Life after college. Are you ready?
As of late, it seems that the expectations of students attending college has shifted. In my discussions with many incoming freshman, I have noticed a trend where they are relying more and more on their parents. They live at home, usually at a discounted rate and sometimes even rent free, eat food provided for them, and enjoy the use of “free” utilities – all while unemployed so that they can focus on their studies. The financial crisis in the late-2000s that ruined countless jobs is partially to blame. However, according to the FINRA Foundation Chairman, Richard Ketchum, a lack of financial literacy is also at fault.
Every other year, Jump$tart administers a test to determine how knowledgeable Americans are in the basics of finances, business, and economics. The results were not reassuring. However, you might find some of the statistics very interesting:
- Sorry men, but it seems when it comes to finances, women actually scored better than men.
- Not so interesting is the fact that if your parents were wealthier, you would probably score better.
- And surprisingly, if you have high earnings expectations, you would score slightly lower than someone with modest expectations.
Interested in seeing how you would score? Answer these 7 questions and check your answers here.