Role of Financial Literacy in Financial Planning and Decision Making Among College Students

The main purpose of this Empirical study is to explore the impact of financial literacy can help to promote financial investments among college students and how financial literacy programs and knowledge are vital for all college students. This research study explores the impact of financial literacy in promoting financial investments. The very most influencing variables in investment planning are financial knowledge, financial risk perception, and Cost of investment. The practical implications are giving information about the financial curriculum framing for the college students which might have an impact on financial investment, the total sample collected was 121 from different colleges, where 8 respondents did not fill correctly, so the relevant sample size was 113. After initiating primary data collection using a questionnaire with measuring and ranking scales the variables such as financial knowledge, risk perception, and cost of investment were found out. During the study, we found that financial literacy is a significant factor that has a considerable effect on risk perception. The perception of risk has been removed or even shifted after taking up some financial courses because it provides considerable changes and choices of financial investment and it is also pressurizing or budding the managers of concerning field, especially investment. financial literacy has an influencing relationship with investment planning. As the demographic variable of study, Age and education have a significant impact on financial literacy. So finally, above all analysis, we can state that financial literacy plays a fundamental role in financial investment planning. Higher education institutions that want to update their educational programs must keep financial literacy in mind while developing syllabi for every institution. Courses with a direct tie to financial investment planning can be given additional weightage. Students should be able to apply their financial knowledge in practice through stimulating games, case studies, industry visits, and internship opportunities