The Importance of Financial Literacy Education for College Students

Abstract

The financial literacy knowledge of college students has become a topic of vast importance in recent years. College students are in a unique situation in which they have the means toquicklyaccumulate large amounts of debt at a young age. Without basic financial literacy knowledge to help guide them through their college years, they can be ill equipped to handle financial decisions which can have a serious impact on their well-being and debt management. While some administrative oversight has been implementedto help manage the financial literacy education of college students,research indicatesthat more needs to be done.The purpose of this review is to illustrate how college students learn about financial literacy and how that knowledgeor lack thereofimpacts their financial well-being. Suggestions for the improvement of financial literacy education for college students are presented.