Institutionalizing Personal Financial Literacy: A Developmental Praxis for Higher Education Institutions

Abstract

Despite documented need and students' desire for personal financial education, university students continue to score poorly on financial literacy tests, an issue that transcends socioeconomic status. Grounded in the Student Personnel Point of View of 1949, which states that universities are incorporated to develop the “whole student,” this integrated praxis project argues that universities must address this gap in understanding. The framework draws on the critical social class frameworks of Bourdieu and Yosso to understand how socioeconomic socialization shapes students’ personal financial literacy and habits. Based in this rationale, a comprehensive three-phase praxis that begins with (1) universities partnering with local banks to provide counseling services, (2) expands services with a flexible “menu” of financial literacy services offered, and (3) a pinnacle program of a “Just-In-Time” development model to serve students' required courses throughout their time at four-year residency colleges.