The transition from high school to university can be daunting. Students aren’t just adjusting to a new academic workload (and for international students, foreign ways of learning). For the first time, they’re assuming the role of an adult who can manage a budget and pay their bills on time, on their own without any guidance.
Reports suggest many university students struggle financially, sometimes due to personal circumstances or poor money management, among other things.
But students aren’t to blame. Critics and educators have long argued that financial literacy – or knowledge that helps us make better decisions about money – should be taught in schools to better prepare students for adult life.
Despite this lack of knowledge, university students may think they have their finances under control. But are you, really? Do you mull over major purchases or are you an impulse shopper? Do you swear by a monthly budget? Are you financially savvy?
Take our quiz to see how well you fare:
Which of the following can hurt your credit rating?
Credit card companies often offer numerous perks to card holders. Should you consider getting one?
What are some of the essentials university students should consider budgeting for each month?
Ideally, what should cash-strapped students avoid spending their money on, whenever possible?
Painful financial truths: which of the following statements have some truth to them?
Quiz: University students - how financially savvy are you?
You sure know your stuff!
Expenses. Savings. Credit cards. Credit ratings. Budgeting. You’re probably well versed with these terms and what they entail. Well done, and keep up the good work!
There’s room for improvement! Carve some time out of your day to empower yourself with some financial knowledge. A lack of knowledge in the field can lead to painful implications for you as an adult.
That's a promising start!
That’s a fair score! Perhaps you might want to give the quiz another try to get a full score?