Financial Wellness on Campus: Interlinkages between Financial Knowledge, Behaviour and Decision-making among College Students

Abstract

Given the growing significance of financial literacy as a vital life skill, it is essential to understand how students handle their financial situations. This study examines the intricate interconnections among financial knowledge, behaviour, and financial decision-making confidence among college students. The study is descriptive in nature and uses quantitative data for analysis. The findings of the study reveal a notable imbalance between the acquisition of financial knowledge and its utilization in their financial behaviour. While students exhibit a satisfactory comprehension of financial concepts, they do not consistently implement this knowledge in their everyday financial choices and actions. The research highlights the importance of bridging the gap between theoretical understanding of finance and actual application. A lack of confidence was found among students in their financial capabilities which may account for the disparities between their financial knowledge and their actual financial behaviours. This emphasizes the need of not only teaching financial literacy but also fostering students' confidence in their ability to make wise financial decisions. The research findings of this study provide valuable insights for educational and financial institutions seeking to equip college students with the not only necessary knowledge but also develop skills and attitudes to boost their confidence so as to achieve financial stability and success in the future.