COLLEGE STUDENTS’ PERSONAL FINANCE SKILLS AND THE ROLE OF EXTERNAL INFLUENCES

Abstract

This study examines the methods college students use to become financially literate and the manner in which they will approach unfamiliar financial situations in the future. Using survey responses from 192 undergraduate students at a large, public university, this study investigates what students know about personal finance, where they obtained their current knowledge, and where they plan to go in the future when they have financial questions. The results show college students tend to be, on average, financially literate. Results also show that students learn about personal finance from their parents and their own experience more than any other sources and that they will seek financial knowledge primarily from their parents, online, and from financial advisors when they have financial questions in the future.