Analysis of Financial Literacy in a College Population

Abstract

The financial literacy of today’s students is essential to their future success. Colleges and universities struggle to develop methods for training students in financial literacy. This study investigates the financial literacy of college students, looking at individual factors of financial background, race, gender, major and motivation in order to understand if students are learning enough to be considered financially literate, and how to structure a course in order to improve overall literacy. Findings demonstrate a lack of financial literacy among students who aren’t business majors, haven’t been exposed to previous financial courses, and lack overall confidence in their financial literacy.