More college students getting financial help from parents, study
- More than half of college students say parents help with credit card bills
- More than three quarters said inflation improved their financial literacy
- Students said economic factors were the biggest thing holding them back
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(NewsNation) — More college students are getting financial help from their parents as they grapple with the impacts of inflation.
A new Wallethub survey found 54% of college students said their parents helped them with credit card bills, which is 43% more than the previous year.
The majority of students, 83%, said they believed their parents would approve of their credit card choices. But that doesn’t mean they all want to talk about it. One in four students said they would be more comfortable discussing sex with their parents than finances.
While the vast majority of students, more than nine in 10, said inflation has made them concerned about their immediate future, more than three in four said it was still worth going into debt for a college education.
When it came to what is holding them back financially, 27% of students said the economy and the same number said financial literacy, followed by 20% who said inflation was preventing them from being financially successful. Other factors, including socioeconomic class, career choice and education level, ranked much lower.
While inflation has been a struggle for Americans across the spectrum, the survey found a silver lining, as 79% of college students surveyed said that inflation has forced them to improve their financial literacy.
