financial literacy phd

Financial wellbeing

Finances are a key aspect of navigating graduate school..

Graduate student life can be expensive, and financial strain can show up in a lot of different ways.

We offer a number of different resources, from addressing urgent financial need to helping you learn to better manage myriad aspects of your financial life. Use these pages as you progress to sound financial health during your graduate education and beyond.

Exploring financial literacy

“Financial literacy” is the ability to understand and effectively use various financial skills, including personal financial management, budgeting, and investing. Regardless of your situation, financial literacy is important to achieving your financial goals.

People with low levels of financial literacy experience greater difficulty with debt and possess less than half the wealth of those who are considered financially literate. Research shows that just 57% of American adults are financially literate and that Americans on average are estimated to lose over $1,600 per year because of their lack of financial knowledge.

Graduate students can find support expanding their financial literacy knowledge from Student Financial Services .

Learn more about:

Urgent financial needs. Here’s where to go if you have urgent financial needs .

Budgeting . Learn how to manage your money simply, effectively, and sustainably.

Food resources. Campus initiatives, local resources, and support for students.

Credit . Credit is important, but it can be confusing. Our experts break down types of credit and best practices .

Identity theft. Understand, prevent, and react to identity theft with this expert advice.

Workshops on financial topics. Each semester, the OGE hosts workshops that cover a variety of financial literacy topics.

Saving . Meet your goals and prepare for the future with this advice on saving .

Investing. Learn about different investment options and consider which ones might work best for you.

Transitioning out of graduate school. As you prepare for the next step in your career, learn about negotiation, benefits, finding an apartment, and financial planning .

Additional resources:

ARM Coalition. Accessing Resources at MIT (ARM) has compiled some resources that MIT offers to make life as a student more affordable. At their site, you can read personal stories and advice for students.

GAIN. Free, 24-hour confidential service connecting graduate students and families to resources and referrals for various work-life issues, including legal and financial consultation; child care, school, and summer camp resources and referrals; relocation guidance; and career assessment.

Graduate funding flowchart . Updated document coming soon.

Helpful links. Want to learn more about your finances? Review these links curated by the OGE team.

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Financial Literacy and Financial Well-Being: Evidence from the U.S.

This paper examines financial literacy in the United States, using the 2021 National Financial Capability Study data. A large volume of papers have demonstrated the importance of financial knowledge and documented the low level of financial literacy in America. Using recent data collected during an unusual time when inflation was rising and the country was in the midst of the COVID-19 pandemic, we show that the knowledge of fundamental financial concepts continues to be low in the U.S., especially among people who are young, less educated, female, or not employed. Our analysis also highlights people’s lack of inflation knowledge and identifies the subgroups that are particularly vulnerable. Finally, we examine how financial literacy affects financial well-being and behaviors. Responses to the Big Three financial literacy questions are linked to important financial behaviors and outcomes, including planning for retirement, financial resilience, and not carrying too much debt.