New York Citi and Seventeen Magazine today released findings from the 2013 College Student Pulse, a national survey of over 1,000 high school seniors and college students exploring the way students save, spend, and manage the finances of college life. The survey found that students are taking an active role in funding and managing the costs of college, with nearly four in five students working their way through school, and the majority using their own money for a number of college expenses.
Millennials and Their Money: How They Pay for College Life
|Expense||Percent of students who say they're responsible for the cost||Percent of students who say their PARENTS are responsible for the cost|
|Travel/transportation to and from school||59%||29%|
Students Grapple with New Financial Realities
College Cost-Cutting: How Students Manage the Expenses of College Life
*According to results of the 3Q 2012 Citi Economic Pulse.
Despite Expenses and Feeling Prepared for the Workforce, Students Plan to Return to School After Graduation
"Having come of age during the Great Recession, many of today's students have experienced a financial wake-up call that's prompting them to seek ways to take control of their financial future while they're still in school," said Linda Descano, CFA®, Managing Director and Head of Content and Social for North America Marketing at Citi, and President and CEO of Citi's Women & Co. "This study has given us a glimpse into how students are balancing the responsibilities of work, studies, and their finances to achieve success – and has provided us with the insights that we need to offer financial and professional resources that help them progress towards their goals."
"This generation is smarter than ever about making and managing their money," says Ann Shoket, Editor in Chief of Seventeen. "The responsibility they take on in college is setting them up for a strong financial future."
For tips on how cut costs on school expenses, save for college, and manage the finances of college life, visit Citi's Back to School guide on Women & Co., Citi's personal finance resource for women. For detailed results from the 2013 College Student Pulse, visit Citi's Women & Co. blog and Seventeen.com.
The online resources available at Citi's Women & Co. are one part of a comprehensive suite of products and online services provided by Citi to help parents and students manage the finances of college life. Citi offers a Citibank® Student Checking Account that has no monthly service fees while the student is enrolled in an eligible accredited institution, as well as no Citibank fee for use of non-Citibank ATMs across the country. The Citi Forward® Card enables college students to earn ThankYou® Points for doing simple things that lead to good credit, like paying on time and staying under your limit. Students can also reduce their APR (Annual Percentage Rate) by 0.25 percent when they make a purchase, stay under their credit limit and pay on time for 3 consecutive billing cycles and they can do this a maximum of 8 times up to a 2 percent APR reduction. At the ThankYou Rewards Back-to-School shop at www.thankyou.com, students can redeem ThankYou Points earned with their Citi Forward Card for backpacks, computers and more.
This online survey was conducted by YouGov among 1,008 high school seniors and college students between July 11 and July 18, 2013. The overall margin of sampling error is ±3.00 percent for the main sample and is higher among subgroups.
Women & Co.
Women & Co., a service of Citi, is the go-to personal finance source for women. By providing financial content, commentary and community, Women & Co.'s mission is to get women thinking and talking about personal finance. Founded in 2000, Women & Co. is one of the longest running personal finance websites dedicated to helping women strengthen their financial futures. Twitter: @WomenandCo
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.
Additional information may be found at www.citigroup.com | Twitter: @Citi | YouTube: www.youtube.com/citi | Blog: http://blog.citigroup.com | Facebook: www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi
Seventeen is the largest monthly teen magazine, reaching more than 12 million readers in print every month. For almost 70 years, Seventeen has helped generations of girls navigate the tricky terrain of adolescence, giving them the confidence they need to become strong, self-assured young women. Never losing sight of the importance of delivering her world her way; Seventeen is a leader on the digital front with Seventeen.com—the largest teen magazine website, the Seventeen Shopping Insider app for her iPhone and Droid as well as with the monthly edition of the magazine on the iPad. Seventeen continues the conversation on social platforms, connecting with millions of girls via Facebook, Twitter, Instagram and Tumblr.
In addition to its U.S. flagship, Seventeen publishes 7 editions around the world. Seventeen is published by Hearst Magazines, a unit of Hearst Corporation, one of the nation's largest diversified media and information companies. With 20 titles in the U.S., Hearst is the leading publisher of monthly magazines in terms of total paid circulation (ABC 2012) and reaches 83 million adults (Fall 2012 MRI gfk). Follow Seventeen on Twitter, Tumblr and Facebook.