- 38% of students were never taught how to manage their finances, while 35% were taught by a parent or family member.
- Male students are far more likely than female students to say they are confident in budgeting their money (75% vs. 64%) and their knowledge of how student loans work (61% vs. 51%).
- Almost half (49%) of students overall say they often felt stressed about money in the last month.
Most college students will graduate at a financial disadvantage because of student debt, and the fact that many never learned how to properly manage money could make post-grad life even harder.
A new survey of 1,500 undergraduates finds that almost 4 in 10 (38%) were never taught how to manage their finances, such as how to make a budget and pay bills. Just 1 in 5 (20%) were taught in school, while 35% were taught by a parent or family member and 6% were taught by someone else.
Students who were never taught how to manage their money say they relied on YouTube, Google, and podcasts to learn, while others who did take a finance class say their school’s guidance wasn’t enough. “They basically just showed us that [everything] is expensive and being poor sucks. Never actually helped with anything,” a student from Central Michigan University says.
One-Third of Students Learn How to Manage Money from a Family Member
Were you ever taught how to manage your finances, such as how to make a budget and pay bills?
More than one-third (35%) of students say they are not confident in managing their finances, while almost two-thirds (64%) are at least somewhat confident. When it comes to budgeting each month, 68% of students are confident in their knowledge. But fewer students are confident in their knowledge of how credit scores (52%) and student loans work (55%).
Across different aspects of personal finance, a stark gender gap persists. Female students are more likely than male students to say they were never taught how to manage their finances (41% vs. 32%). Meanwhile, male students are far more likely than their female peers to say they are confident in budgeting their money each month (75% vs. 64%), their knowledge of how credit scores work (60% vs. 47%), and their knowledge of how student loans work (61% vs. 51%).
Male Students are More Confident in Managing their Finances
Percent of students who say they are confident in their knowledge of…
Nine in 10 (90%) undergraduates say all students should be required to take a class on personal finance at some point. More than half (55%) say it should be a high school requirement, while 8% say it should be a college requirement and 27% say students should take personal finance classes in high school and college. Just 8% say a personal finance class should not be required at all.
Between high tuition costs, student loans, and daily expenses, many college students are stressed about money. Almost half (49%) of students overall say they often felt stressed about money in the last month, while only 4% say they were never stressed. Female students are more likely than male students to say they often felt stressed in the last month (58% vs. 38%). Students on financial aid are also more likely than those not on financial aid to often stress over money (51% vs. 41%).
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Methodology: This survey was designed and conducted by College Pulse. Interviews were conducted among a sample of 1,500 full-time and part-time students attending four-year colleges or universities in the U.S. who are part of College Pulse’s American College Student Panel.
