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Almost one-third (32%) of college students, when
thinking about their freshman year, admit that they
were "not at all" or "not very well prepared" for
managing their money on campus (Key Bank and
Harris Interactive, 2006).
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One-third of students reported having two credit
cards or more, while 12% had three or more credit
cards (Buffalo State College, 2007).
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A recent survey by Sallie Mae found that more than
half of college students accumulated more than
$5,000 in credit card debt while in school. Of the
13,000 respondents, one-third had more than
$10,000 in credit card debt while in school (Sallie
Mae, 2007).
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The majority of college students say they learn the
most about personal finance from their parents, but
less than half the students say their parents make a
consistent conscientious effort to teach them (The
Hartford Financial Services Group, Inc., 2007).
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76% of parents said that schools should be
required to teach money management skills (Visa,
2005).
Half of the college students surveyed believe the
"process of identifying ways to pay for college to
be complicated and confusing" while only 43%
believe their school's financial aid office was
"helpful in identifying ways to pay for college"
(Student Monitor Lifestyle & Media, 2006).
52% of teens are eager to learn more about money
management (Capital One, 2007).
When asked about the topics they would most like
to learn about, teens express interest in how
financing works for large purchases such as a car or
a home (74%), investing money (72%), identity
theft and how to protect themselves (68%), saving
money (62%), budgeting (58%), stocks (58%),
checking accounts (55%) and credit cards (55%)
(Capital One, 2007).
