This year’s graduates will average $32,000 in debt

Today’s college graduates need to have a keen sense of personal finance because they will graduate with a lot of debt on their books. The good news is this new generation is serious about taking care of their money.

According to survey results in online banking firm Chime’s 2016 Money Mindset Report: University Edition, nearly three quarters of students will graduate with an average of $32,000 of debt. A worrying 67 percent of college seniors surveyed added that they do not have a full-time job lined up after graduation.

It seems that today’s young adults are caught between the pressures of a college tuition bubble and an economy that hasn’t gotten out of second gear since 2008. This same survey of college juniors and seniors, however, found that 84 percent consider saving money to be very or extremely important. Ninety-one percent say they are planning to save regularly.

About 75 percent of respondents plan to save for an emergency fund and for a major purchase such as a home or wedding. Just around half say they also plan to set aside savings for retirement, and to pay down student debt.

Travis Credit Union members who need financial advice with debt management have access to our confidential professional financial counseling service. Counselors in our BALANCE Financial Fitness Program can help you build a budget and develop a strategy to pay off your student loans and other debt.

This service is free for Travis members. Visit BALANCE for more details.

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