The coronavirus epidemic has taken its toll on the American economy, making it more difficult for millions of people to pay their credit card and other obligations on time, much alone put food on the table. However, despite (or maybe because of) the epidemic, college students are now using credit more responsibly than ever before, according to a recent poll conducted by AIG Retirement Services and EVERFI.
- According to a recent poll conducted by AIG and EVERFI, college students are becoming more conscious of their financial management.
- One factor might be the financial strain caused by the coronavirus outbreak.
- More students report that they pay their credit card bills on time and always pay more than the minimum amount required.
Is Anxiety Driving Better Financial Behaviors?
Millions of families throughout the nation have been impacted by the epidemic and subsequent economic crisis. According to the study, approximately a third of college students have witnessed more financial stress imposed on their families, and slightly more than four in ten feel more apprehensive about the academic year.
Simultaneously, more college students are taking measures to utilize credit sensibly and avoid the special risks associated with credit card debt.
|How Students Say They’re Handling Their Finances|
|2019-20 Students||2020-21 Students|
|Stop spending when cash is running low||64%||75%|
|Check their bank account regularly||65%||72%|
|Always pay more than the minimum on their credit card||42%||57%|
|Plan to create a budget to track spending in the next year||48%||53%|
|Plan to pay their credit card bill on time in the next year||60%||71%|
Plan to pay their entire bill each month in the next year
Despite the fact that a higher proportion of students are engaging in beneficial financial practices, they are nonetheless worried about their financial condition. For example, 38% are concerned about having enough money to survive the semester. Approximately the same proportion of respondents stated they would be unable to pay for a significant unexpected bill.
The poll, which took place from August 28 to September 28, 2020, contained 7,099 college students from 64 educational institutions across 26 states.
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