Story Archive

Financially Illiterate

Iowa State University did a “financial literacy study” on its students and found that 40 percent of students seriously underestimate the amount of student debt they have accumulated, and 1 in 8 thought they had no debt at all, but actually did. In all, 78 percent of students did have debt, the study found. The school is responding to the report by sending every student an email detailing the debt they have accumulated. Student body president Jared Knight expressed surprise at the study results, and noted that “There’s a general lack of financial literacy on campus.” (RC/Des Moines Register) ...Too bad there’s not some sort of institution around there for students to learn about important things that affect their lives.
Original Publication Date: 17 June 2012
This story is in True’s book collections, in Volume 18.

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