The college student financial literacy survey is designed to gauge several indicators: students’ current financial situations; financial sentiments; existing money management behaviors; readiness to modify behaviors for the better; and results of financial education programs. First, it’s important to understand where students fall along the money management continuum by using financial literacy test applications to assess their income, savings, credit histories, debt obligations, and investments. When you understand their present status, you’ll be in better position to prescribe the best educational pathways for them to follow.

Financial sentiment refers to people’s feelings and attitudes toward money. Collecting these personal finance survey data will guide design of the overall educational program, pedagogical methods, and best financial literacy resources upon which to draw. The NFEC recommends using the Transtheoretical Model of Behavior Change to assess students’ willingness to modify behaviors. On this financial literacy survey for college students (similar to the financial literacy survey for high school students), the participants indicate their readiness to learn and change their money habits and what motivates them to make such changes. Facilitating behavior modification requires time and dedication. It’s essential to set clear goals and target outcomes. It’s also important to be aware that self-report data are subject to potential response bias, due to the emotionally-charged nature of personal finance as an instructional topic. Emotions and money also formed the topic of the NFEC’s Valentine’s Day research on how money affects personal relationships.