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1. Voice introduction

2. Cohesive literature reviw (voice)

3. Financial Literacy Among Students

4. Risky Credit Behaviors

5. Financial Education Courses

6. Students’ Attitudes Toward Money

7. Parental Influence

8. At-Risk vs. Not At-Risk Students

9. Financial Tech and Access

10. Refutation

11. Solutions and Initiatives

12. Conclusion

13. References

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Low financial literacy often leads college students to engage in risky credit behaviors, such as impulsive spending and poor money management. Cude et al. (2006) found that financially at risk students were likelier to use multiple credit cards, fail to track their expenses, and accumulate debt through small, frequent purchases.
The photo here shows a real example of this problem, a student’s transaction history filled with small charges at fast food restaurants, coffee shops, and online services. Purchases like $0.99 at Apple, $8.53 at Starbucks, $2.00 at Coca Cola, and $13.22 at Subway may seem minor individually, but when they are frequent and untracked, they create major budget leaks. These kinds of everyday spending habits often go unnoticed, but over time, they lead to overdrawing accounts, increasing debt, and worsening financial stress.
This example highlights how daily financial decisions, when not managed properly, contribute to the larger issue of poor financial health among college students.

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The photo shown here visually represents these risky behaviors. It displays multiple cards spread across a desk, symbolizing casual and unmanaged financial habits. Having several cards at once without close control over spending often leads to higher debt accumulation, missed payments, and long term financial problems. This small but powerful visual reflects the broader issue that Cude et al. identified, that without financial education and proper habits, students are at serious risk of damaging their future financial health. One of the major signs of poor financial literacy among college students is risky credit behavior, such as owning multiple credit cards and not managing them responsibly. Cude et al. (2006) examined focus groups at LSU and found a sharp contrast between financially at risk students and those who were not. At risk students often had several credit cards, failed to track their spending, engaged in impulse shopping, and viewed debt casually as something they would deal with after graduation.
In contrast, students not considered at risk practiced budgeting, saved money regularly, and used credit cautiously, demonstrating stronger financial habits.

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The photo shown here highlights Harvard Business School’s Finance and Accounting course, which emphasizes how formal education strengthens analytical skills and boosts students' financial confidence and career outcomes. According to the data displayed, 92% of students reported stronger analytical skills, and those who completed the course earned an average salary increase of $17,000.
This image and study together demonstrate that structured education. when introduced early during college years, it equips students with the knowledge and habits needed to manage finances wisely. Rather than relying on trial and error learning, targeted financial education programs offer students a direct path to financial independence and long term success. Formal financial education significantly improves students' financial outcomes, countering the idea that financial habits are only learned through life experience. Frees, Gangal, and Shaviro (2024) used causal models to analyze the effectiveness of financial literacy courses and found that students who took formal finance classes demonstrated better budgeting accuracy, stronger emergency savings, and reduced debt accumulation.

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The photo shown here is a budget planner that I personally use to organize my income, bills, savings, expenses, and debt. Having a structured, visual tool like this helps make financial management feel more approachable and achievable. However, not all students have access to tools or guidance like this, which contributes to the ongoing lack of confidence in financial decision making.
This example demonstrates that while students are eager to gain financial independence, their success heavily depends on having the right support systems and practical tools available. Even when college students take finance courses, many still struggle to feel confident in managing their money. Gomez, Zhou, and Yu (2023) studied first generation college students and found that while students often had exposure to financial concepts, they preferred learning through hands on activities rather than traditional lectures. Their research shows that content delivery, how financial education is taught, is just as important as the material itself. Without practical tools and personalized support, many students remain uncertain and unprepared when making real world financial decisions.

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The photo shown here was taken during a visit to Chase Bank with my parents, where they helped me set a daily spending limit of $100 on my account. This experience reflects how early parental guidance can instill habits like budgeting, tracking spending, and setting clear financial boundaries. Such early interventions reinforce responsible financial behaviors, helping students avoid debt traps, manage their spending consciously, and plan for future goals. Without this foundational support, many students enter adulthood unprepared for real world financial challenges. Parental involvement plays a critical role in shaping a student's financial habits before they even enter college. Xiao, Tang, and Shim (2009) explained that parents are often the first financial educators in a young person's life. Students who grow up discussing topics like money management, budgeting, and savings with their parents are far more likely to carry those skills into their college years and beyond.

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The photo shown here captures a typical Covid 19 study environment, where reliance on technology, laptops, mobile apps, and online platforms, became essential for daily tasks, including financial management. Although digital banking offers convenience, students unfamiliar with budgeting apps, secure online practices, or financial planning tools are at risk of mismanaging their money or falling victim to scams.

The Covid 19 pandemic accelerated students' reliance on digital financial tools, but it also exposed major gaps in digital literacy. Gumbo, Mutengezanwa, and Chagwesha (2022) found that while many students adapted by using mobile apps and online banking platforms during the pandemic, others struggled due to a lack of financial and technological knowledge. Simply having access to digital tools does not guarantee responsible financial behavior. Students must also understand how to use these platforms safely and effectively. This shift highlights the urgent need for colleges to integrate digital financial literacy into broader financial education programs, ensuring that students are prepared not just for traditional financial challenges but also for managing money safely in an increasingly digital world.

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The photo shown here, a pie chart breaking down different spending categories, visually highlights the importance of expense tracking and budgeting. Students who actively monitor their spending patterns, like the not at risk group, are better able to allocate resources responsibly and avoid financial pitfalls.
Understanding these behavioral contrasts emphasizes why targeted financial education is necessary. Students in the at risk group are not simply irresponsible. They often lack early financial guidance and need specialized programs that teach budgeting, saving, and responsible credit use in a way that matches their experiences and challenges.

