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College debt.
You’re a college student, so this is a topic you’ll unfortunately relate to. From studying to deciding what to do for the rest of your life, you have a lot of worries. Not to mention the fact that you use thousands of dollars in loans to pay for school and then get a job only to spend half of your life, if not more, working off your debt.
A recent Bank of America/USA Today Better Money Habits Millennial Report found that even though a large majority (80 percent) of college students believe they will be “better off” or “the same” as their parents financially and many (two-thirds) say they have good financial habits, many students still worry about the cost of student loans/college education (33 percent) and spending beyond their means (36 percent), according to a recent press release.
Overspending
It is natural to feel concerned about setting the stage for your financial and professional future, but are you also carrying concerns about spending within your means, affording student loan debt and saving for the future?
According to the study, 61 percent of 18-25 year-olds say it is very difficult for people their age to live within their means. In addition, 49 percent said that student loan debt is having “a lot” or “some” impact on their ability to spend or save money right now.
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Passion or paycheck?
Today’s college-age millennials are incredibly hopeful for the future, with optimistic, passion-driven views according to the press release.
About 75 percent of millennials said that income was “very” or “somewhat” important in choosing a major, but less than half (38 percent) actually believe that salary is more important than doing what you love.
How much money would you need to make annually for you to be happy? According to the study, a similar number of students reported needing less than $40,000 a year (21 percent) as reported needing more than $100,000 a year to feel successful (25 percent).
Learn how to create a safety net for life’s unexpected events, save for a large purchase and how to make your money grow through compound interest on BetterMoneyHabits.com.
Set goals for money spending
Setting goals helps you to make sure you spend money wisely, whether you are a senior approaching graduation or a freshman just beginning your college adventure.
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Designed with the key needs of the user in mind, this site includes content that specifically addresses topics most important to you. The customizable experience breaks down concepts and provides practical, actionable steps to strengthen the connection between financial knowledge and behavior.
For information on how the study was conducted, see the section below.
About the Bank of America/USA TODAY Better Money Habits Millennial Report
The Bank of America/USA TODAY Better Money Habits Millennial Report was conducted online among 1,001 adults during the period of October 9 – October 20, 2014 by GfK Public Affairs and Corporate Communication, using GfK’s KnowledgePanel®, a statistically representative sample source used to yield results that are projectable to the American population.
To qualify, millennials had to be 18 to 34 years old, of which 477 respondents were in the college-age, 18-25 years old age group. The margin of sampling error is +/- 3.5 percentage points at the 95 percent confidence level.