Washington, DC - On March 10, 2016, Sallie Mae and Ipsos Public Affairs published the first report in a new study, Majoring in Money: How American College Students Manage Their Finances adding to the current annual studies How America Pays for College and How America Saves for College.
“Majoring in Money” reports the results of online interviews of 800 college students between the ages of 18 and 24. The report finds college students have adopted behaviors that promote sound credit management:
- More than three fourths (77 percent) pay their bills on time.
- Six in ten (60 percent) never spend more money than they have available.
- More than half (55 percent) save at least some money every month.
- One in four (24 percent) has an emergency fund.
In addition, most college students are using credit cards responsibly:
- While most make purchases with debit cards (85 percent), cash (86 percent), and mobile payments (77 percent), more than half (56 percent) have a credit card.
- Six in 10 (59 percent) report their primary reason for getting a credit card is to build a credit history.
- Nearly two-thirds (63 percent) pay the full balance duel each month.
- Nearly three-fourths (73 percent) pay the bill themselves.
- Seven in 10 (69 percent) report an average monthly balance of $500 or less.
Click here to read the full report.
For more information on this news release please contact:
Senior Vice President
Ipsos Public Affairs
Ipsos Public Affairs
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