Nearly Three Quarters of Students Will Graduate with Around $32,000 of Debt, Survey Finds
Today’s college students need to have a keen sense of personal finance because they will graduate with a heck of a lot of debt on their books. The good news is, this new generation is serious about taking care of their money.
According to survey results in online banking firm Chime’s 2016 Money Mindset Report: University Edition, nearly three quarters of students will graduate with an average of $32,000 of debt.
A worrying 67% of college seniors surveyed said that they do not have a full-time job lined up after graduation.
It seems that today’s young people are caught between the twin pressures of a college tuition bubble and an economy that hasn’t gotten out of second gear since 2008.
However, this same survey of college juniors and seniors found that 84% consider saving money to be very or extremely important. Ninety-one percent say they are planning to save regularly.
This would make them a heck of a lot more responsible with money than any generation born since WWII. Hats off to them.
Around 75% of respondents plan to save for an emergency fund and for a major purchase such as a home or wedding.
Just around half say they also plan to set aside savings for retirement, and to pay down student debt.
These are solid numbers. Of course, it would be best for ALL of them to start saving for retirement – but these are numbers we can work with.
And no offense to Chime, (who do have a cool business model), but there’s no substitute for having a credit union in your corner. While you might also want to have a Chime debit card, nothing beats the person-to-person touch – and full suite of banking services — that CUs offer.
After all, it takes will power to put a savings plan together; you need a financial support system.
Today’s graduates will have a tough time managing their money. Here’s hoping they succeed.
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