College students are increasingly decrying high tuition costs and enormous debts and jumping on Bernie Sanders' free tuition bandwagon, yet a new survey of 455 undergrads and grad students reveals a shocking — or perhaps not-so-shocking — truth about what many of them are spending a huge chunk of their money on instead of saving.
The survey by LendEDU asked students what their biggest monthly expense was. 25% said alcohol and/or drugs.
Other survey answers revealed the state of the average college student's knowledge of finances and interest in saving. Here are the highlights:
— Most students graded themselves a "C" or below when it came to successfully handling their money.
— Most students are not saving money each month.
— Only 19% of students have an emergency fund.
— 27% of students have no income, not even part-time jobs or an internship.
— The majority of students said their parents never taught them about how to manage money.
Now here's a scary one:
— 45% of students couldn't say what the difference was between a credit and debit card, and almost a quarter didn't know the difference between a checking and savings account.
According to WCMH-TV Columbus, LendEDU CEO Nate Matherson said, “Quite surprising, but not that crazy. College students are leaving campus with an average of $35,000 in student loan debt, yet the majority of students are lacking basic financial skills.”