Page 6 - Payne Research Center ~ Money Matters

P A Y N E C E N T E R . OR G
Executive Summary
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 among students at Historically Black Colleges and Universities (HBCUs). A key component of this initiative is the Financial Well-Being & Money Management course, designed to equip students with the knowledge and skills necessary for long-term financial success.
To gain a deeper understanding of the financial landscape faced by these students, a survey was conducted, focusing on their financial challenges, behaviors, and aspirations. This report presents the key findings from this survey.
Survey Methodology
The Financial Well-Being survey was administered to 573 first-year and second-year students from 40 public and private HBCUs as part of an online financial well-being course facilitated at the 2024 Thurgood Marshall College Fund “DevCon”, a professional development conference. These student participants were selected based on criteria including full-time enrollment, good academic standing, and demonstrated leadership potential. The anonymous survey consisted of multiple-choice and open- ended questions, covering topics such as financial challenges, credit usage, savings goals, financial advisement, and perceptions of generational wealth.
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