Personal Finance Habits of College Students

Abstract

This study examines the personal finance habits of college students, focusing on their saving behavior, spending patterns, income sources, and awareness of investment options such as mutual funds and stocks. Data was collected through a structured survey distributed via Google Forms and WhatsApp, targeting undergraduate and postgraduate students across multiple academic years, yielding 103 responses within 22 hours. The findings reveal that while 66% of respondents are aware of basic financial concepts, only 30% have actually invested, indicating a significant gap between financial awareness and financial action. The majority of students (93%) remain dependent on parental income, with food accounting for the largest share of monthly expenditure. Notably, students report learning about personal finance primarily through informal channels such as YouTube, Instagram, and peer networks rather than formal education, suggesting a gap in structured financial literacy programs. The study also identifies a modest gender gap in financial awareness, with male respondents showing higher awareness (69%) than female respondents (61%). This research contributes primary survey data on financial literacy and behavior among Indian college students, highlighting the need for accessible, structured financial literacy initiatives to bridge the gap between financial knowledge and real-world financial behavior.