If you're a parent, teaching your kids the value of a dollar is always challenging, especially when they go off to college. However, a new report by Sallie Mae and Ipsos, shows most American college students are managing their finances carefully and diligently. The report conducted online interviews with 800 college students between the ages of 18 and 24. Here are the highlights:
· More than 77% pay their bills on time.
· 60% never spend more money than they have.
· 55% save at least some money each month.
· 24% have an emergency fund.
One fear among parents is giving their kids a credit card.But, it appears most college students are using credit cards responsibly.
· 85% make purchases with debit cards, 86% with cash, and 77% use mobile payments.
· 56% percent have at least one credit card.
· Almost 60% say their main primary reason for getting a credit card is to build up their credit history.
· 63% pay the full balance that's due each month.
· 73% pay the bill without any assistance from a parent or adult.
· 69% report an average monthly balance of $500 or less.
These numbers are probably encouraging for many parents who fear the worst about their college aged kids. But they still show that there's a long way to go when it comes to getting younger Americans more financially literate.