COLUMBUS, Ohio—Seventy-two percent of college students are stressed about their finances, according to a new survey.
A report from The Ohio State University shows that 60% of college students in four-year universities worry about being able to pay for school, and those in junior colleges are slightly more stressed than those at traditional educational institutions.
Many students reported responsible behaviors when it comes to their credit cards—44% of students said they do not have a credit card at all, and another 32% only have one card. Only 7% of students said they have six or more credit cards in their name.
Of the small percentage of students who have multiple credit cards, 47% said they pay off their account balance every month. Students at four-year private universities are more likely to practice this behavior than other students, according to the report.
The study also showed roughly half of college students follow a financial budget—30% of students said they took a finance course in high school, and 23% said they attended a similar class or workshop in college. When students were asked fundamental finance questions, they got an average of three of five answers correct.
“Despite the stress most students face about paying for school, they have managed to employ sound credit card habits at an early age,” said Bill Hardekopf, CEO of LowCards.com, Birmingham, Ala. “This greatly reduces the debt upon graduation, which is beneficial since many be worried about paying back their student loans.”
Sixty-four percent of students have used student loans to pay for college, and one in five expect to have over $50,000 in debt by the time they graduate the study indicated.