To gain a better understanding of how college students are coping during these unprecedented times, as well as how the situation is affecting students’ personal finances, WalletHub conducted a nationally representative survey of current college students. We asked them about everything from how their opinion of their financial future has changed during the pandemic to how they would grade their personal finances. You can find the complete results in the infographic below.
Key Stats
- 46% of students think universities did not do enough to support them during the pandemic.
- 41% of college students get help from their parents with their credit card bills.
- 35% fewer students would grade their personal finance with an A in 2021 vs 2020.
- Almost 1 in 3 students consider themselves spenders, rather than savers.
- Two-thirds of students say the pandemic will make it harder for them to get a job.
- 26% more students from medium-income households say a lack of financial literacy holds them back the most financially, compared to students from high-income households.
Survey Methodology
This report reflects the results of a nationally representative online survey of more than 300 respondents.
After we collected all responses, we normalized the data by gender and income so the sample would reflect U.S. demographics.
Full Details Overall
| Have colleges and universities done enough to support students during the pandemic? | |
|---|---|
| Yes | 54% |
| No | 46% |
| Do your parents help pay your credit card bills? | |
| No | 59% |
| Yes | 41% |
| What grade would you give your personal finance? | |
| B | 47% |
| A | 30% |
| C | 16% |
| D | 4% |
| F | 3% |
| Do you consider yourself a spender or a saver? | |
| Saver | 71% |
| Spender | 29% |
| Has your financial literacy improved during the COVID pandemic? | |
| Yes | 60% |
| No | 40% |
| What has the COVID pandemic taught you the most about? | |
| Savings | 37% |
| Economy | 22% |
| Employment | 22% |
| Stock market | 13% |
| Debt | 6% |
| Has the COVID pandemic made you more concerned about your financial future? | |
| Yes | 70% |
| No | 30% |
| Has the COVID pandemic changed the way you feel about education in general? | |
| Yes, I think education is more important now | 46% |
| No, I feel the same way as before | 33% |
| Yes, I think education is less important now | 21% |
| Do you think the COVID pandemic will make it harder for you to get a job? | |
| Yes | 67% |
| No | 33% |
| What is holding you back more financially? | |
| COVID pandemic | 64% |
| Lack of financial literacy | 36% |