Relationship between Financial Well-Being and Financial Knowledge among High School and College Students

Abstract

This study investigated the possibilities of improving the financial well-being of high school and college students through consumer citizenship education, which enhances their financial knowledge. In this study, the financial well-being of college respondents tended to improve once they obtained financial knowledge. Further, those who scored highly in financial knowledge questions could improve their financial well-being, gather information, and save money to overcome their financial anxiety. Therefore, this study implies that on achieving high financial literacy, one recognizes the significance of saving money and staying financially healthy, which helps them to overcome their financial anxiety.