June 27th 2023.
Praying for days of sunshine is the only thing many college students have to rely on when rainy days hit. A recent student financial wellness survey by Trellis Research revealed how unprepared most U.S. college students are for any kind of financial emergency. A total of 36,446 students from two- and four-year institutions responded to the survey.
The results of the survey showed a disparity in financial security based on race. 69 percent of Black students and 61 percent of Hispanic students stated they would have difficulty finding $500 to cover an emergency, while only 53 percent of white students said the same. The numbers were closer when it came to students being worried about covering college expenses in general. 63 percent of Black students, 61 percent of white students, and 68 percent of Hispanic students all expressed concerns about paying for college.
Furthermore, the survey revealed that parenting students had it harder financially than students without children. Black women, in particular, are more likely to be mothers while in college, though they still enroll in college at higher rates than their non-Black counterparts. The Institute for Women's Policy Research supports Trellis' findings.
The survey was divided into six sections, including "Distress Indicators Among College Students," "Student Success Indicators," and "Paying For College." It's clear that many college students in the U.S. are facing financial distress, and more needs to be done to provide them with better resources and strategies to help them make financial decisions.
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