The purpose of this study was to evaluate the students of Panpacific University, specifically the students in the School of Business and Management Education with regards to the management of their finances in terms of budgeting, spending, saving and borrowing money and how can they make decision with regards to financial knowledge.The proper way of using the finances of the students is a one form of financial literacy.
Financial literacy is essential than ever in today’s world. It perceived as a very beneficial tool to see how a particular person copes with financial problems. Being aware of money management, budget, borrowing, saving, spending and financing can prepare today’s generation with knowledge to take charge of their finances. If the individuals are confident with financial literacy, they might handle the financial problems better. We are living in a generation of unusual debt and students are intended to face financial problems in through their journey. It is important that educators and parents begin to equip young individuals with the knowledge and skills they needed to succeed as consumers in today’s global economy. Governments provide attention to financial literacy of their society in order to constitute policies, and solve the financial problems of the society. Also by using financial literacy it can help assess the information from different countries, in that way it is possible to make comparisons. Every country can learn from different countries if the financial literacy levels between these countries similar or differ to each other.