More than half of the young women in a recent survey said they had to drop out of college for financial reasons.
Fifty-two percent of women responded that they were unable to complete their education due to their finances, compared with 41 percent of men, in a survey of more than 1,000 U.S. adults between the ages of 18 and 25.
“It’s critical that all young people feel financially prepared for some of the unexpected costs of college. Everyone needs to know how to create a budget, live within their means and plan for the future,” said Carrie Schwab-Pomerantz, president of Charles Schwab Foundation, which sponsored the survey. “Currently only 17 states require a personal finance course in high school. We need to get our children prepared for the financial reality of life away from home.”
Almost half of the survey participants felt unprepared to managed their finances while in college, and similar numbers thought that a course of personal finance in high school would have helped them.
Women were more likely than men to say that they’re not prepared to manage their finances while in school. More than half of the women, 51 percent, said they aren’t ready to manage their finances, compared to 39 percent of the men.
Financial issues are impacting women’s college choice as well, according to the study, with 68 percent of women reporting that their financial standing impacted their college choice.
According to the survey, 74 percent of students can’t afford “extras” associated with a college experience like study abroad programs and unpaid internships.
Most of the respondents, 68 percent, said that they had at least some student loan debt, but only one in five were concerned that the debt would prevent them from achieving long-term financial security.