The Dr. N. Joyce Payne Research Center at the Thurgood Marshall College Fund has recently conducted a financial well-being survey with HBCU students to gauge their financial behaviors, challenges, and aspirations.
Conducted in partnership with Savings Collaborative, the survey results revealed several key insights. Over two-thirds of students surveyed reported financial challenges in their families, with expenses related to education, housing, and transportation as the top stressors. Furthermore, 79 percent of respondents stated they carry debt, while 30 percent make minimum payments on their credit card balances. When seeking financial advice, HBCU students reported relying on social media and family guidance – however, this often results in conflicting information.
Despite these hardships, 97 percent of students surveyed stated they consistently save money. The majority of students who save do so to support short-term goals, while neglecting long-term savings such as retirement and emergency funds. As they consider what generational wealth will look like in their future, HBCU students view financial success as a mix of tangible assets and family well-being and happiness, with a goal of long-term stability and comfort.
M.C. Brown II, executive director of the Payne Center stated, “We’re excited to release these findings to the public and start working on next steps for our students such as enhancing financial well-being tools and resources, incorporating family-centered financial incentives, and providing personalized financial coaching and support.”
