Page 7 - Payne Research Center ~ Money Matters

P A Y N E C E N T E R . OR G
Key Findings
The survey revealed several important trends and insights into the financial behaviors and beliefs of HBCU students: ● Financial Challenges Faced by Families: A significant majority (over two-thirds) of students reported that their families experienced financial challenges due to a lack of understanding of money. The most common challenges were related to education, housing, and transportation.
● Student Debt and Credit Cards: A significant portion of students surveyed carry some form of debt, primarily for education and credit cards. While many students use credit responsibly, a notable portion of students (27%) pay only the minimum credit balance or less than the entire statement every month.
● Student Savings Goals: While most students (93%) are actively saving, their savings goals tend to be short- term, such as for vacations, holidays, and apparel. Long- term savings goals, like those for a house or retirement, are less common.
● Social Media and Financial Advice: Students most commonly relied on family, notably mothers, as well as social network sites (e.g., TikTok, YouTube) for financial advice. However, the information obtained from these sources can be conflicting, and the heavy marketing presence on social media raises concerns about impulsive buying behavior.
● Defining Generational Wealth: Students view generational wealth as encompassing not only financial accumulation but also financial freedom, stability, and comfort. They associate it with both tangible assets (e.g., savings, businesses) and intangible assets (e.g., happiness, family achievement).
2/3
of students
reported that their families experienced financial challenges due to a lack of understanding of money
27%
of students
pay only the minimum credit balance or less
93%
of students
are actively saving for short term goals
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