The Association between Highest Level of Education in a Household and Financial Well Being among Families With and Without Children

Live Poster Session: Zoom Link

Colin Tsay

I am a current freshman looking to major in both Economics and Mathematics. I am a member of the Varsity Men’s Soccer Team. My hometown is Lake Hopatcong, New Jersey. I am actively pursuing career opportunities within the Finance industry.

Abstract: In an ever changing world, the education system remains at the forefront of the majority of upbringings, with 37.7% of Americans earning bachelor level degrees or higher (Census Bureau, 2023). In past history, education has not only been viewed as the most common way, but the only way for individuals to break into corporate America. However, through the availability of the internet, a new wave of “self taught” entrepreneurs have entered the labor force, putting the validity of schooling into question. The difference in thinking between entrepreneurial “moguls” who did not get their degrees and conventional minds who see schooling as the foundation of achieving financial success has opened up a discussion of which mindset holds the most truth. For this project, I completed ANOVA and regression tests using the data from the National Financial Well-Being survey in order to test the relationship between education and financial well-being. After testing this in SAS, the relationship was found to be significant

QAC-201-Poster