The study found that college students’ financial futures, credit card debt and more have been largely affected by the COVID-19 pandemic.
08/17/2022 1:45 P.M.
1.5 minute read
A recent WalletHub survey gauging how college students are coping with the lasting effects of the COVID-19 pandemic, including rising inflation, found that students feel uncertain about their financial futures and do not feel ready to be on their own financially.
Key findings from the survey include:
- Sixty-eight percent of students say it’s worth going into debt for a college education.
- More than 1 in 4 students say they feel unprepared to be on their own financially.
- Forty-three percent of students say the economy is holding them back the most financially. Other reasons included socioeconomic status (19%), financial literacy (15%), career choice (12%) and education level (11%).
- Eighty-six percent of students said the pandemic made them more concerned about their financial futures; in contrast, roughly 80% said their financial literacy has improved due to the pandemic.
- Thirty percent of students grade their knowledge of personal finance with an ‘A’ in 2022, while 34% would grade their parents’ personal finance with an ‘A.’
- 1 in 3 students consider themselves spenders, rather than savers.
- Thirty-seven percent of college students get help from their parents with their credit card bills.
- Sixty-two percent of students say financial education is more important now than it was before the pandemic.
WalletHub’s findings were based on a nationally representative survey of nearly 250 respondents conducted in August 2022.
Read more findings from the survey here.
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