Financial Behavior Of College Students Based On Cognitive Bias Research

University is an important period when life concept and living skills form. The students' financial practice will directly affect their future lifestyle and even life attitude. College students as a special group of people are typical of the advanced culture of social class, but due to the lack of social experience, they are prone to detach theory from practice and have a variety of psychological deviations. Based on this, from the perspective of behavioral finance, this paper researches the cognitive bias and limited rational behaviors which may occur during the college students' financial practices. First, through the questionnaire investigation, a comprehensive understanding of the students' finance status is gotten, such as investment, consumer, financial concept, financial management education, and the possible cognitive biases which may affect the students' financial behavior are also tested in the investigation. The tested biases are over confidence, mental account, knowledge illusion, speculation mentality, sheep mentality, representative heuristic, control illusion, self-contribution, conservatism, loss aversion, time preference. Then on the basis of the investigation, two structural equation models are established to separately test the factors which affect the investment and consumer behavior, the possible factors are objective background, economic constraints, financial management education and cognitive bias. Finally, according to the research of college students' cognitive bias, some suggestions are brought forward to help the student finance more rationally; also some related recommendations are given to the financial management education which comes from college, family and financial institution based on the financial management education experience in foreign development countries.