Enriching Education - 2023 College Student Financial Survey

With a new academic year about to start, WalletHub today released the results of its 2023 College Student Financial Survey, along with its editors’ picks for 2023’s Best Student Checking Accounts and Best Student Credit Cards, selected from hundreds of offers. College students need to prepare for their financial future, and these types of accounts are essential building blocks.

Key Findings:

• Financial Literacy Improvements: 79% of college students say their financial literacy has improved due to inflation.
   
• Concerning Financial Future: More than 9 in 10 college students say inflation made them more concerned about their financial future.
   
• Debt-Worthy Education: More than 3 in 4 college students say it’s worth going into debt for a college education.
   
• Parental Help with Bill Payments: 54% of college students say their parents help with their credit card bills - 43% more than last year.
   
• Poor Financial Grades: 1 in 3 college students would give their personal finances a grade of "C" or worse.
   
• Money vs. Sex Talks: More than 1 in 4 college students say they would be more comfortable talking about sex with their parents than money.
   
• Best Credit Card for Students: The Capital One SavorOne Student Cash Rewards Credit Card offers ongoing rewards of 1 - 8% cash back on purchases, an initial bonus of $50 for spending $100 in the first three months, and no annual fee.
   
• Best Checking Account for Students: The SoFi Student Checking and Savings Account doesn't charge overdraft fees or monthly fees and has no minimum deposit requirement.

 
Please let me know if you have any questions or if you would like to arrange a phone, video or in-studio interview with one of WalletHub’s experts.


 
Q&A with WalletHub 
 
Have students learned from the country’s recent issues with inflation?

“A new WalletHub survey revealed that 79% of college students believe their recent experiences with inflation have improved their financial literacy. Previously, inflation was something many young people had only read about in textbooks, if they’d even encountered the concept at all. Now, students who’ve been paying attention know a bit more about how inflation can happen, why it’s bad, and what regulators will try to do to fight back,” said Jill Gonzalez, WalletHub analyst. “We still have a long way to go, unfortunately, as 1 in 3 students give a grade of ‘C’ or worse to their overall financial literacy.”
 
Are students worried about inflation?

“More than 9 in 10 students agree that inflation made them more concerned about their financial future, a new WalletHub survey found. Many students already have concerns about entering the workforce and dealing with real-world obligations, and inflation only makes things seem even more challenging,” said Jill Gonzalez, WalletHub analyst.
 
Do students rely on their parents financially?

“Students definitely depend on their parents financially, but they don’t want to talk about it. According to a new WalletHub survey, 54% of students say they receive help with credit card bills from their parents, which represents an increase of 43% from last year,” said Jill Gonzalez, WalletHub analyst. “On the other hand, more than 1 in 4 college students say they would be more comfortable talking about sex with their parents than money, which is unfortunate. No important subject should be off-limits between parents and their kids, particularly money matters.”
 
Is it worth it to go into debt for a college education?

“More than 3 in 4 students say it’s worth going into debt for a college education, according to a new WalletHub survey. This marks an increase from 68% of students last year,” said Jill Gonzalez, WalletHub analyst. “Students have gotten to spend more time on campus in the past year, and some pandemic frustrations are starting to fade away.”
 
What are the best financial products for college students?
 
“College students need a rewarding credit card and a low-cost checking account, at the very least. This combination can help a young person build credit, save money, and easily access their cash,” said Jill Gonzalez, WalletHub analyst. “The best credit card for students right now is the Capital One SavorOne Student Cash Rewards Credit Card, which offers ongoing rewards of 1 - 8% cash back on purchases, an initial bonus of $50 for spending $100 in the first three months, and no annual fee. The best checking account for students is the SoFi Student Checking and Savings Account because it has no overdraft fees or monthly fees and no minimum deposit.”