Student Money Survey
2:23 AMPosted by: John S Kiernan
Attending college is a big achievement and an exciting time in one’s life. It can also be scary, especially when you consider that most students aren't taught much about personal finance.
In order to learn more about college students’ preparedness and plans for increased financial independence, WalletHub conducted a nationally representative survey. We asked about everything from who students' financial role models are to whether credit card debt or student loan debt scares them more. You can find the complete results in the infographic below.
Key Stats- 45% of students say credit card debt worries them more than student loan debt.
- 59% of college students say their school is not doing enough to educate them about personal finance.
- 1 in 3 college students think they’ll be worse off financially than their parents.
Embed on your website<a href="http://bit.ly/2HanPSy"> <img src="//d2e70e9yced57e.cloudfront.net/wallethub/posts/62541/2019-student-money-survey-v7.png" width="" height="" alt="" /> </a> <div style="width:px;font-size:12px;color:#888;">Source: <a href="http://bit.ly/2YicxS6>
| Are you an authorized user on a parent’s credit card? | |
|---|---|
| No | 63% |
| Yes | 37% |
| When did you get your first credit card account? | |
| I don’t have one | 33% |
| Freshman year | 26% |
| Senior year | 21% |
| Sophomore year | 11% |
| Junior year | 9% |
| How did / will you pick your first credit card? | |
| Recommendation from a family member | 55% |
| Credit card comparison site | 20% |
| Easiest one to get | 17% |
| Recommendation from a friend | 7% |
| Celebrity endorser | 2% |
| How would you describe your opinion of credit cards? | |
| Neutral | 36% |
| Positive | 29% |
| Very Positive | 16% |
| Negative | 14% |
| Very Negative | 5% |
| How would you describe your parents’ opinion of credit cards? | |
| Positive | 32% |
| Neutral | 32% |
| Negative | 15% |
| Very Positive | 14% |
| Very Negative | 7% |
| Do you think that you’ll be financially worse or better off than your parents? | |
| Better | 68% |
| Worse | 32% |
| What is your biggest post-graduation fear? | |
| Not finding a job | 45% |
| Student loan debt | 28% |
| Living with Parents | 14% |
| Credit card debt | 13% |
| What’s the best thing about credit cards? | |
| Ability to build credit | 46% |
| Convenience | 17% |
| Extra money when you need it | 16% |
| Rewards | 14% |
| Fraud protection | 7% |
| Which do you use more often? | |
| Debit card | 53% |
| Credit card | 23% |
| Cash | 20% |
| Other (Venmo, Apple Pay, etc) | 4% |
| What type of credit card is best for a college student? | |
| Low interest | 31% |
| I’m not sure | 21% |
| No annual fee | 21% |
| Cash back | 18% |
| Balance transfer | 6% |
| Travel rewards | 3% |
| What worries you more? | |
| Student loan debt | 55% |
| Credit card debt | 45% |
| To what extent do you rely on your parents financially? | |
| Partly | 53% |
| Completely | 30% |
| Not at all | 17% |
| Was your education a good investment? | |
| Yes | 85% |
| No | 15% |
| Has a parent’s debt negatively impacted you? | |
| No | 65% |
| Yes | 35% |
| Is your school doing enough to educate you about personal finance? | |
| No | 59% |
| Yes | 41% |
Note: Percentages may not total 100% due to rounding.
from Wallet HubWallet Hub
via Finance Xpress
0 comments