Institutional Research

CIRP Survey: Financial Issues

 

2013 CIRP Freshman Survey: Finances and Financial Beliefs

The CIRP Freshman Survey asks several questions related to students' parental income, their plans on paying for college, and their beliefs about the importance of being financially well off. The information below is based on the responses of fall 2013 incoming first-year students on the Oxford campus of Miami University. Also included are trend data for Miami first-year students for the past 5-30 years and comparison results for students at other highly selective public institutions.

Family Income
Incoming Miami students are more likely than students at other highly selective public universities to report their estimated family income as $200,000 or more and are less likely to report a family income below $100,000. Trends over the past ten years of the CIRP show that Miami students have consistently been more likely than students at other highly selective public universities to report family incomes of $200,000 or more, although the gap between the two groups has narrowed during the past three years.

Table 4A: Family Income

Figure 4B: Family Income of $200,000+ (2004 - 2013)


Paying for College
Incoming Miami students are less likely than students at other highly selective public universities to report concerns about paying for college. Miami students are also less likely to anticipate getting a job to help pay for college expenses. However, Miami students are more likely to state that offers of financial assistance were important in their decision to attend Miami. Miami students' concerns about their ability to pay for college peaked in 2009; since 2009, student concerns have decreased to a near ten-year low.

Table 4C: Paying for College

Figure 4D: Student Concerns About Financing Their Education (2004 - 2013)

Figure 4E: Student Estimates About Working to Pay for College (2004 - 2013)


Views about Money
Both incoming Miami students and incoming students at other highly selective public universities rated being able to make more money and being able to get a better job as very important reasons in their decision to go to college. There is no difference between Miami students and student at other institutions in the value that they place on being very well off financially. Over the past 30 years, the percentage of students at Miami and at other institutions who state that being very well off financially is an "essential" goal has increased substantially; 42.4% of incoming Miami students identified being well off as an essential goal in 2013, compared with only 10.2% in 1971.

Table 4F: Views about Money

Figure 4G: Being Very Well Off Financially as an "Essential" Goal (1971 - 2013)

 

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