Personality Factors, Money Attitudes, Financial Knowledge, and Credit-Card Debt in College Students1

doi:10.1111/j.0021-9029.2006.00065.x

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Wiley InterScience

Journal of Applied Social Psychology

Volume 36 Issue 6, Pages 1395 - 1413

Published Online: 25 May 2006

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Personality Factors, Money Attitudes, Financial Knowledge, and Credit-Card Debt in College Students¹

Jill M. Norvilitis ^a ² , Michelle M. Merwin ^b , Timothy M. Osberg ^c , Patricia V. Roehling ^d , Paul Young ^e and Michele M. Kamas ^f

^a SUNY College at Buffalo
^b University of Tennessee at Martin
^c Niagara University
^d Hope College
^e Houghton College
^f Niagara University

¹The authors thank Carrie Bork for her assistance in data collection.

²Correspondence concerning this article should be addressed to Jill M. Norvilitis, Department of Psychology, SUNY College at Buffalo, 1300 Elmwood Avenue, Buffalo, NY 14222. E-mail: norviljm@buffalostate.edu

ABSTRACT

The issue of credit-card debt among college students has received increasing attention. This study explored factors hypothesized to be causes and effects of credit-card debt in 448 students on five college campuses. Students reported an average of $1,035 (SD=$1,849) in debt, including students without credit cards or credit-card debt. Lack of financial knowledge, age, number of credit cards, delay of gratification, and attitudes toward credit-card use were related to debt. Sensation seeking, materialism, the Student Attitude Toward Debt scale, gender, and grade point average were not unique predictors of debt. Students reporting greater debt reported greater stress and decreased financial well being. Results highlight the need for comprehensive financial literacy education among college students.

DIGITAL OBJECT IDENTIFIER (DOI)

10.1111/j.0021-9029.2006.00065.x About DOI