Improving collegiate financial literacy via financial education seminars

Abstract

This paper describes a personal finance program (PFP) developed at a private liberal arts university aimed to improve financial literacy. We provide a program overview, with details about recruiting, pro- gram structure, and curriculum. Using a multivariate framework, we examine program effectiveness at improving students’ financial knowledge and confidence in their financial future. Our findings demon- strate that financial knowledge and confidence improve. Additionally, women (minorities) narrow their fi- nancial knowledge and confidence gaps when compared with men (Caucasians) and the control group. Finally, follow-up analyses show that increases in confidence appear justified (vs. misplaced) in that they are calibrated to increases in knowledge.