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WalletHub Survey : 66% of college students say COVID-19 has changed how they feel about their financial future

the staff of the Ridgewood blog

Two-thirds of college students (13.3 million) say the coronavirus has changed how they feel about their financial future, according to the personal-finance website WalletHub’s 2020 College Student Financial Survey, released today. The survey also revealed that students feel the pandemic is the biggest thing holding them back financially right now, ahead of a lack of money and a lack of financial literacy.

More than 6.4 million college students get help from their parents with their credit card bills.
2X more students from medium-income households say a lack of financial literacy holds them back the most, compared to students from high-income households.
15% more students would grade their knowledge of personal finance with an A in 2020 vs 2019.
14% more students consider themselves savers in 2020 vs. 2019.
In a question and answer students gave the following answers :

How has the coronavirus pandemic affected financial literacy among college students?

“The coronavirus has increased financial literacy among college students overall, with 6 in 10 students reporting an improvement in financial aptitude as a result of the pandemic,” said WalletHub analyst Jill Gonzalez. “This is actually one sliver of a silver lining that we can take from COVID-19. Young people are watching what’s going on and learning just how important financial security really is when the unexpected can happen at any time.”

Should students rethink their future schooling and career prospects as a result of the pandemic?

“Students should always be thinking about their future schooling and career prospects in order to make sure they’re putting themselves in the best possible position to succeed, and when new variables are added to the equation, that may change the final conclusion,” said WalletHub analyst Jill Gonzalez. “Students should not make any rash decisions in the heat of the moment, however, because the coronavirus pandemic is not done shaping young people’s futures.”

What do you think is the biggest thing holding students back financially right now?

“Four in 10 students will tell you the biggest thing holding them back financially right now is the coronavirus. Students aren’t getting the same bang for their (or their parents’) buck on tuition right now, and nearly 7 in 10 students believe the pandemic will make it harder for them to get a job,” said WalletHub analyst Jill Gonzalez. “However, blaming everything on the pandemic is a bit shortsighted. We owed more than $1 trillion in student loan debt well before the coronavirus was a twinkle in that Wuhan bat’s little eye, and opportunities for advancement have decreased with the shift to online learning.”

2 thoughts on “WalletHub Survey : 66% of college students say COVID-19 has changed how they feel about their financial future

  1. College Students think about their financial futures??
    Really?

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