Financial Literacy Research
Digital Finance, Financial Literacy, and Early-Career Pay: Minnesota's Young Adults and Recent College Graduates
This white paper asks whether young Minnesotans have access to the internet and computers, whether they use digital financial tools, how well they know basic financial concepts, and what recent college graduates earn by field of study. It draws on three public sources from 2021: the American Community Survey, the National Financial Capability Study, and Minnesota Graduate Employment Outcomes. Young graduates almost all have devices and home internet, and adults aged 18 to 34 are the heaviest users of digital finance. Using more digital channels, however, is not linked to answering three standard financial literacy questions correctly. Women were much more likely than men to answer "don't know" (56.7% vs. 28.7%), a pattern seen at every age. Early-career pay follows field of study and occupation, not technology access. The findings are associations, not estimates of cause and effect.
The 2024 Financial Wellness Survey of Undergraduate Students at Minnesota State University, Mankato
In fall 2024, Minnesota State Mankato took part in the Student Financial Wellness Survey run by Trellis Strategies. This report summarizes results for undergraduates in three areas: financial literacy, financial access, and financial well-being. Of 943 undergraduate respondents, 37% answered all three financial knowledge questions correctly, close to the average for public four-year institutions, while 20% answered none correctly. The report also covers students' financial constraints, such as housing insecurity.
