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ERIC Number: ED577455
Record Type: Non-Journal
Publication Date: 2016
Pages: 49
Abstractor: ERIC
Majoring in Money: How American College Students Manage Their Finances
Sallie Mae Bank
Sallie Mae, the nation's saving, planning, and paying for college company, along with Ipsos, one of the world's largest, independent market research companies, surveyed 800 college students to learn more about how they are managing their finances and using credit. The online survey, completed in December 2015, comprised a cross-section of key demographic variables. Specifically, this report, "Majoring in Money: How American College Students Are Managing Their Finances," examines the financial habits of college students between the ages of 18 and 24, including the methods they use to pay for purchases, their knowledge and use of credit, and their money management skills. The report finds the majority of American college students are handling their finances responsibly, and they are looking for opportunities to understand and improve their credit management. College students are taking advantage of an array of methods to pay for all types of purchases. While debit cards are the top payment choice, 56 percent of this year's students are carrying credit cards. Their general attitude toward credit is sensible and most students are prudently managing their money. These positive financial behaviors, however, mask an underlying gap in college students' knowledge about the detailed workings of credit. Nevertheless, four out of five college students are eager for more information and resources--from saving strategies to budgeting--to help them better manage their finances.
Sallie Mae Bank. 300 Continental Drive, Newark, DE 19713. Web site:
Publication Type: Reports - Research; Numerical/Quantitative Data
Education Level: Higher Education
Audience: N/A
Language: English
Sponsor: N/A
Authoring Institution: Ipsos Public Affairs; Sallie Mae Bank