Undergraduate
Financial Literacy Survey 2006
This survey, conducted in spring 2006 on behalf
of the UVa Financial Aid Office, asked questions to first- and fourth-
year students. A random sample of first- and fourth-year students
were surveyed. In addition, an oversample of high need students
(200% of poverty level) and Pell grant recipients were surveyed.
Out of a total of 1,044 in the sample, 608 responded, for a response
rate of 58%. The questionnaire asked about the students' knowledge
and behavior regarding their personal finances and was part of a
study to assess the financial management education component of
AccessUVa. Other surveys designed to measure the effectiveness of
AccessUVa have been conducted as well. For more information about
those results, click here.
Data
Reports
Questionnaire (MS
Word doc)
Methodology
Data
(Stored in IAS Data
Catalog)
Summary Tables
By
year and high need students (.pdf file)
By
year and Pell recipients (.pdf file)
Frequencies
By
year and sample group
Text Comments
Text
comments
(MS
Word doc)
Other
responses (MS Word doc)
Reports
Complete
report: Financial Literacy Survey (.pdf
file)
AccessUVa
Report of Results: Year Two (2006) (incl. Turndowns Survey)
(.pdf file)
Methodology
The survey population was first- and fourth-year
UVa undergraduates. A random sample of first- and fourth-year students,
including some high need and Pell Grant recipients (N=531), an oversample
of high need (equal to or below 200% poverty level) first- and fourth-
year students (N=382), and an oversample of Pell grant recipients
who were not high need (N=131) were surveyed.
On March 8, 2006, the sample was sent personalized
letters, signed by the Director of Student Financial Services Yvonne
Hubbard, informing them of the importance and general purposes of
the survey, assuring them of confidentiality, and inviting them
to participate. The survey was conducted entirely over the web.
Respondents were tracked via an alphanumeric randomized respondent
key. Four email reminders were sent to nonrespondents on March 16
and 21, April 13, and May 11, 2006. Four lotteries were conducted
as incentives for respondents. A total of 20 prizes were awarded:
five $100 gift certificates, five $50 gift certificates, and ten
$25 gift certificates to the UVa Bookstore.
When the field period ended on June 1, 2006, a
total of 608 students had responded to this survey for a response
rate of 58%. At a 95% confidence level, the overall sampling error
for the survey was ± 3.8%. The response rates, sample sizes
and sampling errors of the sample groups are reported in the table
below.
| |
First-year
random sample |
Fourth-year
random sample |
First-year
Pell only recipients |
Fourth-year
Pell only recipients |
First-year,
high need* |
Fourth-year,
high need* |
| Respondents |
114
|
156
|
47 |
39 |
128
|
125 |
| Sample
size |
231 |
300 |
69 |
62 |
173 |
209 |
| Response
rate |
49% |
52% |
68% |
63% |
74% |
60% |
| Sampling
error |
±6.6% |
±5.5% |
±8.1% |
±9.6% |
±4.4% |
±5.6% |
| *Includes
Pell grant recipients who were also high need. |
Sampling error assumes a random (representative)
sample. Analysis was conducted to determine whether respondents
differed from nonrespondents in important known characteristics
such as gender, ethnic background and school of enrollment. Women
were slightly overrepresented (56% of the population but 61% of
the sample). Differences in ethnic background and school of enrollment
were very small and did not have a substantive impact on the results.
Accordingly, the data was weighted by gender to account for the
difference in representation of women.
Questions regarding the administration of the survey,
the questionnaire, or the results can be directed to Jonathan Schnyer,
Assistant Director and Assessment Coordinator, Office of Institutional
Assessment and Studies, P.O. Box 400427, Charlottesville, VA 22904-4727
(telephone: 434/924-3417 or schnyer@virginia.edu).
|
