[雙語翻譯]信用卡外文翻譯--個人理財知識對大學生信用卡行為的影響（英文）

1、© 2009 Association for Financial Counseling and Planning Education®. All rights of reproduction in any form reserved. 25Effect of Personal Financial Knowledge on College Students’ Credit Card BehaviorCliff A.

2、Robb and Deanna L. SharpeAnalysis of survey data collected from 6,520 students at a large Midwestern University affirmed that financial knowledge is a significant factor in the credit card decisions of college students

3、but not entirely in expected ways. Results of a double hurdle analysis indicated that students with relatively higher levels of financial knowledge were not significantly different from students with relatively lower l

4、evels in terms of the probability of having a credit card balance. Contrary to expectations, those with higher levels of financial knowledge had significantly higher credit card balances. Overall, the present findings

5、highlight the complex nature of the relationship between personal financial knowledge and credit card behavior.Key Words: college students, credit card use, personal financial knowledge IntroductionIn the late 1980s, cr

6、edit card companies began targeting college students in an effort to expand market share. Students were encouraged to become credit card customers through direct mail promotions, on- and off-campus adver-tising, and on-c

7、ampus recruitment (O’Connell, 1994; Suss-wein, 1995). A number of researchers have documented the subsequent rapid expansion of credit card ownership and use on college campuses from the late 1980s through the 1990s (Kar

8、a, Kaynak, Nellie Mae, 2002; Manning Manning Davies Draut for seniors the percentage was ninety-six. From sophomore to senior year, the average number of cards held was successively larger, changing from 3.67 to 4.5

9、0 to 6.13, respectively. Average debt levels were larger for higher levels of class rank as well. The average debt of seniors ($3,262) was more than double that of freshmen (Nellie Mae, 2002). Similar to seniors, 96% of

10、 graduate students reported own-ing at least one card; on average, they had 6 credit cards. At $7,831 per student in 2003, the average credit card debt of graduate students was much higher than that of undergrad-uates. T

11、he average level of credit card debt among graduate students in 2003 was almost $3,000 higher than reported in 1998 (Nellie Mae, 2007). One in four graduate students with credit card debt in 2003 had balances between $6,

12、000 and $15,000, about the same proportion observed in 1998. Fifteen percent had a balance over $15,000, over twice the proportion seen in 1998 (Nellie Mae, 2007).Lyons (2004) analyzed responses from a random sample of U

13、niversity of Illinois undergraduate and graduate students who had completed a survey related to financial issues in 2001 to determine the probability of being at risk of credit misuse or mismanagement as measured by four

14、 specific outcomes or behaviors: having $1,000 or more in outstand-ing credit card balances, being late on payments by two months or more, having reached the limit on credit cards, and rarely or never paying off credit c

15、ard balances. Lyons (2004) concluded that financially at-risk students were more likely than other students to receive need-based fi-nancial aid, have $1,000 or more in other outstanding debt, or to have acquired their c

16、ard by mail, at a retail store or as the result of a campus solicitation. Graduating students leave college and university campuses with an average debt burden of $20,402 for education and credit card debt combined (Nell

17、ie Mae, 2002). Financial experts have expressed concern that credit card debt cou-pled with student loan debt could create serious financial burdens for college students near and post graduation (Bianco College Board, 2

18、005). These concerns have only intensified in recent years as rising tui-tion costs have consistently outpaced increases in financial aid available per student (College Board, 2005). University administrators who were co

19、ntacted as part of a study on student credit card use commissioned by the General Ac-counting Office have acknowledged that there may be arelationship between various financial concerns, includ-ing mishandling of credit,

20、 and persistence to graduation (GAO, 2001). Financial KnowledgeThere are two lines of research on financial knowledge. In one group of studies, participants answered questions related to general financial knowledge (Mark

21、ovich Chen Avard, Manton, English, Jones, 2005). The questions used in these studies related closely to the topics typically covered in an introductory personal finance course. The second group of studies used specific

22、 financial knowledge as a proxy for financial literacy (Warwick Joo et al., 2003; Braunsberger et al., 2004). These studies generally asked individuals to report particular facts about their own credit cards (e.g. APR,

23、fees, etc.). There is strong evidence from both lines of research that suggests, regardless of how financial knowledge is operationalized, college stu-dents do not possess a high degree of financial knowledge (Markovich

24、 Chen War-wick Avard et al., 2005; Jones, 2005).Chen and Volpe (1998) administered a 36 question survey dealing with various aspects of personal financial knowl-edge to college students. The average score of correct re

25、-sponses was close to 53%, not a passing score on a typical grading scale. They noted significant degree-type and class rank effects. Business majors tended to score better than non-business majors. Students with more ye

26、ars of college had higher financial knowledge scores than students with fewer years of college. Other researchers have also found that college freshmen have low scores on tests of financial knowledge. Avard et al., (2005

27、) found that college fresh-men were able to answer only about 35% of financial knowledge questions correctly. Using a six-question scale of credit knowledge to evaluate financial knowledge, Jones (2005) reported that, on

28、 average, incoming freshmen gave correct answers only 56% of the time. Among existing studies, the ability of a cardholder to report his or her annual percentage rate (APR) is one of the most commonly used measures of sp