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

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.     

Attitudes towards credit and finances among college students in China and the United States

Although there is growing concern about the issue of credit card debt among college students in China, little research has examined attitudes to money and debt among that group. The present study compared financial self‐confidence, perceived financial wellbeing, attitudes to debt, and parent education about money and debt in 410 college students from the US and China. Although college students in China reported fewer credit cards and less debt, they also reported lower levels of financial self‐confidence and financial wellbeing. In both cultures, delay of gratification and parental education predicted both self‐confidence and financial wellbeing.     

Sex of respondent and credit attitudes as predictors of credit card use and debt payment

Researchers have suggested there may be sex differences in attitudes towards credit card possession and use. Undergraduates, 41 men and 41 women, completed a survey regarding their attitudes towards credit, credit card use, and repayment. Analysis indicated sex played a significant moderating role between number of credit cards used and the importance of paying off monthly balances. Women possessed more credit cards than men and engaged in more frequent shopping. Number of credit cards increased with paying off of monthly balances. Data are discussed in terms of the importance of managing credit card debt in an increasingly cashless society.     

Materialism and credit card use by college students

Much has been written in the popular press on credit card use and spending patterns of American college students. The proliferation of credit cards and their ease of acquisition ensure that students today have more opportunities for making more credit purchases than any other generation of college students. Little is known about the relationship between students' attitudes towards materialism and their use of credit cards. A study was conducted at three college campuses in the northeastern part of the United States where a total of 1,022 students were surveyed. Students' attitudes toward use of credit and their credit card balances were evaluated relative to their scores on Richins and Dawson's Materialism Scale (1992). Our findings suggest no significant difference between those individuals scoring high versus low on the Materialism Scale in terms of the number of credit cards owned and the average balance owed. Individuals high on materialism, however, significantly differed in terms of their uses for credit cards and their general attitude toward their use.     

Do you take credit cards? The attitudinal and behavioral effects of advergames targeted at children

Advergames are a promotional tool that confronts children with brands in an entertaining and playful setting. The present study adds to the existing knowledge by analyzing an advergame placement that is usually not targeted at children: credit cards. Based on an emotional conditioning process premised on the positive gaming experience, we argue that advergames lead to an increase in brand evaluation and brand choice. In addition to changes in brand outcomes, we investigate how playing a game promoting credit cards can impact children's spending behavior. For that purpose, children either played the traditional version of Monopoly paying with cash money or they played the banking version, promoting Visa credit cards. Results indicate that exposure to the branded game enhanced preference for Visa. In addition, children's spending behavior increased in an online shopping task. As another important contribution to the literature, we found the behavioral and attitudinal effects to be independent of children's age. In light of young consumers' high debt, our findings raise concerns about targeting children with credit card placements in advergames. Copyright © 2016 John Wiley & Sons, Ltd.     

Predicting the number of credit cards held by college students

In a sample of 186 undergraduate students, the number of credit cards they held was associated with sex, their affective attitude toward credit cards, and an attitude of being careful with money.     

Do Community Characteristics Relate to Young Adult College Students’ Credit Card Debt? The Hypothesized Role of Collective Institutional Efficacy

This study examines the extent of emergent, outstanding credit card debt among young adult college students and investigates whether any associations existed between this credit card debt and the characteristics of the communities in which these students grew up or lived. Using data (N = 748) from a longitudinal survey and merging community characteristics measured at the zip code level, we confirmed that a community's unemployment rate, average total debt, average credit score, and number of bank branch offices were associated with a young adult college student's acquisition and accumulation of credit card debt. For example, a community's higher unemployment rate and lower number of bank branches were associated with a young adult college student's greater accumulated debt. Community characteristics had the strongest associations with credit card debt, especially after controlling for individual characteristics (i.e., a young adult college student's race and financial independence) and familial characteristics (i.e., their parents’ income and parents’ discussions of financial matters while growing up at home). The findings may help to understand the unique roles that communities play in shaping children and young adults’ financial capability, and how communities can be better capacitated to support the financial goals of their residents.     

