A survey conducted in December of 2015 by Sallie Mae and Ipsos, a student loan company and market research firm respectively, show that college students (ages 18-24) are actually handling their money in a smart manner.
The report by Inside Higher Ed shows the findings of the study on the average balance of college student’s bank accounts:
With the scare of student debt and finding a job after graduation, students tend to be more conscious about the money that they are spending. The study found that 65% of students have a paying job, and that 55% set aside savings every month. Another odd finding: most students prefer debit cards to credit cards so that they don’t impulse buy. Of those who do use credit cards, 77% of them pay their bills on time.
The term broke is changing from not having any money to not wanting to spend money knowing about all of the debt that lies waiting until after graduation. Being broke on a college campus is a very common thing. In fact, joking about it is honestly one of the things that brings us all together.
But it seems like we're actually doing a little better than we give ourselves credit for.
Lead Image Credit: Taxcredits.net, Flickr