Students in the peer sessions received instruction on either budgeting (n = 94) or credit (n = 55). Students in the course received extended instruction on budgeting, credit, and other topics. Comparisons of posttest learning revealed similar gains between the two methods on shared content and on planned financial behaviors. Results suggest additional investigation to explore peer financial counseling for teaching financial literacy skills may be warranted.
- Borden, LM, Lee, S, Serido, J, Collins, D (2008) Changing college students’ financial knowledge, attitudes, and behavior through seminar participation. Journal of Family and Economic Issues 29: pp. 23-40 CrossRef
- Brubaker, RG, Fowler, C (1990) Encouraging college males to perform testicular self-examination: Evaluation of a persuasive message based on the revised theory of reasoned action. Journal of Applied Social Psychology 20: pp. 1411-1422 CrossRef
- Chen, H, Volpe, RP (1998) An analysis of personal financial literacy among college students. Financial Services Review 7: pp. 107-128 CrossRef
- Chu, K. (2009, April 13). Average college credit card debt rises with fees, tuition. USA Today. Retrieved from http://www.usatoday.com.
- Credit CARD Act. (2009). Public Law 111-24.
- Credit Crisis—The Essentials. (2010, July 12). The New York Times. Retrieved from http://www.nytimes.com.
- Dew, J (2008) Debt change and marital satisfaction change in recently married couples. Family Relations 57: pp. 60-71 CrossRef
- Elliot, J (2000) Young and in debt: A focus on prevention. Credit World 85: pp. 1-3
- Floyd, DL, Prentice-Dunn, S, Rogers, RW (2000) A meta-analysis of research on protection motivation theory. Journal of Applied Social Psychology 20: pp. 407-429 CrossRef
- Fox, J, Bartholomae, S, Lee, J (2005) Building the case for financial education. The Journal of Consumer Affairs 39: pp. 195-214 CrossRef
- Gutter, M., & Copur, Z. (2011). Financial behaviors and financial well-being of college students: Evidence from a national survey. Journal of Family and Economic Issues. 10.1007/s10834-011-9255-2.
- Henry, RA, Weber, JG, Yarbrough, D (2001) Money management practices of college students. College Student Journal 35: pp. 244-247
- Hilgert, MA, Hogarth, JM, Beverly, SG (2003) Household financial management: The connection between knowledge and behavior. Federal Reserve Bulletin 89: pp. 309-322
- Holub, T. (2002). Credit card usage and debt among college and university students. ERIC Document Reproduction Service NO. ED466106.
- Joo, S, Grable, JE, Bagwell, DC (2003) Credit card attitudes and behaviors of college students. College Student Journal 37: pp. 405-420
- JumpStart Coalition for Personal Financial Literacy. (2008). Financial literacy still declining among high school seniors, Jump$tart coalition’s 2008 survey shows. News Release. Retrieved from http://jumpstart.org/survey.html.
- Kezar, A (2009) Increasing access for low-income students and making financial education a priority for higher education. Liberal Education 95: pp. 38-43
- Kezar, A. (2010, May 9). Financial literacy, a key to success for low-income students. The Chronicle of Higher Education. Retrieved from http://chronicle.com.
- Lai, MM, Kwan, JH, Kadir, HA, Abdullah, M, Yap, VC (2010) Effectiveness, teaching, and assessments: Survey evidence from finance courses. Journal of Education for Business 85: pp. 21-29 CrossRef
- Lyons, AC (2004) A profile of financially at-risk college students. Journal of Consumer Affairs 38: pp. 56-80 CrossRef
- Lyons, AC, Chang, Y, Scherpf, EM (2006) Translating financial education into behavior change for low-income populations. Financial Counseling and Planning 17: pp. 27-45
- Mandell, L (2006) Financial literacy: Improving education results of the 2006 national Jump$tart survey. Jumpstart Coalition, Washington, DC
- Mandell, L, Klein, LS (2007) Motivation and financial literacy. Financial Services Review 16: pp. 106-116
- Mandell, L, Klein, LS (2009) The impact of financial literacy education on subsequent financial behavior. Journal of Financial Counseling and Planning 20: pp. 15-24
- McCormick, MH (2009) The effectiveness of youth financial education: A review of literature. Journal of Financial Counseling and Planning 20: pp. 70-83
- Nellie Mae. (2002). Undergraduate students and credit cards: An analysis of usage rates and trends. Retrieved from http://www.nelliemae.com/ccstudy_2001.pdf.
- Norvilitis, JM, Santa Maria, P (2002) Credit card debt on college campuses: Causes, consequences, and solutions. College Student Journal 36: pp. 356-363
- Peng, TCM, Bartholomae, S, Fox, JJ, Cravener, G (2007) The impact of personal finance education delivered in high school and college courses. Journal of Family and Economic Issues 28: pp. 265-284 CrossRef
- Robb, C. A. (2011). Financial knowledge and credit card behavior of college students. Journal of Family and Economic Issues. 10.1007/s10834-011-9259-y.
- Roberts, JA, Jones, E (2001) Money attitudes, credit card use, and compulsive buying among American college students. The Journal of Consumer Affairs 35: pp. 213-240 CrossRef
- Scott, RH (2010) Credit card ownership among American high school seniors: 1997–2008. Journal of Family and Economic Issues 31: pp. 151-160 CrossRef
- Student Loans. (2006). The SmartStudent guide to financial aid. Retrieved from http://finaid.org/loans.
- Supiano, B. (2008, September 5). For students, the new kind of literacy is financial. The Chronicle of Higher Education. Retrieved from http://chronicle.com.
- Supiano, B. (2009, December 6). To get this grant, students have to take ‘personal finances 101. The Chronicle of Higher Education. Retrieved from http://chronicle.com.
- Supiano, B. (2010, July 20). Does financial lit change student behavior? One researcher says ‘yes and no.’ The Chronicle of Higher Education. Retrieved from http://chronicle.com.
- Unemployment Rises. (2010, September 22). Retrieved from http://www.msnbc.msn.com.
- U.S. Department of Treasury. (2006). Taking ownership of the future. Retrieved from http://treas.gov/offices/domestic-finance/financial-institution/fin-education/support-docs/Strategyeng.pdf.
- Financial Education With College Students: Comparing Peer-Led and Traditional Classroom Instruction
Journal of Family and Economic Issues
Volume 32, Issue 4 , pp 680-689
- Cover Date
- Print ISSN
- Online ISSN
- Springer US
- Additional Links
- Financial education
- Peer financial counseling
- Industry Sectors