College students are making riskier financial choices than they used to, according to a recent study.
EverFi, an education technology company, and student aid consulting firm Higher One conducted a study on more than 42,000 college students from 2012 to 2015.
The study also reported that community college students have a more responsible perspective on financial literacy than students attending a four-year institution.
“I think debt has become very accepted,” said Dan Boylan, a Ball State instructor of finance. “In the old days, if you had debt it was a bad thing.”
Most students were more concerned with finding a job after college than money management and loan management.
Ball State requires undergraduate students to complete a course in personal finance. In 2010, a faculty member in the Miller College of Business decided it was an important aspect of the core curriculum and saw a need for the course, Associate Provost Marilyn Buck said.
“We are one of the few schools who require personal finance,” said Boylan.
Only 17 states require colleges to offer a finance course, according to the study. Indiana is not included on that list. However, Indiana University also requires students to take a finance course. Purdue University does not, an admissions counselor at Purdue said.
Ball State personal finance classes partner with America Saves, a campaign through Consumer Federation of America that aims to motivate, encourage and support individuals to save money. Students pledge to save money for various reasons and plan how to do so.
Last year, Ball State was recognized as one of the top pledgers in the nation, with 3,571 students taking the pledge to save $8 million.
Freshman music media production major, Jon Bell, said he became more frugal with his spending since coming to college. Bell says his main discrepancies came from unnecessary spending on food and he learned new habits about spending and budgeting.
“Next semester I will be living off-campus in a house. There is no better way to transition my financial practices than to be in a controlled environment where I have to pay my own bills, create my own budget and learn to be more financially responsible,” said Bell.
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