An analysis of financial knowledge, well-being, attitude, and inclusion among university students

In this paper we assess the levels of financial knowledge, attitude, wellbeing, and inclusion among undergraduate students in a small, public, Hispanic Serving Institution, four-year university in rural New Mexico, using a survey based on standardized practices measuring financial literacy and financial inclusion. We then use the results from the survey and the calculation of indexes in the four mentioned levels (financial knowledge, attitude, wellbeing, and inclusion) in a multiple regression analysis to understand the relationship among these four variables and the characteristics of the sample. The results indicate elevated levels of financial knowledge, and financial attitude in the student population (high average index). However, when it comes to financial wellbeing, and inclusion, we found lower levels (low average index). Gender differences favor male students, mirroring other studies. In the multiple regression analysis, we found confidence of the students to be the only explanatory variable that was positive and statistically significant for all four dependent variables. Conversely, we found that gender, age, race, major, transportation, and state of residency help explain, individually, some of the dependent variables.