Are Graduates More Financially Responsible?

Feb 26, 2019 by

Today, the younger generation are certainly better with their money than they used to be. It’s no surprise given that there is a plethora of information available to them to help make them more financially aware. But are graduates more financially responsible than young adults who didn’t attend university?

Here, we’ll look at whether or not attending university equals better financial responsibility.

Uni students considered most financially responsible they’ve ever been

In 2016, it was reported that uni students were the most financially responsible they’ve ever been. They tend to manage their finances more carefully, be warier of how they are spending their money and they’re also more eager to learn about personal finance than they used to be.

This is likely down to the state of the current economy. While the recession may be forgotten, the uncertainty over things such as Brexit in recent years, has caused many to become more aware of their financial situation. Younger people are seeing the detriment of being unprepared financially and they appear to be learning from that.

It’s common for graduates to save more too. Many move back home with their parents after graduating in order to prepare themselves financially for making it on their own. They also tend to be much better with credit too. They are more focused on developing a good credit rating through the use of responsible credit, ensuring they don’t take out more than they can afford.

Does the type of degree you hold influence financial responsibility?

It’s interesting to look at how the type of degree can determine financial responsibility. It’s not surprising that those who take a higher degree, tend to have a better credit rating than those who don’t. After all, the higher degrees typically link to higher paid jobs. The higher the salary, the more financially secure a graduate will be. However, the higher degrees also cost more to achieve, which means many students are left with higher levels of debt.

The higher level of debt and the difficulty of the degree, however, can make graduates much savvier about how they spend their money. They take more discipline to complete, which means individuals are more likely to be responsible. Of course, this isn’t always the case but it does appear a higher degree generally leads to more financial responsibility. The fact that graduates are becoming more financially responsible is great for the future of the economy. It’s likely with each passing year, graduates will become even better at managing their money too; especially with developments in technology. The introduction of smartphone apps and online information, means graduates have more tools available to them to help make them better with money.

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