Keywords
debt, credit card, savings, retirement, online survey
Select the category the research project fits.
Social Sciences/Humanities
Is this submission part of ICaP/PW (Introductory Composition at Purdue/Professional Writing)?
Yes
Abstract
Undergraduate students in the United States typically lack the necessary money management skills to keep up with their personal finances and meet their current and future financial goals (Lusardi and Mitchell 2014; Lusardi et al. 2010). This has long-term negative consequences on wealth, savings, retirement preparedness, and other important economic outcomes. I conducted a survey of 400 alumni of Purdue’s College of Health and Human Sciences and found that alumni have learned from their experience as college students and have valuable insights for current students. Specifically, they recommend that current students acquire additional knowledge about personal finance than they themselves had when they were at Purdue. Purdue’s core curriculum does not include any economics, finance, or personal finance classes (Office of the Provost at Purdue University, "Welcome to Purdue's Undergraduate Outcomes-based Core Curriculum", 2018) and as a result only 15% of respondents voluntarily took a course on personal finance that was not required in their plan of study. Yet, in my survey 94% recommend that all current students take additional personal finance courses (Figure 1). In addition, only 50% of alumni indicated they had a general knowledge of basic retirement savings vehicles upon graduation, but an overwhelming 95% advise current undergraduate students to be familiar in this area of personal finance. The evidence indicates that alumni have financial knowledge from which current students can benefit. In consequence, personal finance training of students could leverage the experiences of alumni to help students gain a more stable financial footing post-graduation.
Recommended Citation
Long, Andi, "Do what I say, not what I do? Personal finance experiences of Purdue alumni and advice for current undergraduate students" (2019). Purdue Undergraduate Research Conference. 31.
https://docs.lib.purdue.edu/purc/2019/Posters/31
Do what I say, not what I do? Personal finance experiences of Purdue alumni and advice for current undergraduate students
Undergraduate students in the United States typically lack the necessary money management skills to keep up with their personal finances and meet their current and future financial goals (Lusardi and Mitchell 2014; Lusardi et al. 2010). This has long-term negative consequences on wealth, savings, retirement preparedness, and other important economic outcomes. I conducted a survey of 400 alumni of Purdue’s College of Health and Human Sciences and found that alumni have learned from their experience as college students and have valuable insights for current students. Specifically, they recommend that current students acquire additional knowledge about personal finance than they themselves had when they were at Purdue. Purdue’s core curriculum does not include any economics, finance, or personal finance classes (Office of the Provost at Purdue University, "Welcome to Purdue's Undergraduate Outcomes-based Core Curriculum", 2018) and as a result only 15% of respondents voluntarily took a course on personal finance that was not required in their plan of study. Yet, in my survey 94% recommend that all current students take additional personal finance courses (Figure 1). In addition, only 50% of alumni indicated they had a general knowledge of basic retirement savings vehicles upon graduation, but an overwhelming 95% advise current undergraduate students to be familiar in this area of personal finance. The evidence indicates that alumni have financial knowledge from which current students can benefit. In consequence, personal finance training of students could leverage the experiences of alumni to help students gain a more stable financial footing post-graduation.