Financial Management Practices of College Students

Abstract

With mortgage foreclosure rates at an all time high and more than one-million Americans expected to file bankruptcy in 2008, it is safe to conclude that many Americans have overextended themselves with debt. This study tests the hypothesis that many Americans do not have the knowledge, skills or habits essential for effective management of personal finances. This investigation seeks to determine the reasons for financial misconduct and to discover measures that will assist college students in improving financial management practices.

JEL Classification: D14