Clear behavioral differences exist between financially at risk and not at risk students, and understanding these patterns is crucial for designing effective financial education programs. Cude et al. (2006) found that students classified as not at risk were far more likely to save money, track their expenses, and use credit cautiously. In contrast, at risk students often viewed credit as free money, lacked consistent savings habits, and made financial decisions heavily influenced by peer approval rather than personal responsibility.

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The photo shown here features CSU Global’s online certificate in Corporate Financial Management, a program designed to equip students with real world financial skills in just six months. These types of targeted programs provide students with clear, applicable financial knowledge that directly improves financial decision making and career readiness.
Research shows that universities investing in financial education programs not only help students achieve higher levels of satisfaction and graduation rates but also prepare them for greater financial independence after graduation. Expanding programs like these across colleges nationwide could significantly improve young adults’ ability to navigate complex financial systems confidently and responsibly.

In addition to early financial education, universities can support students by offering specialized financial management programs. Lusardi et al. (2010) emphasized the importance of making financial literacy classes a universal, mandatory part of college education. Practical, hands on programs that relate directly to student experiences, like budgeting, banking, credit management, and investing, are far more effective than theory heavy approaches.

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Chen, H., & Volpe, R. P. (1998). An analysis of personal financial literacy among college students. Financial Services Review, 7(2), 107–128. https://doi.org/10.1016/S1057-0810(99)80006-7

Cude, B. J., Lawrence, F. C., Lyons, A. C., Metzger, K., LeJeune, E., Marks, L., & Machtmes, K. (2006). College students and financial literacy: What they know and what we need to learn. Eastern Family Economics and Resource Management Association Conference Proceedings, 102–109. https://gradsense.org/ckfinder/userfiles/files/College_Students_and_Financial_Literacy.pdf

Frees, D., Gangal, A., & Shaviro, C. (2024). Quantifying the causal effect of financial literacy courses on financial health. arXiv Preprint. https://arxiv.org/abs/2405.01789

Gomez, E., Zhou, J., & Yu, J. (2023). Financial literacy of college students: Focus on first-generation students. Journal of Business Diversity, 23(1), 1–10. https://articlegateway.com/index.php/JBD/article/download/5777/5479/10033

Gumbo, L., Mutengezanwa, M., & Chagwesha, M. (2022). Personal financial management skills of university students and their financial experiences during the COVID-19 pandemic. International Journal of Financial, Accounting, and Management, 4(2), 129–143. https://doi.org/10.35912/ijfam.v4i2.835

Gutter, M. S., & Copur, Z. (2011). Financial behaviors and financial well-being of college students: Evidence from a national survey. Journal of Family and Economic Issues, 32(4), 699–714. https://doi.org/10.1007/s10834-011-9255-2

Lusardi, A., Mitchell, O. S., & Curto, V. (2010). Financial literacy among the young: Evidence and implications for consumer policy. Journal of Consumer Affairs, 44(2), 358–380. https://doi.org/10.1111/j.1745-6606.2010.01173.x

Thomas, G. N., Nur, S. M. R., & Indriaty, L. (2024). The impact of financial literacy, social capital, and financial technology on financial inclusion of Indonesian students. International Research Journal of Economics, Management and Social Sciences, 3(4), 308–315. https://arxiv.org/abs/2405.06570

Valencia-Arias, A., & Montoya-Restrepo, L. A. (2023). Financial literacy among young college students: A systematic literature review. F1000Research, 14, Article 113. https://doi.org/10.12688/f1000research.128464.1

Xiao, J. J., Tang, C., & Shim, S. (2009). Acting for happiness: Financial behavior and life satisfaction of college students. Social Indicators Research, 92(1), 53–68. https://doi.org/10.1007/s11205-008-9288-6

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The photo shown here compares U.S. students' financial literacy levels from 2012 to 2015, highlighting how formal education initiatives can gradually shift students to higher proficiency levels. Students at Level 5 and Level 4, the highest financial literacy levels, increased slightly over time, while those falling below Level 2 decreased. This improvement demonstrates that targeted education programs can have a measurable impact on financial competency.

One of the clearest solutions to improve college students' financial stability is structured financial education. Studies like those by Frees, Gangal, and Shaviro (2024) show that students who receive formal instruction on topics like compound interest, debt management, and credit scoring are significantly better prepared for real world financial challenges. Structured education reduces poor decision making by providing students with the tools and knowledge they need before encountering complex financial situations.

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Financial literacy is a critical life skill that too many college students currently lack. Without a strong understanding of money management, students are at risk of falling into long term debt, experiencing financial anxiety, and missing valuable opportunities for future growth and independence. The photo shown here, displaying the words Debt Free, symbolizes the goal that better financial education can help students achieve.
Throughout this project, it has been shown that students who lack financial knowledge struggle with budgeting, misuse credit, and make risky financial decisions that harm their futures. However, research also proves that structured, practical education programs can dramatically improve outcomes by teaching essential skills early on.
To ensure student success, colleges must take action by implementing required, interactive financial literacy programs that go beyond basic lectures. Financial education should be accessible, relatable, and immediately useful, preparing students not just to survive but to thrive financially after graduation. The consequences of ignoring this issue are too great, but with the right investment in education, a future of financial stability and independence is possible for all students.