There’s a stigma that surrounds a college student when it comes to finances: the stereotype of the twenty-something on their own for the first time, free to spend their money on anything that catches their eye. However, according to a new survey by student loan company Sallie Mae, college students are much more money-savvy than this stereotype gives them credit for. 
Of the 800 college students between the ages of 18 and 24 who responded to the survey, 77% paid their bills on time, 55% set aside savings every month, 60% claimed they never spent more money than they had, and 65% said they have a paying job.
With these results, Sallie Mae has broken down the ways college students are becoming more financially aware.
First, students are paying their bills on time. 77% of these students do so without the assistance of a parent.
Second, students are educating themselves on money management, mostly with regards to savings, budgeting, and paying off student loans, perhaps hoping to avoid common mistakes that plagued adults during the recession.
Third, students are using debit cards as their primary method of payment, and they’re managing their accounts using apps on their phones, like PayPal or Apple Pay.
Fourth, students are becoming mindful of their credit scores, building them up by making small purchases on credit cards and paying them off quickly. According to the survey, 59% of the students reported that their primary reason for having a credit card was to build a credit history.
Though not all college students are financially flawless, for the most part, it seems they are trying to break free from their debt-ridden mold. Financial literacy begins with these small details, and perhaps grows into a more financially secure generation.
More information can be found here.