Financial Education for Equity
Exploring the Needs of U.S. Hispanic College Students
Keywords:
Financial literacy, Financial Education, Economic Disparity, Hispanic Minorities, Financial Inclusion, First-Generation College StudentsAbstract
Financial literacy, encompassing the skills and knowledge necessary for informed financial decision-making, is critical for social and economic stability and growth. Recognizing its importance, various international and government agencies and educational institutions have integrated financial education into high school curricula and beyond. This study explores the financial behaviors and literacy of Hispanic students compared to their non-Hispanic peers at a large American Hispanic-serving university. The analysis identifies significant discrepancies between Hispanic and non-Hispanic groups, not only in financial behaviors such as expense tracking, budgeting practices, financial goal setting, and perceived financial security but also in basic financial knowledge. These results underscore the necessity of implementing targeted financial literacy programs tailored to the specific needs of Hispanic populations to enhance financial inclusion and reduce economic disparities. Based on the findings of this research study, several recommendations for policymakers, legislators, and educators are presented.
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