Analyzing the Financial Literacy of Kentucky College Students with an Emphasis on Eastern Kentucky University

The cost of attending college and the amount of college student loan debt have been topics of increasing concern in the United States. This study analyzed the financial literacy of Kentucky college students through surveys of eighty-three current and former Kentucky college students. These surveys inquired about the students’ backgrounds, current financial positions, financial goals or expectations, and perceptions of their financial positions. Among other results, this study indicated that college students’ financial expectations and perceptions of their financial positions are not aligned with the students’ actual financial positions. In addition, first-generation college students were more likely to have taken on student loan debt, while college students who reported feeling “very prepared” to manage their finances in college were less likely to have student loan debt. The results of this study suggest that the financial literacy of Kentucky college students should be improved and that Kentucky college students could benefit from classes or services that teach them to manage their finances in preparation for, during, and after their college careers