Determinants of credit card debt: Differentiating between revolving credit debt and petty installment loan in China

This research explores the determinants of the probability of having credit debt, as well as the determinants of the severity of credit card debt. Credit card debt includes revolving credit debt and petty installment loan. The severity of credit card debt was measured by the duration of revolving credit debt and the amount of petty installment loans. Analysis of behavioral data from a Chinese commercial bank showed a significant difference between the determinants of the probability of having credit card debt and the determinants of the severity of credit card debt. Specifically, credit limit, gender, length of ownership of a credit card, and the total credit card expenditure were closely related to the likelihood of having revolving credit debt and to the duration of revolving credit debt. However, age, the square of age, credit ranking, and risk ranking were significantly correlated with the likelihood of having revolving credit debt rather than the duration of revolving credit debt. Credit card balance had a special influence on the duration of revolving credit debt. Compared with revolving credit debt, petty installment loan had few significantly related factors. Both age and the square of age could significantly predict both the likelihood of having petty installment loan and amount of petty installment loan. Credit ranking, risk ranking, and gender predicted the likelihood of having petty installment loan but did not correlate with the amount of petty installment loan. The frequency of petty installment use was closely related to the amount of petty installment loan. Copyright © 2014 John Wiley & Sons, Ltd.     

British and American attitudes toward credit cards

American university students owned more than twice as many credit cards as British university students. However, scores on a credit card attitude scale predicted the number of cards owned by respondents in both countries.     

Behavioral control or income? An analysis of saving attitudes and behavior,credit card use and buying on installment

Introduction

The Turkish economy has gone through multiple economic crises, marked on the one hand by a volatile trend in the national financial system, and on the other, by the introduction of credit cards and payment facilities for consumer goods that are extremely easy to obtain.

Exploring Attitudes and Predicting Intentions: Profiling Student Debtors Using an Extended Theory of Planned Behavior

This study was designed to investigate application of a theory of planned behavior, including involvement and decision‐making style in predicting undergraduates' borrowing attitudes. We conducted interviews to explore antecedents of students' debt‐consumption/borrowing attitudes. We employed exploratory factor analysis to identify attitudinal dimensions utilized in hierarchical regression as independent variables. The results suggest students regard themselves as good money managers, but lack control over borrowing and debt. Combining involvement and decision‐making style as a style/involvement variable had a powerful mediating effect in predicting borrowing intention. Research suggests that grouping students, based on their involvement level with finance and decision‐making style, into debtor types offers opportunities for more understanding of their debt‐consumption intentions. Strategies are proposed for dealing with different debtor types.     

THE EFFECTS OF RESPONSE CARDS ON STUDENT AND TEACHER BEHAVIOR DURING VOCABULARY INSTRUCTION

The use of response cards during whole‐class English vocabulary instruction was evaluated. Five low‐participating students were observed during hand‐raising conditions and response‐card conditions to observe the effects of response cards on student responding and test scores and teacher questions and feedback. Responding and test scores were higher for all targeted students in the response‐card condition. The teacher asked a similar number of questions in both conditions; however, she provided more feedback in the response‐card condition.     

A Social Priming Data Set With Troubling Oddities

A recent paper by Chatterjee, Rose, and Sinha (2013) reported impressively large “money priming” effects: incidental exposure to concepts relating to cash or credit cards made participants much less generous with their time and money (after cash primes) or much more generous (after credit card primes ). Primes also altered participants’ choices in a word-stem completion task. To explore these effects, we carried out re-analyses of the raw data. A number of strange oddities were brought to light, including a dramatic similarity of the filler word-stem completion responses produced by the 20 subjects who contributed most to the priming effects. We suggest that these oddities undermine the credibility of the paper and require further investigation.     

Determinants of Money Management Behavior

Financial debt continues to rise, especially among college students, indicating a need for behavioral research to develop more effective money-management interventions. This study examined social psychological variables relevant to money management decision making among college students. Attitude, affect, perceived ability, and past experience were found to influence money-management behavior (i.e., maintaining a budget). We also examined an attitude model of money management and found 9 variables (e.g., normative influence, perceived barrier, perceived control) that determined attitudes toward maintaining a budget. The relevance of our findings to debt prevention is discussed.     

Gift Cards and Mental Accounting: Green‐lighting Hedonic Spending

In three studies, we examine the mental accounting rules that govern how gift cards are used. We predicted that their identity as gift cards would shift consumption from utilitarian to hedonic goods even in contexts where both types of goods are available and the consumer's needs are unchanged. In Study 1a, participants were asked to imagine that they had both a gift card and a specified amount of cash and needed to purchase both a hedonic item and a utilitarian item. When asked which currency they would use to buy which item, respondents were significantly more likely to say they would use the gift card to buy the hedonic item. Study 1b replicated this result and found that it was tied to participants' beliefs how different types of money should be used. In Study 2, we found that participants who were required to spend a certain amount of their compensation in a laboratory store spent more on hedonic goods if their payment was in the form of a gift card. In Study 3, we analyzed transactions at a campus bookstore and found that shoppers tended to spend disproportionately on hedonic goods when using their gift cards than when making credit card purchases. Taken together, these studies indicate that people tend to assign the monetary value of a gift card to a hedonic mental account and spend it accordingly. Copyright © 2014 John Wiley & Sons, Ltd.     

