A Quantitative Study: The Intersection of Financial Literacy and First-Generation Female College Students

Issues regarding the steadily rising cost of college education, especially among disadvantaged college students, have gained enormous attention among scholars due to the recent global financial crisis. This has led government and colleges to outline financial literacy empowerment initiatives. With an emphasis on financial literacy and education, we can address the struggles, disparities, and discriminatory practices that affect students from disadvantaged backgrounds, more specifically first-generation college students. Research has also found that women generally have less knowledge about personal finance topics. Although evidence is available on the determinants of financial empowerment among college students, there is less known in the context of first-generation college students based on gender. The current study proposed to examine the overall financial knowledge of first-generation college students and the factors that influence their personal financial choices by using quantitative data. The study's sample included 219 respondents (males and females) from the University of Louisiana at Lafayette. The study was based on the integrated student retention model, social cognitive theory, and reinforcement theory, all emphasizing autonomy, and competency. Data were collected using the College Student Financial Literacy Survey instrument to measure financial knowledge, focusing on personal financial management, budgeting, savings, investment, spending, and credit. The study employed T-test and Pearson's Chi-Square for data analysis and interpretation. The study found that both males and females had lower financial knowledge, attitude, and behavior scores overall. More specifically, the results demonstrated that the University of Louisiana at Lafayette participants scored an overall rating of an F (43%). Results indicated that challenges met by inadequate access to and utilization of financial resources in higher education institutions integrated with the lack of control over economic resources are increasing and more complex for female students than males. Increasing female financial empowerment is essential. [The dissertation citations contained here are published with the permission of ProQuest LLC. Further reproduction is prohibited without permission. Copies of dissertations may be obtained by Telephone (800) 1-800-521-0600. Web page: http://www.proquest.com/en-US/products/dissertations/individuals.shtml.]