Attending college can be exciting but also at times scary, especially when you consider that most students aren't taught much about personal finance. Students’ fears have only been intensified recently by sky-high inflation and other economic troubles, which threaten to make higher education less affordable.
In order to learn more about college students’ thoughts about finance and education during these difficult times, WalletHub conducted a nationally representative survey, which found that over 88% of students are concerned about the economy. The survey asked about everything from how worried students are about inflation to how well their schools are educating them about personal finance. You can find the complete results in the infographic below.
Key Stats
- Over 88% of students are concerned about the economy.
- 80% of students are worried about inflation.
- 54% more students say they don’t have a credit card account this year compared to 2022.
- The number one post-graduation fear among students is student loan debt (34%), followed by not finding a job (32%).
- 63% of students think their tuition is a good investment.
- Half of students say their school is not doing enough to educate them about personal finance.
Ask the Experts
- WalletHub’s survey found that over 88% of students are concerned about the economy. What do you think are the main factors that cause such an overwhelming majority to worry at the moment?
- Do you agree with the 63% of students who think their tuition is a good investment?
- Why do you think 54% more students say they don’t have a credit card this year compared to 2022?
- What advice do you have for the 34% of students who say their biggest post-graduation fear is student loan debt?
- Half of students say their school is not doing enough to teach them about personal finance. What measures should schools take in order to offer a more adequate personal finance education?
Ask the Experts
Associate Professor, Personal Finance Extension Specialist, College of Agricultural and Life Sciences and Margaret Ritchie School of Family and Consumer Sciences, University of Idaho
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Ph.D., CFP® – Professor of Finance and Director of Financial Planning, College of Business Administration – Winthrop University
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Instructor of Personal Finance, Nathan M. Bisk College of Business – Florida Institute of Technology
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Senior Accounting Instructor, Stephens College of Business – University of Montevallo
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IFSA, CERA, MAAA – Assistant Professor of Practice, Finance – Saint Joseph's University
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Professor - College of Business and Economics – University of Wisconsin-River Falls
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Methodology
This report reflects the results of a nationally representative online survey of over 200 respondents.
After we collected all responses, we normalized the data by gender and income so that the sample would reflect U.S. demographics.
Full Details Overall
| Are you an authorized user on a parent’s credit card? | |
|---|---|
| Yes | 58% |
| No | 42% |
| When did you get your first credit card account? | |
| Freshman year | 28% |
| Sophomore year | 26% |
| Senior year | 24% |
| Junior year | 13% |
| I don't have one | 9% |
| How did / will you pick your first credit card? | |
| Recommendation from family/friend | 51% |
| Credit card comparison site | 30% |
| Easiest one to get | 19% |
| Are you worried about inflation? | |
| Yes | 80% |
| No | 20% |
| How would you describe your opinion of credit cards? | |
| Positive | 34% |
| Very Positive | 28% |
| Neutral | 26% |
| Negative | 7% |
| Very Negative | 5% |
| Do you think that you’ll be financially worse or better off than your parents? | |
| Better | 74% |
| Worse | 26% |
| What is your biggest post-graduation fear? | |
| Student loan debt | 34% |
| Not finding a job | 32% |
| Credit card debt | 18% |
| Living with parents | 17% |
| Which do you use more often? | |
| Credit card | 52% |
| Debit card | 33% |
| Cash | 12% |
| Other (Venmo, Apple Pay, etc) | 3% |
| What type of credit card is best for a college student? | |
| Low interest | 34% |
| Cash back | 29% |
| No annual fee | 20% |
| I’m not sure | 10% |
| Balance transfer | 6% |
| Travel rewards | 1% |
| Do you think your tuition is a good investment? | |
| Yes | 63% |
| No | 37% |
| What worries you more? | |
| Student loan debt | 52% |
| Credit card debt | 48% |
| To what extent do you rely on your parents financially? | |
| Partly | 42% |
| Completely | 31% |
| Not at all | 27% |
| Has a parent’s debt negatively impacted you? | |
| Yes | 54% |
| No | 46% |
| Is your school doing enough to educate you about personal finance? | |
| No | 50% |
| Yes | 50% |
| Are you concerned about the economy? | |
| Yes | 88% |
| No | 12% |
Note: Percentages may not total 100% due to rounding.
