Students and Money: How COVID-19 Is Changing Financial Planning

students and money

How has the coronavirus changed college students’ financial planning and preparedness? WalletHub recently conducted a national survey, asking about students and money. They asked 200 college students what they’re thinking about their education, money, and job prospects, during the pandemic. Do you share some of these same opinions and experiences?

Jobs, Savings, and Credit

COVID-19 has greatly changed students’ plans for summer employment. 56% said their jobs had been affected by the pandemic. We all know how important those summer jobs are to students and their wallets!

Additionally, 30% of students have missed at least one bill payment in the last two months.

What about credit cards and credit? 55% think the pandemic will make it harder for students to get a credit card. And 42% believe those credit cards will be more important after the pandemic passes. (WalletHub also outlined the best credit cards for graduates and students.) 36% believe credit scores will be more important in the future.

RELATED: The Coming ‘Hybrid’ College Education

35% would risk catching the coronavirus in their college town or residence hall than isolating at home, with their parents. As universities begin to plan for fall 2020, both in offerings and on-campus living, this percentage might change.

Out of the surveyed students, 30% believe a college education is more important due to the pandemic. 20% believe college to be less important right now.

Most importantly, 52% have realized the importance of having emergency savings in the bank. And 43% say they’ll spend less on non-essential items than before COVID-19. Tightening your belt where you can is always a good idea, everyone.

Stay Safe

How are you feeling about your wallet and financial prospects? Talk to us on Facebook, Twitter, or Instagram. Save what you can, too. But above all else, stay smart and stay safe.

All of these statistics, and more, are shared in the WalletHub infographic below.

Credit: WalletHub

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