Nevertheless, just 12% of students said their financial management skills were “poor” or “terrible,” while around a third (31%) rated their skills as “fair.” Thirty-eight percent said they had borrowed money from friends or family. Just under half (49%) said they had put money aside for tuition in the past 12 months.
Just 39% said they adhered to a monthly budget, for example, while almost half said there had been a point in the past 12 months when they had less than $100 in their bank accounts. Fifty-seven percent of the 751 students polled rated their financial management skills as “good” or “excellent,” but their spending and saving behavior indicates their skills are not as sharp as they believe. American college students’ personal financial management skills are lacking-and yet they believe they’re good at managing their money, a recent AICPA survey found.
