<p>Using Structural Equation Modeling, this study examines how college generation status relates to the paths from financial socialization processes (parental financial socialization, financial education offered at high school and college) to their outcomes (financial knowledge, self-efficacy, and behaviors). Using data from a part of the 2020 Study on Collegiate Financial Wellness (SCFW), we analyzed 738 undergraduate students’ responses from one large public university in the Midwest. We found that first-generation college students engage more in negative financial behaviors compared to their counterparts. This adverse outcome can be partially explained by their financial socialization processes. First-generation college students had less experience of parental financial socialization but were more likely to seek financial advice from outside—through financial education offered at college. Although both parental financial socialization and financial education at school were associated with higher financial self-efficacy, parental financial socialization showed a stronger association. This explains the gap in financial behavior between first-generation students and continuing-generation students as financial self-efficacy is associated with promoting positive financial behavior and preventing negative financial behavior. The findings from this study provide practical implications for policymakers, university administrators, financial educators, and counselors.</p>