Starting college can be overwhelming. Between finding your way around campus, juggling classwork, and plenty of new faces, there is a lot to learn. Amid all this, personal finance education might not even be on the average freshman’s radar.
However, for many young adults, college is their first foray into financial responsibility, and it’s important to start off on the right foot; unhealthy attitudes about money and poor money habits at this time can lead to a lifetime of financial problems.
Consider this Money Matters on Campus infographic from EverFi and Higher One. In a survey of 40,000 students (average age 18, 91% Freshmen), the infographic reports that as student loans increase, students are more likely to:
- state it’s better to have something now and pay it later
- report financial related stress
- report that they’ve bought something even though they knew they couldn’t afford it
A student with these financial attitudes and habits is likely to increase their debt and financial stress throughout college. So whether you are a freshman or a senior, take the time to assess your attitudes toward money, as well as your spending and saving practices. If you find that your habits are leading to more debt and stress, use that as motivation to turn your finances around.