Exposing Mammon: Devotion to Money in a Market Society

Abstract : The recent financial crisis has exposed the extent to which the contemporary global economy is driven by credit. Yet credit is the obverse of debt, and where overspending threatens instability through an increasing debt spiral, austerity measures also threaten instability through reducing growth, also leading to an increasing debt spiral. Humanity is increasingly exposed to the force of money, which is created as debt with a given expiration date. Yet to place our credit or faith in the power of debt itself is to place faith in a world of shadows, in estimations of the value of things as perceived by others or market prices. Redemption from debt involves a restoration of our capacity to judge intrinsic values rather than mere prices.     

When Seeing should not be Believing: Photographs,Credit Cards and Fraud

Identity cards often include a photograph of the bearer in an attempt to prevent fraudulent use or personation. In the U.K. some credit card companies have recently introduced photo-credit cards and the government is currently considering the introduction of a new driving licence including the bearer's photograph. However, the widely held belief that the inclusion of photographs will reduce or prevent fraudulent use has never been tested. This paper describes a field study designed to examine the utility of photo-credit cards by assessing the accuracy with which supermarket cashiers could identify whether the photographs on credit cards depicted the person tendering them. The results demonstrate that the task of matching the photograph to the shopper is much more difficult than might be expected, and that even under optimized conditions, performance is poor. It is concluded that the introduction of photographs on credit cards would have little effect on the detection of fraud at the point of sale. © 1997 by John Wiley & Sons, Ltd.     

The Effects of Using Response Cards on Student Participation, Academic Achievement, and On-Task Behavior During Whole-Class, Math Instruction

This study evaluated the effects of using response cards during whole-group math instruction in a fourth-grade classroom, using an ABA research design. During both A and B conditions the classroom teacher conducted her math lessons as planned. However during the A conditions, hand-raising (HR) was in effect. That is, when the teacher asked a question she instructed the students to raise their hands and after each question she called on one student whose hand was raised. During the B condition, response cards (RC) were in effect. Whenever she asked a question, the teacher instructed the entire class to write their answers on individual response cards. After each question, the teacher instructed the entire class to hold up their RC. Data were collected on five students who represented the class range in general level of participation, academic skills, and on-task behavior. Results indicated that student participation, specifically the number of student-initiated opportunities to respond and the number of student responses were higher when using RC than when HR was in effect. Students scored higher on the weekly math quiz after the RC condition than after the HR conditions. The percentage of intervals that students were on-task also was higher when RC were used.     

Human Timeline: A Spatial‐Kinesthetic Exercise in Biblical History

The Human Timeline invites students to physically re‐create biblical history. Each student holds a card that denotes an event randomly selected from the biblical timeline. They then arrange themselves chronologically to learn the correct flow of biblical history. Because of the movement involved and the arbitrary layout of the cards among their classmates, learners engage their spatial‐kinesthetic intelligences through this activity. The exercise proves popular among students who identify themselves as “visual” learners, and ultimately serves the biblical studies classroom by reinforcing biblical history as a necessary framework for understanding the biblical text.     

Promoting Safety Belt Use on a University Campus: An Integration of Commitment and Incentive Strategies1

Safety belt use on a university campus was substantially increased by offering faculty/ staff and students who signed and returned “buckle up” pledge cards the opportunity to win prizes donated by community merchants. The 28,000 pledge cards, committing signers to buckle up for an academic quarter, were distributed during the spring and fall of 1985. One portion of the card was designed to be hung from a vehicle's rearview mirror as a reminder of the pledge to buckle up. The other portion served as a sweepstakes ticket and was deposited in boxes located throughout the campus community. Each quarter, winners were drawn from the returned pledge cards during three consecutive weeks. Although a relatively small proportion of the pledge cards were signed and turned in (i.e., 11.9% during spring and 9.4% during fall), those who signed and returned a pledge card (n = 3117) increased their safety belt use significantly. Across both quarters, faculty/ staff pledgers went from a high pre-pledge belt use level of 32.2% to a post-pledge level of 46.7%, and students increased their belt use from a pre-pledge use of 21.4% to a post-pledge level of 36.6%.