In general, young adults enter into their freshman year of college naive in matters of money and personal finance. Students have a number of risk factors associated with their entry into higher education, among them a lack of understanding about credit, banking, budgeting, and financial planning. These factors, when combined with school loans and other debt, can have a largely adverse effect on their attitudes toward finance and their behavior when it comes to managing their personal finances. The growing student loan debt, combined with the cost of living and credit card debt, can lead to financial decisions that are anything but sound.
The following infographic illustrates a recent survey of 40,000 college freshman and their views on personal finance, especially as related to risky debt behavior.
Infographic Credit: Visually/EverFi