Page 10 - Payne Research Center ~ Money Matters

P A Y N E C E N T E R . OR G
Introduction
The Dr. N. Joyce Payne Research Center (Payne Center) and the Savings Collaborative have launched a joint initiative to promote financial well-being and generational wealth through an innovative educational program. Core to this initiative is the Financial Well-Being & Money Management (FinancialWell-Being) course that culminates in a prestigious digital badge awarded by the Thurgood Marshall College Fund (TMCF). During the course, students are encouraged to consider their financial goals, priorities, and lifestyle; develop a strong understanding of savings, credit, and debt; build awareness of how social media and public policy impact their everyday lives; and learn how making well-informed decisions in the present can condition future personal and professional opportunities. The idea that money is a tool to help students thrive and create the life they desire permeates the learning experience.
We conducted a survey to gain insight into students’ financial practices and mindsets as part of the Financial Well-Being course.
This Research Brief presents the key findings from the survey, highlighting the financial challenges, behaviors, and aspirations of students attending Historically Black Colleges and Universities (HBCU). It gleans insights from these survey findings to inform future work, including lessons learned about students’ financial goals, savings and borrowing behaviors, and perspectives on generational wealth. This research offers critical insights about the financial practices of first and second-year HBCU students – a vulnerable yet underrepresented population in research specifically focused on financial well-being and generational wealth building.
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