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Credit Practices and Financial Education Needs of Midwest College Students

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  • Angela C. Lyons

Abstract

College students are facing a number of financial challenges, including rising college costs and subsequent escalation in student borrowing to finance their education. Financial aid has not kept pace with rising college costs, and fewer parents are helping to cover these costs, because they overextended themselves with debt during the 1990s. The end result is that an increasing number of students are turning to credit card debt to help finance their education. The growth in credit card usage among college students has generated concern that students’ credit card behavior is putting them at greater risk for high debt levels and misuse and/or mismanagement of credit after graduation. The main objectives of this report are to 1) provide greater insight into the credit practices and financial education needs of Midwest college students and 2) to identify ways in which campus administrators and financial professionals can help students better manage their credit and avoid future misuse of credit down the road.

Suggested Citation

  • Angela C. Lyons, 2007. "Credit Practices and Financial Education Needs of Midwest College Students," NFI Working Papers 2007-WP-23, Indiana State University, Scott College of Business, Networks Financial Institute.
    • Handle: RePEc:nfi:nfiwps:2007-wp-23
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    File URL: http://www.indstate.edu/business/sites/business.indstate.edu/files/Docs/2007-WP-23_Lyons.pdf
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    References listed on IDEAS

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    1. Lee Hansendn, W. & Rhodes, Marilyn S., 1988. "Student debt crisis: Are students incurring excessive debt?," Economics of Education Review, Elsevier, vol. 7(1), pages 101-112, February.
    2. Hayhoe, Celia Ray & Leach, Lauren & Turner, Pamela R., 1999. "Discriminating the number of credit cards held by college students using credit and money attitudes," Journal of Economic Psychology, Elsevier, vol. 20(6), pages 643-656, December.
    3. Chen, Haiyang & Volpe, Ronald P., 1998. "An Analysis of Personal Financial Literacy Among College Students," Financial Services Review, Elsevier, vol. 7(2), pages 107-128.
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    Cited by:

    1. Cliff Robb, 2011. "Financial Knowledge and Credit Card Behavior of College Students," Journal of Family and Economic Issues, Springer, vol. 32(4), pages 690-698, December.
    2. Deanna Sharpe & Rui Yao & Li Liao, 2012. "Correlates of Credit Card Adoption in Urban China," Journal of Family and Economic Issues, Springer, vol. 33(2), pages 156-166, June.
    3. Isaac Koomson & Renato A. Villano & David Hadley, 2020. "Effect of Financial Inclusion on Poverty and Vulnerability to Poverty: Evidence Using a Multidimensional Measure of Financial Inclusion," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 149(2), pages 613-639, June.
    4. Benjamin D. Andrews, 2021. "College Costs and Credit Cards: How Student Credit Card Use Influences College Degree Attainment," Research in Higher Education, Springer;Association for Institutional Research, vol. 62(6), pages 885-913, September.
    5. Wesley, Mendes-Da-Silva & Wilson, Toshiro Nakamura & Daniel, Carrasqueira de Moraes, 2011. "A profile of financially at-risk college students from an emerging market," MPRA Paper 31726, University Library of Munich, Germany.
    6. Jiachen Nan, 2021. "The General Financial Education in China: Evidence From Ratio of Undergraduate Financial Education Majors in Universities," Technium Social Sciences Journal, Technium Science, vol. 24(1), pages 302-316, October.
    7. Gönen İlkar DÜNDAR & Gülbeniz AKDUMAN & Zeynep HATİPOĞLU, 2018. "Finansal İyilik ve Tükenmişlik İlişkisinin Kuşaklar Bazında İncelenmesine Yönelik Bir Araştırma," Istanbul Management Journal, Istanbul University Business School, vol. 29(84), pages 31-50, June.
    8. Emmanuel K Oseifuah, 2014. "Analysis of the Level of Financial Literacy among South African Undergraduate Students," Journal of Economics and Behavioral Studies, AMH International, vol. 6(3), pages 242-250.
    9. J. C. Hauff & A. Carlander & T. Gärling & G. Nicolini, 2020. "Retirement Financial Behaviour: How Important Is Being Financially Literate?," Journal of Consumer Policy, Springer, vol. 43(3), pages 543-564, September.
    10. Michael Gutter & Zeynep Copur & Selena Garrison, 2009. "Which Students Are More Likely to Experience Financial Socialization Opportunities? Exploring the Relationship between Financial Behaviors and Financial Well-Being of College Students," NFI Working Papers 2009-WP-07, Indiana State University, Scott College of Business, Networks Financial Institute.
    11. Indra Erichsen, 2017. "The Influence of Income and Gender on Financial Literacy," Discussion Papers 025, Europa-Universität Flensburg, International Institute of Management.
    12. Zeynep ÇOPUR & Michael S. GUTTER, 2011. "Financial Socialization of College Students: A Comparison of University Students in Ankara and Florida," Sosyoekonomi Journal, Sosyoekonomi Society, issue 16(16).
    13. repec:thr:techub:10024:y:2021:i:1:p:302-316 is not listed on IDEAS

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