Page 14 - Payne Research Center ~ Money Matters

P A Y N E C E N T E R . OR G
Survey Instrument
The anonymous survey had eight multiple-choice and three open-ended questions. The multiple- choice questions covered financial challenges, checking and savings accounts, obtaining credit, credit card payments, current debt, current savings, and handling an emergency. The open-ended questions explored participants’ social media platform preferences, sources of financial advice, and personal definitions of generational wealth.
The survey instrument was designed to gather comprehensive data on the financial knowledge, attitudes, and behaviors of HBCU students. The inclusion of both multiple-choice and open- ended questions allowed for a mix of quantitative and qualitative data, providing a richer understanding of the students’ financial realities. The multiple-choice questions provided valuable insights into specific financial practices, such as credit card usage and saving habits, while the open-ended questions offered a deeper exploration of students’ perspectives on financial advice and their understanding of generational wealth.
The use of an anonymous survey format was crucial in encouraging students to provide honest and candid responses. Financial matters can be sensitive and personal, and anonymity can help to reduce any potential bias or social desirability effects. By ensuring that students felt comfortable sharing their experiences and opinions, the research was able to obtain more accurate and reliable data. In addition, participants were able to provide multiple responses and disregard questions that did not pertain to their current status. While this led to differing respondent and response sizes, these options allowed for greater flexibility for and less demand on participants.
P A Y N E CE N T E R . O R G
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