Research surrounding the determinants of financial literacy is an area that has been gaining interest since the Great Recession. Most existing literature focuses on demographic characteristics and formal financial and economic education. Does education and ability alone determine financial literacy or are there ways that parents can ensure their children become financially literate young adults? This study examines the financial literacy of incoming freshman at a major public university in the United States and their financial background. Results confirm the low level of financial literacy among this cohort; on average, students answer five out of ten questions correctly. Demographic results are consistent with previous literature, females and those with low levels of math ability have among the lowest levels of knowledge. However, results from this paper suggest that parents have a significant role, both directly and indirectly, in improving the level of financial literacy among this cohort. The authors hypothesize that parents can teach students to value financial information. Our indicators of value, student perception of parents financial knowledgeable and frequency with which financial topics are discussed, result in higher levels of literacy.