A recent survey conducted by WalletHub reveals that the majority of college students in the United States are experiencing high levels of financial stress. The survey found that 70% of students feel overwhelmed by their financial responsibilities, with 60% expressing regret over the amount they borrowed with student loans. Additionally, a fifth of students do not have a plan for paying off their student debt after college, and over a quarter of students would give their personal finances a grade of “C” or worse. However, the results were not entirely negative, as 41% of students gave their personal finances an “A” grade.

The survey highlights the need for better financial literacy education among college students. Many students are relying on their parents to help pay their credit card bills, and colleges are not doing enough to teach students about personal finance. The importance of financial understanding is underscored by the fact that students are taking out loans to attend classes, yet they often lack the necessary financial knowledge. Economists and financial experts agree that colleges should take a more proactive role in teaching financial literacy, suggesting that even a simple one-credit course on personal finances could make a significant difference.

The findings of this survey underscore the pressing need for higher education institutions to prioritize financial education and support for their students. By providing students with the tools and knowledge to manage their finances effectively, colleges can help alleviate the financial stress that many students face and ensure a more successful academic and professional journey.