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<\/figure>\n\n\n\nPandit is happy to see budgeting and savings<\/strong> discussions taking place, especially during the pandemic, he says. \u201cYoung people have to learn the importance of properly allocating their income between savings and expenses<\/strong>.\u201d He also likes that retirement <\/strong>came up, considering it\u2019s so far away for most students. And regarding credit cards<\/strong>, he hopes discussion was about how to use them responsibly rather than how to acquire several or increase credit limits.<\/p>\n\n\n\n His program used to work intently on reducing the amount of loans taken out, \u201cbut we\u2019re realizing the focus might need to be less on student debt and more on overcoming financial barriers,\u201d he says. \u201cThere is a sweet spot\u2014you don\u2019t want students borrowing too much, and you don\u2019t want them borrowing too little<\/strong>, because they may work too much, and that takes away the ability to focus on academics.\u201d<\/p>\n\n\n\n Regarding investment chatter, Schuman says he sees it most in sessions with business school students, who are more fluent and seek assistance on building portfolios. But basics must come first. \u201cWe\u2019re getting people to slow down and establish a solid financial baseline.”<\/p>\n\n\n\n Student Voice respondents were most likely to say they\u2019d learned about money and finances from a parent or guardian (62 percent), with white students more often identifying a parent than students of color, and private college students doing so more often than public college students. Personal research, the second most common response, shows an active interest in learning about their finances, says Pandit.<\/p>\n\n\n\n One in five students identified a friend as having taught them, a finding that\u2019s \u201ca little scary\u201d to Amy Glynn, who was a financial aid administrator for a decade before joining the financial aid software company CampusLogic, where she is currently vice president for student financial success.<\/p>\n\n\n\n \u201cYou have to wonder about the accuracy of the information,\u201d she says. \u201cFinancial literacy is so personalized. I worry that a student will get the wrong information because their friend Sally got told, No, you are not eligible\u2019 for work-study, a Pell Grant or any of a number of other programs. Her situation may be very different, and maybe they don\u2019t see the small differences in the details that could lead them down a completely different path.\u201d<\/p>\n\n\n\n Students leave with homework: track all spending. \u201cWe live in a society now where we swipe or tap or hold up our phone to the payer, and it\u2019s that instant thing. People aren\u2019t realizing how much they\u2019re spending,\u201d he says. In a follow-up session, where a student might see, for example, $150 more than assumed was blown on eating out, Zugg will see \u201caha moments\u201d that prompt behavior change.<\/p>\n\n\n\n About four in 10 students surveyed rate their financial knowledge as either excellent (7 percent) or good (35 percent), while only 12 percent rate it as poor.<\/p>\n\n\n\n Being involved with investing may equate with financial confidence for some students. Nearly three in 10 students have stock market investments, and 16 percent have dipped into cryptocurrency; 12 percent of these respondents rate their knowledge as excellent, and 47 percent as good.<\/p>\n\n\n\n When asked what types of financial wellness supports they would like to see,<\/strong> or see more of, from their institutions, students selected services to help in navigating personal finances, more emergency aid funds and education on personal finance now and after graduation the most.<\/p>\n\n\n\n Nearly half of students want more partnerships with banks for student-friendly credit card terms and fees. \u201cIt\u2019s ironic,\u201d says Schuman. \u201cThere\u2019s so much focus on debt students have, but we\u2019re getting indications that students want to borrow more money. It\u2019s being told to them through marketing, \u2018Hey, you should build credit,\u2019 but it\u2019s a slippery slope.\u201d Hearing students bragging about their credit scores, he will emphasize that scores are \u201can indication of borrowing health, not an indication of financial wealth.\u201d<\/p>\n\n\n\n![\"\"](\"https:\/\/desis.osu.edu\/seniorthesis\/wp-content\/uploads\/2022\/10\/image-10-999x1024.png\")
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