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College Students’ Consumer Knowledge
NCEE/NAEE/GATE National ConferenceDenver, ColoradoOctober 5, 2007
Greg Valentine, Director – Center for Economic EducationKatherine Sauer, Assistant Professor – Economics
University of Southern IndianaEvansville, IN 47712
[email protected] – [email protected] – 812.465.7034
Previous Survey
1993
Consumer Federation of America &American Express Travel Related Services
Administered - Princeton Survey Research Assoc.
2,010 Jr.& Sr. at 75 four-year colleges and universities – Public, Private, and HBC
Current Survey
2006-2007 (fall, spring, fall)
University of Southern IndianaPersonal Finance Class
Pre-Test
N = 234104 -- Males
130 -- Females
Breakdown of Question Categories
Credit Card – 14 Questions
Auto Insurance – 6 Questions
Checking/Saving – 6 Questions
Life Insurance – 12 Questions
Housing – 6 Questions
Overall Results
1994
Overall Score --- 51%
Credit Cards – 53%
Auto Insurance – 58%
Checking/Saving – 53%
Life Insurance – 43%
Housing – 48%
2007
Overall Score --- 55%
Credit Cards – 52%
Auto Insurance – 51%
Checking/Saving – 54%
Life Insurance – 48%
Housing – 69%
Characteristics of the Sample
Age npercent of
sample
18 - 22 186 79.5%
23 - 29 34 14.5%
30 - 39 9 3.8%
40 and up 5 2.1%
Characteristics of the Sample
Gender npercent of
sample
Male 104 44.4%
Female 130 55.6%
Characteristics of the Sample
Ethnicity npercent of
sample
Caucasian 219 93.6%
African Am. 9 3.8%
Hispanic 4 1.7%
Other 2 0.9%
Characteristics of the Sample
Marital Status npercent of
sample
Not married 168 71.8%
Married 35 15.0%
Divorced 31 13.2%
Characteristics of the Sample
Hours Worked npercent of
sample0 hours 82 35.0%1-5 hours 7 3.0%6-10 hours 25 10.7%11-20 hours 42 17.9%21-30 hours 42 17.9%31- 40 hours 24 10.3%over 40 hours 12 5.1%
Characteristics of the SampleNumber of Credit Cards n
percent of sample
None 92 39.3%One 70 29.9%Two 45 19.2%Three 10 4.3%Four 6 2.6%Five 5 2.1%Six 6 2.6%
Characteristics of the Sample
Checking Account npercent of
sample
Yes 221 94.4%
No 13 5.6%
Savings Account
Yes 174 74.4%
No 60 25.6%
Characteristics of the Sample
Major npercent of
sample
Business 154 65.8%
Education 11 4.7%Health
Professions 14 6.0%
Engineering 7 3.0%
Liberal Arts 14 6.0%
Undecided 34 14.5%
Overall Scores (Average Score)
Age
n percent difference
correct
18-22 186 52.11%
23 and older 48 58.71%
-0.0660**
Overall Scores (Average Score)
Gender
n percent difference
correct
Male 104 53.21%
Female 130 53.57%
-0.0046
Overall Scores (Average Score)
Workingn percent difference
correct
Not Working82 51.50% Working 152 54.33%
-0.0303**
Overall Scores (Average Score)
Credit Cards
n percentdifference
correct
none 92 52.88%
1 or more 142 53.84%
-0.0095
Overall Scores (Average Score)
Car Insurance n percent
differencecorrect
Other Pays 126 51.75% Pay Own 100 56.03%
0.0428**
Overall Scores (Average Score)
Major
n percentdifference
correct
Business 154 52.94%
Non-Business 80 54.49%
-0.0155
Other Significant Findings Credit
n avg. scoredifferenceAge
18-22 186 50.96% -0.0737**
23 and over 48 58.33%
Working
Not Working 82 50.00% -0.0380**
Working 152 53.80%
Car Insurance
Others Pay 126 51.08% -0.0335**
Pay Own 100 54.43%
Other Significant Findings Auto Insurance
n avg. scoredifference
Age
18-22 186 48.92% -0.1046**
23 and older 48 59.38%
Gender
Males 104 45.35% -0.1029**
Females 130 55.64%
Other Significant Findings Auto Insurance cont.
n avg. score difference
Car Insurance Others Pay 126 48.81% -0.0636** Pay Own 100 55.17%
Major Business 154 53.57% 0.0732** Other 80 46.25%
Other Significant FindingsChecking/Savings Accounts
n avg. scoredifferenceGender
Males 104 60.26% 0.1193**
Females 130 48.33%
Car Insurance
Other Pay 126 56.88% 0.0705**
Pay Own 100 49.83%
Other Significant Findings Life Insurance
n avg. scoredifference
Age18-22 186 45.97% -0.0941**23 and over 48 55.38%
Car InsuranceOther Pays 126 43.32% -0.1068**Pay Own 100 54.00%
MajorBusiness 154 44.81% -0.0904**Other 80 53.85%
High Score Questions in Each Section
Credit – 97.4% knew that the MOST important factors that lenders use in deciding whether to approve a loan are the bill-paying record and income
Auto Insurance – 69.2% knew that if a car is stolen, that the type of insurance coverage that pays for its replacement is Comprehensive
Checking/Saving Accounts – 82.1% knew that in order to avoid all regular fees on a checking account, the account holder usually MUST keep a minimum balance in the account at all times.
High Score Questions in Each Section
Life Insurance – 87.6% knew that the beneficiary named in a life insurance policy is the person to whom the policy value will be paid
Housing Rental – 87.2% knew that a landlord is not responsible for providing electronic security systems.
Low Score Questions in Each Section
Credit – Only 12.4% of the students knew that if the owner of a credit card that is lost or stolen is legally responsible for only the first $50 of any unauthorized charges.
Auto Insurance – Only 13.2% of the students knew that auto insurance prices offered by different insurance companies to people who live in the same area, have the same accident history, and drive the same type of auto can vary by as much as 100% or more.
Low Score Questions in Each Section
Checking/Saving Account – Only 29.5% of the students knew that when a check bounces both the check writer and the person to whom the check is written is usually charged a fee.
Life Insurance – Only 16.7% of the students knew that a policy loan is NOT available on term life insurance policies.
Housing Rental – Only 35.5% of the students knew that in most areas of the United States, a landlord must go to court in order to evict a tenant.
College Students’ Consumer Knowledge
Thank you
Any Questions
?
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