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This includes being able to save money, distinguish the difference between wants and needs, manage a budget, pay their bills, buy a home, pay for college, and plan for retirement. The primary goal of a college or university is to prepare young adults to become thriving, contributing members of society. Financial Literacy for College Students. The student who lacks financial literacy will procrastinate the work on the papers and they will always buy them online. Financial Literacy Can Balance Out Negative Spending Habits. Basic financial literacy helps people become self-sufficient and achieve financial stability. Through financial literacy students’ can build up a sense of responsibility. When the world hits up with the Recession it is really very difficult for the people to get over it and the college students are the most affected section as they find it difficult to get student loans compared to a non-recession time. 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