Financial illiteracy is rampant among college students

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By Jeremy Engle

While building credit and maintaining a good credit history remains a necessary tool for Californian’s in order to provide financial opportunities such as obtaining a loan for a mortgage or to make other large purchases, recent studies revealed many Americans do not have any credit and in many cases do not even know what a credit score is.
In a recent survey of 668 Bay Area college students containing questions about consumer credit and how it affects financial decisions conducted by LendEDU, the results revealed that 59.3 percent of respondents could not produce a broad definition of a credit score.
“Our survey wasn’t limited only to individuals with student debt,” LendEDU CEO Nate Matheson said. “Unfortunately, we found that the majority of current college students know very little about building and maintaining consumer credit. Our results are once again startling, disturbing, and showcase the appalling level of financial illiteracy among our country’s brightest minds.”
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