The Efficacy of Financial Counseling for College Students

The purpose of this study was to determine if financial counseling is effective with college students. Effectiveness was measured by increases in participants’ objective and subjective financial knowledge, increases in positive financial behavior, decreases in financial stress and anxiety, and increases in financial satisfaction. The results indicate that financial counseling with college students is effective in immediately reducing stress and maintaining lower levels of financial stress after two months. Other changes associated with attending a one-on-one financial counseling session included an increased sense of subjective financial knowledge and slight increases in positive financial management skills.