The results of a new survey released Monday by U.S. Bank stated that many college-age young adults say they have no idea how to keep a budget.
What’s more, they look to their parents for financial education and advice.
The study’s key findings show college students don’t fully understand credit and credit scores. They have a good perspective on saving, the study found, but they need help understanding investments and retirement savings.
According to the survey results, parents are most often mentioned as students’ financial role models.
“They really felt unprepared to talk about the future or to save for the future, had no knowledge of retirement savings whatsoever and many didn’t know that their parents would have to pay back their loan if they didn’t pay their student loan back,” Christine Hobrough, U.S. Bank region market manager in the Twin Cities, said.