No matter how old you are, you’ve probably experienced some level of anxiety or stress over your financial situation. For those who are experiencing it for the first time – students – it can be especially challenging.
A study into the situation conducted by TD Bank turned up a rather stark number: 92-percent of students are stressed about their personal finances. And only two-in-ten are proactively planning their financial future.
The number one cause of this financial anxiety is social spending. Coming home after a night out with friends and looking at their bank balance on their phones leaves them asking: Did I really spend that much, according to the bank’s study.
Rising tuition costs coupled with inflationary pressure on rent and general living expenses are compounded by challenges in finding a job as unemployment in the under 24 age crowd rose to nearly 15-percent last month.
But the bank has some words of advice and comfort. Things will get better as you get older but in the meantime: build a budget and a simple ledger comparing money coming in and going out.
