First gen money: Promoting the financial capability of first-generation college students in the digital age

ABSTRACT

As society continues to recover from the economic impact of the Covid-19 pandemic, there is an increasing need to support the financial capability of vulnerable communities like first-generation college students (Office of Human Services Policy, 2021). The sooner college students can achieve financial stability by making better decisions regarding debt acquisition, credit cards, savings accounts, and financial goal-setting (Eichelberger et al., 2017), the sooner they will establish a sustainable economic foundation for their futures. First Gen Money is an innovative solution to help first-generation college students become financially capable. This online program promotes the financial capability of first-generation college students by increasing access to quality financial education and financial coaching services and providing a safe space online for first-generation college students to learn, grow and connect. This project will contribute to the literature on financial capability and offer an alternative approach to addressing financial capability among this population. In addition, this project, First Gen Money, shifts the focus from financial literacy alone to engaging with multiple aspects of financial capability. (PsycInfo Database Record (c) 2022 APA, all rights reserved)