Survey: Financial Illiteracy is Rampant Among College Students

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Source: DSNews.com

According to a survey of college students in the Bay Area, 59.3 percent of respondents could not produce a broad definition of a credit score. LendU conducted the survey and its CEO commented, “Unfortunately, we found that the majority of current college students know very little about building and maintaining consumer credit. Our results are once again startling, disturbing, and showcase the appalling level of financial illiteracy among our country’s brightest minds.” Also, 42.4 percent of respondents could not name even one way to improve a credit score. Nearly half (45.5 percent) of respondents could not identify even one factor used to determine a credit score; 65 percent said they did not have a credit card in their own name; and 72 percent of the respondents who did have a credit card said they did not know their credit score.
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