Many students struggle with financial literacy, as highlighted by surveys showing that a significant percentage lack awareness of financial education programs at their colleges. With student debt reaching nearly $1.7 trillion, and many graduates borrowing substantial amounts, the need for improved financial education is crucial. Financial difficulties impact students' academic performance and their long-term socioeconomic mobility, especially among those from marginalized backgrounds. Institutions are beginning to implement programs aimed at teaching financial management and planning to help students navigate their fiscal responsibilities during and after their education.
A 2022 survey by Inside Higher Ed found that 67 percent of students are not sure if their college or university offers personal financial education.
Student debt has skyrocketed over the past 20 years, with 42.7 million student borrowers holding nearly $1.7 trillion in federal loans.
Even while students are in college, financial challenges can impact their persistence and outcomes, as demonstrated by Trellis Research in 2024.
An April 2025 report from Education Northwest highlighted that only 25 percent of students could answer three financial questions correctly.
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