The recent past has been a witness to the mushrooming growth of financial investments making the financial consumers vulnerable to the complexities in the finance sector which renders informed financial decisions difficult. Financial literacy has gained momentum as a policy decision at national and international levels over the past two decades. Financially literate population are an asset to the economy and particularly when the youngsters are equipped with the requisite financial education at right age, the benefits are many. The present study aims at examining the financial literacy levels among a sample of 156 students chosen from various colleges in Hyderabad. The research is undertaken to analyse if there is any correlation between financial knowledge, financial behaviour and attitude of youngsters. The reliability of the data is tested by applying Cronbach Alpha measure which is found to be 0.747. Factor analysis, a multivariate statistical technique is applied to identify underlying dimensions or factors, which explain the correlation among a set of variables relating to parental influences on youngsters’ financial behaviour and identify a smaller set of salient variables from a larger set.