As proposed by Horne and Wachowicz (2002), [CITATION Tha02 \p 2015 \y \l 1033 ] financial management behavior is the determination, acquisition, allocation, and utilization of financial resources, usually with an overall goal in mind. On the other hand, Weston and Brigham (1981) stated financial management behavior as an area of financial decision-making, harmonizing individual motives and enterprise goals. According to Joe (2008) consequently, financial management is mainly concerned with the effective fund management. In line with this, effective financial management behavior should improve financial well-being positively and failure to manage personal finances can lead to serious long term, negative social and societal consequences. In addition, as per Bowen (2002) understanding key financial terms and concepts needed to function daily in American society. It includes knowledge about items related to banking, auto, life, health and homeowner’s insurance, using credit, taxes, and investing. While there are other important areas related to personal finance, these are areas most American adults encounter as they make daily financial transactions and decisions. Researchers indicated‖ that well informed, financially educated consumers are better able to make good decisions for their families and thus are in a position to increase their economic security and well-being. Knowledgeable consumers who make informed choices are essential to an effective and efficient marketplace. The number and types of financial education programs have grown since the mid-1990s. Many of these programs focus on providing information to consumers and operate under the implicit assumption that increases in information and knowledge will lead to changes in financial management practices and behaviors (Hilgert, Hogarth & Beverly, 2003). Financial knowledge is designed and measured in various ways. Financial knowledge can cover a variety of topics, ranging from basic awareness to mastering topics. It can be considered true knowledge or perceived knowledge. For example, knowledge was measured directly. A well-known example of this is Jump start Survey conducted every other year. It uses a set of questions used as a benchmark of financial literacy of high school students. The survey has been conducted nationally and tests both students who have and have not had financial education courses while in high school. Such knowledge tests are often associated with large variations in the topics actually rated. Self-reported financial knowledge was also used when respondents were asked how to assess their level of knowledge on certain personal financial issues. These are often measured as scales. The validity of this measurement is not explicitly shown, but it is included because it can still demonstrate confidence in your knowledge level. A final measure employed for financial knowledge was a relative measurement. These try to establish one ‘s perception of their own knowledge relative to a specific reference group, often as compared to a peer group. This measure may also help to establish confidence in one ‘s knowledge.