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Introduction to Why This Matters

Money underpins most of what we do in life; it is a common denominator in many facets of our world. Most of you are working on earning a degree so you can pursue a career to help you design a life you want to live. Along the way – as we craft a life we want to live – there are bills to pay, major purchases to make, retirement to plan, credit to build, taxes to pay, student loans to manage, and so much more.

According to the Financial Educators Council (2019) and Navigating the Student Transition Division of Student Affairs (Winter 2019):

70% of OSU students believe finances may interfere with their ability to graduate;
44% of first-year students that were not retained in the subsequent year stated financial reasons for stopping out;
Only 4% of US students are required to take a personal financial course to graduate high school;
62% of Oregonians spend more than they earn;
56% of adults have less than $10,000 saved for retirement; and
54% of millennials express worry about their ability to pay back student loans.

Financial Educators Council (2019)
Navigating the Student Transition, Division of Student Affairs, OSU (Winter 2019)

We want a better experience for you, which is why we have provided financial education resources to the Oregon State Community and to anyone in Oregon. We will connect you to resources to support you in your financial journey.

Financial Literacy, Capability, and Well-Being Explained

First, lets explore some common terminology and what they really mean.

Financial Literacy (knowledge): Your ability to understand and effectively use various financial skills including personal financial management, budgeting, and investing (Investopedia, 2023).
Financial Capability (application): The knowledge you have on how best to manage your money, the willingness to put that knowledge into practice, and the means to do so, including having access to the proper financial systems (National Financial Educators Council, 2023).
Financial Well-Being (entire financial picture): How much your financial situation and money choices can provide you with security and freedom of choice (Consumer Financial Protection Bureau, 2023).

Financial Literacy, Capability, and Well-Being Assessments

Are you curious how you are in each of these categories? Consider partaking in the following assessments to find out!

FINRA’s quiz on Financial Literacy - https://beav.es/q7c
This assessment gives you a baseline for how well you understand key money concepts and what education you may need; essentially, it examines your financial literacy.
Financial Capability Scale from University of Wisconsin-Madison - https://beav.es/cYs
This assessment attempts to measure your financial security, based on your financial capability – or the knowledge you have on how best to manage your money.
Consumer Financial Protection Bureau (CFPB) Well-being Questionnaire - https://beav.es/q7q
This assessment gauges your financial well-being.

After taking these assessments, consider your results, were there any surprises? How do you feel about each one? What steps would you like to take next to improve upon one of these areas.

Being financially literate, capable, and well is a lifelong process as each stage may require unique knowledge and application. To stay committed and open to growing in these areas will serve you well as your life unfolds.

Other Assessment

Online assessment with Banzai.

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