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College Students Less Prepared to Manage Money
Thursday, April 9, 2015 6:40 AM

A white paper released just in time for April's National Financial Literacy Month revealed that students continue to take out more and larger student loans, but feel less prepared to manage their money than any other responsibility they face in college.

The survey, conducted by the financial literacy firm EverFi and sponsored by Higher One, polled 42,000 first-year college students about banking, savings, credit cards, and student loans.

The survey said that only 58 percent of students feel prepared to manage their money, while 12 percent said they never check account balances because they fear what they will find. The percentage of those who said they were planning to balance their checkbooks next year, contact a credit bureau, or save and invest, all dropped over the last two years as well. And 16 percent of students said they live paycheck to paycheck, while only three-quarters stop spending money only when their bank account balances are low.

The survey results appear to support the idea that financial literacy education must begin before students enter college and continue through graduation.