Page 38 - Payne Research Center ~ Money Matters

P A YN E C E N T E R . OR G
The findings reveal that students primarily rely on their parents, particularly mothers, for financial advice, but the notable use of online sources highlights the diverse influences shaping their financial understanding. This finding suggests that families play a major role in shaping their children’s financial knowledge and behaviors. It also highlights the potential for intergenerational transmission of financial practices and mindsets, both positive and negative. However, students also turn to online resources such as TikTok, Google, YouTube, and other online sources for financial information. This reliance on online sources, with their varying degrees of reliability and potential biases, can create a complex and potentially conflicting landscape for students as they develop their financial capabilities. Figure 4 provides frequencies of each type of advice source provided by the respondents.
Family Social Network Sites Intra-group Networks Financial institutions/Experts
Other 35
Figure 4
Where financial advice is sought
Who do you go to for financial advice
Source:
Financial Well-Being Survey
Education Settings
25
0 100
146
108
77
200 300 400 Responses
500 600
However, the increasing reliance on online sources for financial information highlights a potential challenge. While the internet can provide access to a wealth of financial resources, it also exposes students to a wide range of information with varying degrees of accuracy and reliability. Social media platforms, in particular, can be a source of misinformation or biased advice, as influencers may promote products or services without disclosing their financial relationships with the companies involved. This can create a confusing and potentially harmful landscape for students who are trying to develop their financial literacy and make informed decisions.
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