Financial Illiteracy Rising among College Students

By Russell, Jason | Examiner (Washington, D.C.), The, April 3, 2015 | Go to article overview

Financial Illiteracy Rising among College Students


Russell, Jason, Examiner (Washington, D.C.), The


College students are borrowing more with fewer plans to pay back loans, according to a concerning new study conducted by EverFi, an education technology company.

"Even though respondents stated that they were anticipating borrowing more and more frequently, they had fewer plans for repaying those loans," the study said. "In general, responsible planning behaviors decreased over time, but risky financial moves such as using payday lenders or taking out cash advances on credit cards, remained stable."

From 2012 to 2014, the percentage of students at four-year colleges who followed a budget to limit their spending dropped from approximately 76 percent to 64 percent. Under half balance their checkbook, down from about 58 percent in 2012. The portion of students paying off loans and making loan payments on time also dropped from 2012 to 2014.

Interestingly, students at two-year colleges showed better financial literacy than their counterparts at four-year colleges. "Students from two-year institutions reported more experience with money management, less and smaller loans, and more responsible behaviors than their peers from four-year institutions," the study said. …

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