Page 44 - Payne Research Center ~ Money Matters

P A Y N E C E N T E R . OR G
Conclusion
HBCU students are actively saving and using credit responsibly but need support in aligning their financial behaviors with long-term goals. The Financial Well-Being survey presented in the Research Brief was conducted to gain insight into students’ financial challenges, practices, and mindsets. It is encouraging that nearly all students surveyed have established savings goals and are actively saving for them, and three-quarters are using credit responsibly or are not using it at all. HBCU students hold admirable ambitions for the future, including a strong desire to build generational wealth. They understand that generational wealth extends beyond financial accumulation to encompass a holistic vision of financial well-being. However, some of their current financial behaviors, such as making only minimum payments or less than the entire balance on credit cards and focusing on short-term savings goals, could hinder their ability to achieve enduring financial well-being and limit their choices in later life.
Therefore, a key takeaway from this survey is the critical need to build awareness of the cumulative effect of consumer debt early in students’ lives, when they have ample time to adjust their financial behaviors and make informed decisions. Cultivating goal-oriented financial planning mindsets and promoting real-world savings habits early is paramount to curating successful financial futures for HBCU students.
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