From EAG News:
WASHINGTON, D.C. – A recent survey of college students’ personal finances reveals that a quarter spend most of their money on booze and drugs at a time when student loan debt has climbed to $1.26 trillion.
The 2016 College Students and Personal Finance Survey conducted by LendEDU, a student loan transparency site, showed that out of the 455 undergraduate and graduate students surveyed at three East Coast schools in early 2016, roughly a quarter said their biggest monthly expense is alcohol and drugs.
LendEDU CEO Nate Materson told WCMH the results were “quite surprising, but not that crazy.”
“This was perhaps the most fun response,” he said.
The survey question asked simply, “What is your biggest monthly expense?”
Thirty-eight percent of students responded with food, 29 percent said rent was their biggest expense, and 8 percent reported they spent the most on clothes.
A total of 27 percent of students reported no income, 28 percent cited summer jobs as their biggest source of funds, 24 percent work part-time off campus, 16 percent work on campus, and a mere 5 percent held down full-time jobs while attending classes.
The survey also revealed that most college students know very little about personal finance, as many report never receiving education on the subject from public schools or their parents.
Thirty percent of students reported their parents “did not teach me how to manage money,” though smaller percentages said their parents taught them some, either through specific strategies, general concepts or learn-by-example.