Page 31 - Payne Research Center ~ Money Matters

P A YN E C E N T E R . OR G
THEME 3
Student Savings Goals
Findings
While most students are actively saving (92%), their savings goals largely focus on the short term. Short-term goals accounted for 48% of all savings goals. The most common short-term savings goals included vacations, holidays, birthdays, and the latest apparel. Longer-term savings goals were also mentioned, including saving for housing (16%) and a car down payment (15%). While these goals demonstrate some degree of future-oriented thinking, the predominance of short-term objectives raises concerns about students’ preparedness for significant life events and financial emergencies.
Vacation House/Housing Car Down Payment Other Holidays/Christmas/Birthdays Latest Apparel Legal Bills Curently not saving
16% 16% 15%
13% 11%
22% Figure 3
Student Savings by Goal
What things are you saving for right now?
Source:
Financial Well-Being Survey
39
5% 3%
53
126
150
0 50 100 150 200 250 Responses
169
164
180
249
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