SILVER CITY, NM — Professor of Business at Western New Mexico University (WNMU), Miguel Vicens, Ph.D., along with Associate Professor Ivan Ibarra, Ph.D., of WNMU and Javier Martinez, Ph.D., of the Universidad Autónoma de Chihuahua (UACH), created a transformative movement that equips students with the financial tools necessary for lifelong success.
The Organisation for Economic Co-operation and Development/International Network on Financial Education standards were used to assess students' financial well-being, attitude and inclusion. "The study yielded a record-breaking 500+ responses at WNMU," Vicens said.
While the survey revealed that students possess a high level of technical financial knowledge—understanding concepts like inflation and interest rates—there is a notable disconnect in how that knowledge is applied.
"Students are very confident in what they are saying, but it doesn't always show up in their decisions," Vicens said. "You may be confident in attacking a problem, but you need specific tools and knowledge to be effective. For example, many students are confident they can manage money, but they don't yet understand how compound interest can either work for them or against them."
The study highlighted several key insights:
Needs vs. Wants: A significant deficiency exists in "financial well-being," specifically the ability to distinguish between essential needs and lifestyle "wants."
Risk and Gender: Research found that while male students are often more confident in taking risks and investing in assets, female students typically excel in "financial inclusion," more effectively using the tools and services available within the U.S. banking system.
Confidence Calibration: Students often overstate their management abilities, emphasizing the need for practical, real-world application of financial theories.
"At WNMU, our goal is to bridge that divide, ensuring that every student leaves not just with a degree, but with the practical tools and confidence to build lasting personal wealth and stability in an increasingly complex economic landscape," said Ibarra.
"This collaboration between the Universidad Autónoma de Chihuahua and WNMU provides a rare, binational perspective on the financial realities of our students. By comparing these distinct yet deeply connected populations, we've identified that financial literacy is not a one-size-fits-all solution," Martinez said.
The research has already motivated significant curriculum additions within the WNMU School of Business:
Finance Minor: A new minor in Finance was officially added to the catalog, starting in Fall 2026, to provide a structured pathway for students to master these skills.
Financial Lab: Plans are underway to launch a state-of-the-art Financial Lab by the fall semester, providing a dedicated space for students to engage with real-time market data and financial planning tools.
"Train the Trainer" Program: Vicens envisions this initiative as empowering students to take their financial literacy home, teaching their families and communities how to navigate the country's financial system.
For New Mexico residents and the WNMU community, this research is deeply personal. Vicens emphasizes that financial literacy is the key to breaking cycles of economic insecurity.
"By making smarter choices early on—like avoiding unnecessary debt or starting a retirement fund at 20—they can own their future," Vicens said.
The study was made possible through a strategic research partnership with WNMU and UACH which allowed for a robust, comparative analysis of financial behaviors and attitudes across both the New Mexico and Northern Mexico student populations.
