Another question I asked nearly 1200 college freshmen as they were about to start classes this fall…”How does your cash flow?”
The majority–49%–had a lump sum to last the entire semester, but a high percentage–27%–were paying expenses as they went–by working a job while on campus. Nearly 22% said they would call parents if they needed money, while 2% said they would put expenses on a credit card.
I suspect that many of these freshmen will learn a lot this first semester about managing money and how to stretch that lump sum until Christmas. Budgeting is hard work, no matter how much you have–and learning how to make your money last is a great skill to master.