What Percentage Of College Students Say Alcohol/Drugs Is Their Biggest Expense? SHOCKING!

June 01, 2016Jun 01, 2016

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.”