The relationship between financial literacy and mindfulness: An exploration of the attitudes, behavior, and knowledge of students at a private university in New England after completing their first year in college

As college costs rise, researchers have become interested in the topic of financial literacy. 'Financial literacy' is comprised of three constructs in the literature: financial knowledge, financial attitudes, and financial behaviors. Researchers have examined how the constructs interact with each other, particularly in high school populations, with more recent studies focusing on college students. The relationship between financial literacy and mindfulness has not been well-addressed in the literature, particularly in college student populations. This research fills a gap in the literature by examining whether or not a lack of financial literacy combined with low mindfulness could lead to poor decisions and impact college students' financial futures. The variables were studied quantitatively within a private higher education setting. The research asked to what extent do the three components of financial literacy (financial attitudes, financial knowledge, and financial behaviors) relate to each other and how mindfulness impacts these relationships in students at a private university in New England after completing their first year in college. College students who had recently completed their first year at a private university in New England answered an electronic survey to measure financial literacy and mindfulness. Findings suggest that statistically significant positive relationship exist between financial attitudes and financial behaviors and mindfulness increases this relationship. These findings may help both high school and higher education administrators to better understand how to help students become successful in their financial endeavors.