Impact of Financial Education Programs on College Students’ Personal Finance Skills

Abstract

Financial literacy has emerged as a critical life skill, particularly for young adults navigating complex financial systems characterized by digital payments, credit expansion, and investment innovations. In India, despite several initiatives by SEBI, RBI, and educational institutions, evidence suggests that college students often lack the necessary knowledge and skills to make informed financial decisions. This study examines the impact of financial education programs on college students’ personal finance skills in the District of East Singhbhum. A quasi-experimental design was adopted, employing a pre-test and post-test methodology. Data were collected from [X] students across multiple disciplines, using a structured questionnaire based on the OECD-INFE and RBI financial literacy frameworks. Statistical tools such as paired t-tests, ANOVA, and regression analysis were applied to measure changes in financial knowledge, budgeting skills, savings behavior, and investment awareness. Preliminary findings indicate that structured financial education programs significantly improve students’ ability to plan, save, and manage credit effectively. Moreover, demographic factors such as gender, income, and academic background influence the extent of improvement. The study highlights the urgent need to embed financial literacy modules within higher education curricula to foster responsible financial behavior and long-term financial well-being. The results hold practical implications for policymakers, regulators, and educators in designing targeted financial education strategies.