December 4, 2024

HACU and Trellis Strategies release Student Financial Wellness Survey fall 2023 report

The Hispanic Association of Colleges and Universities in collaboration with Trellis Strategies, a strategic research and consulting firm focused on advancing postsecondary education and strengthening the workforce, have released the Student Financial Wellness Survey, a self-reported, online survey documenting the financial wellbeing and success of postsecondary students across the nation since 2018.

The fall 2023 Student Financial Wellness Survey provides results from respondents at 25 HACU institutions in Texas reports on the experiences of Hispanic students at these institutions, including their financial security, student wellbeing, paying for college, and how supported they feel by their institutions. The snapshot of student wellbeing during the fall of 2023 highlights key metrics and select survey findings to better understand Hispanic students’ experiences and provide support needed to reach their academic potential.

The report provides comparisons between Hispanic and non-Hispanic students, with key findings including:

• Sixty-three percent of Hispanic students at Texas HACU institutions (compared to 54 percent of non-Hispanic respondents) reported that they would have difficulty finding $500 in cash or credit in case of an emergency.
  
  
• A majority of respondents reported running out of money at least once since the beginning of 2023.
  
  
• Affording monthly expenses is a concern for many college students, especially with the increases in inflation rates the country has experienced in the past year.
  
  
• Hispanic respondents at Texas HACU institutions were more likely to have received Pell or other grants (63 percent) compared to their non-Hispanic peers (42 percent).
  
  
• Since January 1, 2023, 83 percent of Hispanic respondents (and 75 percent of non-Hispanic respondents) at Texas HACU institutions who had used a credit card in that time frame said they had used it to purchase something they did not have the money for at least once. Many students who use credit cards did not pay off their balance each month.
  
  
• Most of the Hispanic students at Texas HACU institutions (74 percent) said they had experienced financial difficulties or challenges while in college.
  
  
• Forty-nine percent of surveyed Hispanic students at Texas HACU institutions were food insecure, a condition which can negatively impact physical health, academic performance, and overall wellness.

To read more and download the complete report, click here.