UWIRE<\/p>\n
Today, LendEDU released its 2016 College Students and Personal Finance Study\u00a0based on a survey of 455 college students. Over 59% of those surveyed gave themselves a C or worse when asked how successful they are in managing finances and money.<\/p>\n
Students were asked 25 questions related to managing money and personal finance. The surveyed was designed to gain an understanding of students\u2019 perspectives and to test the knowledge of current college students.<\/p>\n
\u201cPersonal finance education is vital for this generation of high school and college students,\u201d said Nate Matherson, CEO & Co-Founder of LendEDU. \u201cParents, educators, and government must engage with young adults. Without basic personal finance education, young adults will be left uninformed and unconfident. Personal finance knowledge is critical for every American, regardless of age.\u201d<\/p>\n
LendEDU\u2019s survey, which included 25 multiple choice questions, found holes in the overall understanding of personal finance. Many of the questions offered eye opening insights into the minds of current college students. In short, current college students are lacking knowledge in saving and budgeting.<\/p>\n
Here are the results of the survey (numbers rounded in this press release):<\/p>\n
Grade yourself in terms of successfully managing your finances and money.<\/strong> What sounds most like your current financial situation?<\/strong> Are you saving money each month?<\/strong> What percentage of your income is saved each month?<\/strong> Do you track your monthly spending with an app or by hand?<\/strong> Do you currently have an emergency fund?<\/strong> How knowledgeable are you about creating and maintaining a budget?<\/strong> What is your largest source of income?<\/strong> What is your biggest monthly expense?<\/strong> What is the average interest rate paid on a savings account in the United States?<\/strong> How knowledgeable are you when it comes to saving for retirement?<\/strong> How knowledgeable are you when it comes to financial investments?<\/strong> How much did your parent(s) \/ guardian(s) teach you about managing money?<\/strong> Did you receive personal finance education in high school?<\/strong> Did you take a personal finance course in college? Or, do you plan to take a personal finance course in college?<\/strong> Which sources do you trust the most for learning about managing money?<\/strong> Which best describes your current personal finance goal?<\/strong> Do you feel like student loan debt will hold you back financially after graduation?<\/strong> Have you ever been late on a credit card payment?<\/strong> 43 percent of students surveyed could not name one major difference between a credit and debit card<\/p>\n 23 percent of students surveyed could not name one major difference between a checking account and a savings account<\/p>\n 79 percent of students surveyed did not know the difference between a traditional bank and a credit union<\/p>\n 68 percent of students surveyed did not know what a 401k or IRA is used for<\/p>\n 58 percent of students surveyed were not working to build good credit<\/p>\n 43 percent of students surveyed believed that checking their credit report would hurt their credit score<\/p>\n <\/p>\n","protected":false},"excerpt":{"rendered":" UWIRE Today, LendEDU released its 2016 College Students and Personal Finance Study\u00a0based on a survey of 455 college students. Over 59% of those surveyed gave… <\/p>\n","protected":false},"author":127,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false},"version":2}},"categories":[3398,11],"tags":[9953,106],"class_list":["post-27038","post","type-post","status-publish","format-standard","hentry","category-campus-news","category-news","tag-2016-college-students-and-personal-finance-study","tag-fort-hays-state-university"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack-related-posts":[],"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/tigermedianet.com\/index.php?rest_route=\/wp\/v2\/posts\/27038","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tigermedianet.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tigermedianet.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tigermedianet.com\/index.php?rest_route=\/wp\/v2\/users\/127"}],"replies":[{"embeddable":true,"href":"https:\/\/tigermedianet.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=27038"}],"version-history":[{"count":2,"href":"https:\/\/tigermedianet.com\/index.php?rest_route=\/wp\/v2\/posts\/27038\/revisions"}],"predecessor-version":[{"id":27040,"href":"https:\/\/tigermedianet.com\/index.php?rest_route=\/wp\/v2\/posts\/27038\/revisions\/27040"}],"wp:attachment":[{"href":"https:\/\/tigermedianet.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=27038"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tigermedianet.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=27038"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tigermedianet.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=27038"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\n8 percent of students surveyed reported \u201cA\u201d
\n32 percent of students surveyed reported \u201cB\u201d
\n41 percent of students surveyed reported \u201cC\u201d
\n14 percent of students surveyed reported \u201cD\u201d
\n4 percent of students surveyed reported \u201cF\u201d<\/p>\n
\n51 percent of students said \u201cI\u2019m barely keeping up\u201d
