Abstract
This study on human capital and financial literacy supplements current literature on institutions’ responsibilities in advancing financial literacy. Students’ knowledge, when entering the post-secondary environment, is seen through the lens of their cultural, economic, and social experiences. The purpose of this study was to examine the level of financial literacy knowledge post-secondary students bring to the post-secondary environment. Recommendations were made to inform leaders and drive policy to better prepare students for success. This study utilized a mixed-method approach to access the quantitative and qualitative data. Quantitative data were collected and analyzed using a Likert scale from current and former student surveys and a Pearson correlation. Qualitative data were collected from four open-ended written responses on the student survey instrument. Qualitative data were also collected from 6 interview questions of 11 current and former students. Qualitative data was analyzed using a coding process to evaluate themes that developed from or that were entrenched in the data. The researcher discovered that there were significant correlations between budgeting, interest rates, debt, and savings. More precisely, quantitative inquiry suggested that there were significant correlations between money left over from previous pay period, college tuition paid through credit cards, understanding interest rates prior to incurring student loan debt, more interest rate information on debt decisions, family savings, and personal savings. Qualitative analysis of transcribed interviews and written responses indicated limited skills in the following areas: budgeting, interest rates, savings, debt, financial literacy training, financial literacy knowledge, financial aptitude, financial planning, and managing finances.