Financial Literacy of College Students: Focus on First-Generation Students

Abstract

The aim of the present study is to understand the financial literacy of first-generation college students and their level of interest in financial education. College students, especially the first-generation ones, need sufficient exposure to finance education since they will need to have sophisticated financial skills after they start their professional careers and embark on a new stage in their lives. These skills will help them manage their income from a new job, investment and retirement options, and student loans. We use a convergent mixed-methods design in this research. A survey was conducted to help explore the interest of first-generation students in finance education and their current knowledge about financial issues. We also conducted interviews with personal finance industry experts to obtain further information on the need for financial education for college students. The results have important implications on improving financial literacy for first-generation college students.