College Students’ Personal Financial Literacy: Economic Impact and Public Policy Implications

This study analyzes the level of financial literacy among college students in Lynchburg VA area as well as the factors that impact the students’ competency in the field. Furthermore, it examines how the level of financial knowledge influences students’ opinions and decisions on personal finance matters. Past research indicates that non-business majors, women, students under age 30, with lower class ranks, and with little work experience have lower levels of financial knowledge. A major focus of this study is to test these hypotheses by administering a survey to college students in Lynchburg VA area and make inferences based on the collected data about the economic implications of the students’ financial literacy levels on the local and neighboring regions’ economies