BIO

I am a junior in the criminology program with aspirations of becoming a lawyer. In my down time I like to cook, and watch crime tv shows. I chose to research financial literacy because it is something that I myself struggle with and other college students. I wanted to assess whether learning how to effectively manage money translates to being financial literacy.

College Student’s Money Management Skills: A survey Of Florida State University Students

Abstract

Approximately, 1 in every 10 Americans report that they are not fully confident in their ability to make good financial decisions (National Foundation for Credit Counseling). After the fourth quarter of 2020, student loan debt was about $1.46 trillion averaging to about $38,792 per student (debt.org 2021). The President's Advisory Council defines financial literacy as "the ability to use knowledge and skills to manage financial resources effectively for a lifetime of financial well-being" (2008 Annual Report to the President). While educational resources are available to combat financial illiteracy, it is essential to assess whether these financial education programs actually work. The researcher developed and employed a survey to Florida State University students with questions pertaining to financial education, family background, financial literacy, savings, investments, debt, and demographic characteristics. Preliminary results from 34 respondents indicate the following: 1) Less than half of the sample considered themself financially literate; 2) Less than half of the sample practiced regular savings; and 3) Less than half of the sample reported that they could confidently negotiate a fair price if the need ever arose.

Keywords: financial, literacy, money, management