Library Support for Student Financial Literacy: A Survey of Librarians at Large Academic Institutions

Abstract

Financial literacy came to the forefront as the 2013-2014 presidential focus of the Association of College & Research Libraries division of the American Library Association, bringing increased attention to the topic among academic librarians and encouraging an exploration into new and developing roles for academic libraries in financial education. Via a survey of academic librarians at large universities of more than 10,000 students, the authors seek to determine what types of financial literacy support academic libraries are providing, who is participating, what prompted the initiatives, and what are the main barriers, challenges, and opportunities.

Desperately seeking funding: library guides to student funding

“…Including some form of instruction within guides makes them more accessible to users unfamiliar with educational funding options who may need to know not only what search tools are available but also how to approach the search process, evaluate potential opportunities and make decisions about resources they are offered. Moreover, the inclusion of instructional content, whether librarian-created or from librarian-vetted sources, may go some way toward addressing the worry librarians have reported when offering services that could directly impact students' finances (Joe, 2016;Reiter and Ford, 2019). Tips on recognizing and avoiding scholarship scams, for instance, or institution-approved information on what students can expect from the loan repayment process may help to ensure that students absorb information from linked resources with the relevant context in mind and prepare them to evaluate funding information they obtain through other means appropriately.…”

“…The organization encouraged libraries to address the need for financial literacy education resulting from increased tuition costs and growing student debt (Dawes, 2013). Independently and with the support of campus partners, libraries subsequently curated and promoted collections of financial literacy resources, developed financial literacy programming, hosted peer-to-peer financial consulting programs and integrated financial literacy concepts into instruction sessions (Reiter and Ford, 2019).…”

“…Academic libraries frequently contribute to efforts to mitigate the impact of rising education costs, most notably by promoting alternates to textbook purchasing and providing resources aimed at improving students’ financial literacy (Reiter and Ford, 2019; Todorinova and Wilkinson, 2019). However, initiatives directed at helping students obtain funds are less readily apparent in the library literature than those that attempt to systemically reduce costs or improve financial understanding.…”

They Seek, but Do They Find? Investigating the Financial Information-Seeking Behavior of College Students

“…4 According to one survey of large academic libraries, 45 percent offer some type of financial literacy programming. 5 The body of literature on how to develop financial literacy programs in libraries is still growing with recent publications, such as ALA Editions' Rainy Day Ready: Financial Literacy Programs, suggesting a sustained interest in financial literacy programming among both public and academic libraries.…”

We’re in the Money: A Guide to Getting Involved in Student Financial Literacy for Business Librarians

“…Some approaches place great demands on the librarian's time and other scarce resources, while others have fewer barriers. Studies of both academic and public libraries have identified lack of time as a major challenge to developing financial literacy support (Smith and Eschenfelder, 2013; Reiter and Ford, 2019). With this in mind, it is important to consider the different possibilities for mixing and matching to best meet local needs for financial literacy support and avoid trying to do it all.…”