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Student Research on Credit Literacy

 

 

Drop out rate due to debt / financial pressure

7.22%

Drop out rate due to academic failure
5.32%

Percentage of students with a credit card from their parents

70%

Percentage of students with a checking account:

89%

Percentage of students with a Savings account:

12%

Students that have a debit card

68%

Students that know what a FICO is:

11%

Students that have a credit card they applied for themselves

48%

Average balance owed on credit cards:

$1050

Students who pay late once per year and are assessed a junk fee penalty:

58%

Students who pay late twice per year and are assessed a junk fee penalty:

27%

Students who pay late three times per year and are assessed a junk fee penalty:

25%

Average late fee on student credit card

$29

Students with cell phone plan under parents plan:

73%

Students with secondary cell phone plan:

12%

Number of direct mail credit card offers:

17-60 per semester

Average traditional adult FICO score

535

Average student FICO score

680

College credit card banning in person promotions:

1280 Schools

College credit card affinity programs with Univerity approval (for alums and future alums i.e. Frosh, Soph, etc)

4700

Disposable income per student

$17,000

 

 

 

 

 

 

 

 

 

 

 

   

Research is based on optional/non-optional surveys of 255,000 registered Duck9 student users enrolled at four-year schools.
No personally identifiable information was compromised during surveying.


** Quoting this research requires you to cite "Duck9"
AND link to www.duck9.com **

 

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