\n49 percent of students said \u201cI\u2019m doing just fine\u201d<\/p>\n
\n42 percent of students surveyed reported \u201cYes\u201d
\n58 percent of students surveyed reported \u201cNo\u201d<\/p>\n
\n29 percent of students surveyed reported \u201c0%\u201d
\n12 percent of students surveyed reported \u201c1-10%\u201d
\n20 percent of students surveyed reported \u201c11-20%\u201d
\n21 percent of students surveyed reported \u201c21-30%\u201d
\n6 percent of students surveyed reported \u201c31-40%\u201d
\n2.2 percent of students surveyed reported \u201c41-50%\u201d
\n1.7 percent of students surveyed reported \u201c51-60%\u201d
\n2.6 percent of students surveyed reported \u201c61-70%\u201d
\n1.3 percent of students surveyed reported \u201c71-80%\u201d
\n1.7 percent of students surveyed reported \u201c81-90%\u201d
\n2.2 percent of students surveyed reported \u201c90% or higher\u201d<\/p>\n
\n42 percent of students surveyed reported using an app
\n15 percent of students surveyed reported budgeting by hand
\n43 percent of students surveyed said that they don\u2019t track monthly spending<\/p>\n
\n19 percent of students have an emergency fund
\n81 percent of students do not have an emergency fund<\/p>\n
\n18 percent of students surveyed reported that they are \u201cVery Knowledgeable\u201d
\n41 percent of students surveyed reported that they are \u201cModerately Knowledgeable\u201d
\n36 percent of students surveyed reported that they are \u201cMinimally Knowledgeable\u201d
\n5 percent of students surveyed reported that they are \u201cNot Knowledgeable\u201d<\/p>\n
\n27 percent of students surveyed reported \u201cI don\u2019t have an income\u201d
\n16 percent of students surveyed reported \u201cOn-campus job\u201d
\n24 percent of students surveyed reported \u201cPart-time job off campus, or internship\u201d
\n28 percent of students surveyed reported \u201cSummer jobs\u201d
\n5 percent of students surveyed reported \u201cFull-time employment\u201d<\/p>\n
\n38 percent of students surveyed reported \u201cFood\u201d
\n25 percent of students surveyed reported \u201cAlcohol and\/or Drugs\u201d
\n29 percent of students surveyed reported \u201cRent\u201d
\n8 percent of students surveyed reported \u201cClothes\u201d<\/p>\n
\n26 percent of students surveyed reported \u201c0-1%\u201d
\n42 percent of students surveyed reported \u201c1-3%\u201d
\n22 percent of students surveyed reported \u201c3-5%\u201d
\n8 percent of students surveyed reported \u201c5-7%\u201d
\n2 percent of students surveyed reported \u201c+7%\u201d<\/p>\n
\n9 percent of students surveyed reported that they are \u201cVery Knowledgeable\u201d
\n42 percent of students surveyed reported that they are \u201cModerately Knowledgeable\u201d
\n35 percent of students surveyed reported that they are \u201cMinimally Knowledgeable\u201d
\n13 percent of students surveyed reported that they are \u201cNot Knowledgeable\u201d<\/p>\n
\n7 percent of students surveyed reported that they are \u201cVery Knowledgeable\u201d
\n33 percent of students surveyed reported that they are \u201cModerately Knowledgeable\u201d
\n34 percent of students surveyed reported that they are \u201cMinimally Knowledgeable\u201d
\n26 percent of students surveyed reported that they are \u201cNot Knowledgeable\u201d<\/p>\n
\n21 percent of students surveyed reported their parents \u201ctaught me specifically how to manage money\u201d
\n25 percent of students surveyed reported their parents \u201ctaught me general ways of managing money\u201d
\n24 percent of students surveyed reported their parents \u201chelped me learn through example\u201d
\n30 percent of students surveyed reported their parents \u201cdid not teach me how to manage money\u201d<\/p>\n
\n14 percent of students surveyed reported \u201cYes, I received an adequate amount\u201d
\n35 percent of students surveyed reported \u201cYes, I received a little bit\u201d
\n51 percent of students surveyed reported \u201cNo, I received no education at all\u201d<\/p>\n
\n34 percent of students surveyed reported \u201cYes, I\u2019ve taken a class already\u201d
\n21 percent of students surveyed reported \u201cNo, but I plan on taking a course\u201d
\n45 percent of students surveyed reported \u201cNo, I haven\u2019t taken a course and I don\u2019t plan on it\u201d<\/p>\n
\n39 percent of students surveyed reported \u201cBank websites\u201d
\n11 percent of students surveyed reported \u201cBank Branches\u201d
\n9 percent of student surveyed reported \u201cSchool\/academic institutions\u201d
\n41 percent of students surveyed reported \u201cOther financial websites\u201d<\/p>\n
\n29 percent of students surveyed reported \u201cPay off student loan debt\u201d
\n19 percent of students surveyed reported \u201cStart saving for retirement\u201d
\n23 percent of students surveyed reported \u201cBuild good credit\u201d
\n20 percent of students surveyed reported \u201cSave for vacation and\/or special purchase\u201d
\n9 percent of students surveyed reported \u201cStart an emergency fund\u201d<\/p>\n
\n38 percent of students surveyed reported \u201cYes, student loan debt will hold me back financially\u201d
\n33 percent of students surveyed reported \u201cNo, student loan debt will not hold me back financially\u201d
\n29 percent of students surveyed reported \u201cNot applicable, I don\u2019t have student loan debt\u201d<\/p>\n
\n8 percent of students surveyed reported \u201cYes\u201d
\n32 percent of students surveyed reported \u201cNo\u201d
\n60 percent of students surveyed reported \u201cDoes not apply\u201d<\/p>\n