2013 Conference

Financial Services

Financial Services

The purpose of this study was to gain consensus among researchers, college educators, and financial aid officers using the Delphi method on the personal finance knowledge, skills, and actions/behaviors - hereby known as core competencies - that are important for all undergraduate college students to manage their money in a manner that poses fewer opportunities for debt and greater opportunities for financial security.  A review of the literature found no prior studies which identified or established personal finance specific core concepts or core competencies for college students.  A panel of 21 experts who have knowledge of college students’ financial literacy and financial needs was created to identify the personal finance concepts and competencies for student groups, using the Delphi method.  A round of three questionnaires elicited responses from participants to identify personal finance core concepts and competencies that are most crucial for undergraduate college students.  Seven of 13 concepts and 140 competencies gained consensus as being important for undergraduate college students.  The mean rankings by importance of each were identified.  Mean rankings of those concepts and competencies which did not achieve consensus also were identified.  The results of this study are a stepping stone for continued research to identify those personal finance concepts and competencies that are essential for undergraduate college students.  Administrators, educators, researchers, and policymakers may have a better perspective on the needs of undergraduate college students and assist them in the development of necessary content of personal finance education offerings at the college level and identify new opportunities for personal finance education programs and services.