High school students also need to take math and English classes. financial literacyManaging their money. It is never too late to learn how to manage your finances.
Teens don’t know how to avoid high interest rates, avoid paying excessive fees, or how to avoid getting into debt. These types of financial challenges are what many students expect to encounter because they don’t know how.
“We need to ensure students entering college are given the right financial literacy education, tools and support to make sound financial decisions while in college and beyond,”Mary Johnson, Higher One’s Director of Financial Literacy and Student Aid Policy, said:
Higher One is a financial service that provides banking options exclusively for college students. Johnson, an aid expert in student finance, works exclusively with the company. Higher One is able to offer even more insight through their recent sponsored study. “Money Matters On Campus,”This document outlines the common attitudes and behaviors of students regarding money management.
“Money Matters is unique because it offers specific student attitudes and behaviors on which educators and policy makers must focus and address. This report sounds the alarm that institutions must augment current financial literacy education,”Johnson agreed.
The survey of 40,000 college students found that 28.2 percent had a credit card and 23.7 percent had more than $1,000 in debt. It’s not surprising that 79 percent of college students worry about their debt. However, there are other worrying spending habits. 60% of students surveyed said they are comfortable paying an overdraft fee as long as it is repaid later.
Higher One partnered with Ever Fi, an educational technology company that also sponsored the survey, to help students improve their financial literacy. Higher One Financial Academy provides a web-based learning platform to teach the principles of saving, credit cards and interest rates. It is available in 50 selected schools in many states.
Higher One offers data analytics, refund disbursement, and payment services to more that 1,600 colleges in the United States. Higher One provides the ideal starter account for students who are incoming freshmen or other students at these schools. It works with its bank partners to make it easy.
Accounts provide transparency regarding charges and fees. They also use an educational approach that allows students learn the ropes. Find out more about accounts at www.myonemoney.com.
