Financial literacy and first-generation community college student success

First-generation students possess a set of unique characteristics that can make persisting in college more challenging than it is for their continuing-generation counterparts. Because many first-generation students are also low-income, community college is an affordable option to access their postsecondary goals. Each year, one-third of all Pell Grants are awarded to community college students, yet these students still need help with meeting their basic needs met. Northern Community College (pseudonym) continues to struggle with retention, even with the introduction of various student support services that address basic needs. Although there has been significant research conducted on factors impacting first-generation students, there is a lack of literature connecting financial literacy (as it relates to college navigation) and first-generation student persistence. The purpose of this qualitative, phenomenological study was to add to the existing literature by examining whether a connection exists between financial literacy and first-generation community college student success. The following questions were used to guide this research: (1) What factors contribute to the persistence and graduation rates of first-generation college students at the institution? (2) How do the characteristics and life-experiences of first-generation students impact how they navigate various college processes? (3) How is financial literacy implemented throughout the institution to ensure successful navigation through financial aid, registration, and other college processes? The conceptual framework of this research was defined by three streams of literature: first-generation students, community college initiatives, and financial literacy. Keywords: first-generation college student, continuing-generation college, financial literacy, retention, persistence