September 7, 2015 | Category: College Planning / Loans
| Author: Michael Schramm
The need for college students to be financially literate is an often-overlooked but increasingly important task for parents. Many students are misinformed about essential financial facts. For instance, 61% believed paying late credit card balances removed notices about them from a credit report, while 60% believed checks or debit card usage builds credit, according to a 2015 U.S. Bank survey of 1,640 college students.
The good news: These students are open to learning from their parents. In fact, the U.S. Bank survey notes that 91% learned money management from their parents, and 55% cite their parents as their most trusted source for financial information.
Even better, many parents are happy to help. Sixty-nine percent of parents are "very" or "extremely" concerned with setting a good financial example for their kids, according to the...