U.S. Bank rolls out 2017 Student Financial Literacy Study results
and incentivizes students to learn through scholarship program.
MINNEAPOLIS--(BUSINESS WIRE)--Jul. 26, 2017--
Students are most interested in learning about saving, investing and
credit, and the majority have more concerns about each topic at
graduation than they did entering college. This according to results of
U.S. Bank’s 2017 Student Financial Literacy Study, which includes
quantitative survey and qualitative interview research with incoming and
current college students.
Credit, in particular, stands out as an area where students continue to
need more financial education during their college years:
Many students believe common myths. For example, 55% of students do
not know that their credit score is not impacted by how much money is
in their bank account.
There is a gap between white and multicultural students; 84 percent of
white students say they know what a credit score is, compared with 77
percent of African American students, 75 percent of Hispanic students
and 68 percent of Asian students.
There’s a gender gap, too, although male students don’t realize it.
Females demonstrated more knowledge than males about what a credit
score is used for.
U.S. Bank Scholarship program incentivizes students to learn
The study found that students recognize the importance of financial
education, but don’t feel the need to learn now. To incentivize students
to take control of their finances, the U.S.
Bank Financial Genius 2017 Scholarship program includes a series of
online financial education tutorials about credit and more. Students can
enter by registering online and those who complete tutorials receive up
to eight additional entries (one per tutorial completed) in a
sweepstakes to win scholarships. The program includes one grand prize
$20,000 scholarship, one $10,000 scholarship and three $5,000
“Our goal is to be our customers’ most trusted choice when it comes to
financial education,” said Ederick Lokpez, head of U.S. Bank’s student
financial education program. “To establish that trusted relationship,
it’s critical we have conversations – online or in-person – that can
help students understand personal finance and start them on a path
toward goals big or small.”
Lokpez recently partnered with the bank’s innovation team to host two
co-creation sessions with college students to get their
ideas on how to integrate education into students’ banking
experience. “The sessions help us make financial education relevant
enough for students to want to learn today. A solution for students,
made by students,” he said.
Where students turn for financial information
As part of the 2017 study’s focus groups and interviews, students said
they’re most likely to turn to their parents first. Sometimes, though,
it goes both ways. The survey found that African American and Hispanic
students were most likely to be involved in their family’s finances, and
also most likely to cite that was because their parents relied on them
due to their math or accounting skills. African American and Hispanic
students were also most likely to list “owning my own business” as a top
financial goal in the five years after college graduation.
If parents aren’t able to answer students’ financial questions, they’re
most likely to turn to online resources – and how they view some
resources can change over time. For example, as students get older
during their college years their trust in personal finance-related
social media posts from banks and news sources increases, while their
trust in those from family members and celebrities decreases.
About the 2017 Student Financial Literacy Study
The 2017 Student Financial Literacy Study was conducted by Latinum
Network to uncover insights about students’ financial literacy. It
included an online survey with 1,628 undergraduate college and high
school students ages 18-30 and 21 in-depth interviews.
About U.S. Bank
Minneapolis-based U.S. Bancorp (NYSE: USB), with $464 billion in assets
as of June 30, 2017, is the parent company of U.S. Bank National
Association, the fifth largest commercial bank in the United States. The
Company operates 3,088 banking offices in 25 states and 4,826 ATMs and
provides a comprehensive line of banking, investment, mortgage, trust
and payment services products to consumers, businesses and institutions.
Visit U.S. Bancorp on the web at www.usbank.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170726005211/en/
Source: U.S. Bank
Pat Swanson, 651-587-3590