The relationship between objective financial knowledge, financial management, and financial self-efficacy among African American students

Authors

  • Kenneth White Department of Financial Planning, Housing, and Consumer Economics, University of Georgia
  • Narang Park School of Family and Consumer Sciences, Texas State University
  • Kimberly Watkins Department of Consumer Sciences, University of Alabama
  • Megan McCoy Department of Personal Financial Planning, Kansas State University
  • Joycelyn Morris Department of Teaching and Learning, Florida International University

DOI:

https://doi.org/10.61190/fsr.v29i3.3455

Keywords:

Financial self- efficacy, Financial management, Financial knowledge, Financial literacy, African American

Abstract

Research consistently shows the positive associations of objective financial knowledge, man- agement, and self-efficacy on college students’ financial literacy. However, there is a need for a more nuanced examination of the factors contributing to African American college students’ fi- nancial literacy. Using the National Student Financial Wellness Study and structural equation modeling, findings suggest that for African American students, objective financial knowledge is not directly or indirectly associated with financial self-efficacy. Only financial management is significantly associated with increased financial self-efficacy. These findings indicate that expe- riential learning may be effective for improving African American students’ financial literacy.

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Published

2021-09-30

How to Cite

White, K., Park, N., Watkins, K., McCoy, M., & Morris, J. (2021). The relationship between objective financial knowledge, financial management, and financial self-efficacy among African American students. Financial Services Review, 29(3), 169–185. https://doi.org/10.61190/fsr.v29i3.3455

Issue

Vol. 29 No. 3 (2021): Fall 2021

Section

New Original Submission

License

Copyright (c) 2021 Academy of Financial Services

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