BRIDGING THE AWARENESS – ACTION GAP IN FINANCIAL LITERACY AMONG CHENNAI COLLEGE STUDENTS

Abstract

Financial literacy has become an essential life skill in an increasingly digital and complex financial environment. With expanding access to online banking, fintech services, and investment platforms, young individuals must develop the knowledge and practical competence required for informed financial decision-making. This study examines the level of financial literacy, investment behaviour, and readiness for financial independence among college students. Using primary data collected from 105 respondents through a structured questionnaire, the research applies descriptive statistics and ANOVA to evaluate learning outcomes across different financial education formats. The findings reveal that while more than half of the students participate in some form of investment, financial engagement is constrained primarily by structural and educational barriers such as lack of income and limited financial knowledge. The study also shows strong student support for formal financial education and high willingness to participate in financial literacy programs. ANOVA results indicate that the format of financial education significantly influences knowledge acquisition and behavioural outcomes, with structured academic courses and online learning resources demonstrating higher effectiveness. However, statistical testing shows that perceived barriers alone do not significantly determine investment participation, suggesting that financial behaviour is shaped by multiple interacting factors. Overall, the study highlights a clear gap between financial awareness and financial action, emphasizing the need for structured, practical, and accessible financial education initiatives to strengthen financial capability among youth.