Assessing the Role of Financial Literacy in Enhancing Personal Financial Decision-Making among Students

As students develop long-term financial habits, financial literacy has been increasingly recognised as an essential skill for effective personal financial management. The objective of this research is to assess the impact of financial literacy on improving personal financial decision-making of students. Efficient money management is facilitated by the basic understanding of financial concepts which includes budgeting, saving, investing and managing debt. Financially literate students tend to make informed decisions in the allocation of their resources effectively to meet short-term and long-term goals. The study emphasises the importance of incorporating thorough financial literacy programmes into the university curriculum to equip students with vital skills necessary for prudent financial handling. Personal financial management is essential for students as it lays the foundation for their financial well-being both during their academic years and beyond. The need for financial literacy education among students is further underscored by broader economic benefits such as increased savings rates, lower debt levels and improved economic stability. The research explores obstacles in acquiring financial literacy such as socio-economic limitations, lack of practical financial experience and limited access to financial education resources. The data for the analysis was collected through a questionnaire from 100 respondents using a convenience sampling technique to evaluate how financial literacy helps students make better financial decisions.