In a new survey of more than 30,000 college students, EVERFI found today’s Gen Z students are suffering from an alarming lack of financial literacy and capability.
Growing credit card debt, college loan debt, and overall financial stress are more prevalent among Gen Z students today than in prior generations. From risky spending behaviors to a misunderstanding around how financial products work and need to be repaid, the trend among Gen Z students highlights the need for financial institutions to intervene with education to inform the future majority consumer base of tomorrow.
Read the report for a closer look at key trends among Gen Z:
- College Loans: 78% of students feel they do not have the information they need to repay their college loans.
- Credit Cards: Only 51% of students plan to pay off their credit card bills in full.
- Financial Capability: 53% of Gen Z students rank money management as the most daunting challenge they face today.
About the Author
Daniel Zapp, PhD, is the Senior Director of Research at EVERFI and drives the data analysis, research development, and dissemination of findings gleaned from digital education courses concentrated on social and personal wellness. He has extensive experience in research methodology, advanced statistical analyses, and evaluating educational technology.