Page 8 - Payne Research Center ~ Money Matters

P A Y N E C E N T E R . OR G
Insights and Recommendations
The survey findings suggest that while HBCU students are proactive in saving and generally use credit responsibly, there are key areas where they need additional support and guidance.
Several insights and recommendations emerged from the research:
● Align Financial Behaviors with Long- Term Goals:
There is a need to help students connect their current financial practices with their long- term aspirations for financial well-being and generational wealth. This includes developing a goal-oriented mindset and promoting an understanding of the importance of long-term financial planning.
● Promote Real-World Savings Habits: Tools like the Savings Collaborative app encourage practical savings habits and demonstrate the power of consistent, incremental saving.
● Strengthen Financial Literacy and Critical Thinking Skills:
Students must be equipped with the skills to navigate the complex landscape of financial information, including the ability to critically evaluate information and identify potential biases, especially in online sources.
● Involve Families in Financial Education: Recognizing the significant role families play in shaping students’ financial understanding, there is an opportunity to enhance the impact of financial education by actively involving families in the process.
● Address Student Loan and Debt Challenges:
Given the prevalence of student debt and the potential risks associated with other forms of debt, such as credit card debt and high-cost loans, targeted interventions and educational modules are needed.
● Provide Personalized Coaching: First-generation students and those from financially challenged backgrounds may benefit from personalized financial coaching to address their specific needs and challenges.
● Enhance Financial Well-Being Programs: Financial education programs should include practical tools and resources.
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