Financial literacy is a crucial life skill often overlooked in college education. Students usually have to rely on external sources for information, like close family and friends. First-generation college students (FGCS) encounter distinct challenges when navigating the financial aspects of higher education, including lack of familial guidance and financial strain, which could have a lasting impact on their financial futures. Despite these challenges, there is a lack of understanding of external factors that may contribute to the financial knowledge gap among FGCS, such as their parents' nativity status. In this study, I estimated a least-squares regression using data from the 1997 National Longitudinal Survey of Youth (NLSY97) to explore disparities in financial literacy between first-generation and continuing-generation college students (CGCS) while considering the moderating effect of parental nativity status. The results indicated that CGCS exhibited higher financial literacy scores than FGCS, and FGCS exhibited higher financial literacy scores than students with no college experience. However, no significant relationship was found between a respondent's financial literacy and their parent's nativity status. Additionally, males, older people, people with high family income, and White and Asian people had higher levels of financial literacy than their counterparts. These findings contribute to the literature by demonstrating how parental factors can impact a child's financial literacy, but not all are significant, such as their parent's nativity status. This outcome is important to consider when designing financial literacy programs to bridge the knowledge gaps among parents and first-generation college students.