1st Financial Bank USA Finance Survey Reveals Students' Credit Card & Allowance Opinions

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1st Financial Bank USA

Jan 26, 2021, 15:05 ET

DAKOTA DUNES, S.D., Jan. 26, 2021 /PRNewswire/ -- A new survey from 1st Financial Bank USA (1FBUSA) reveals students' personal finance opinions in 2020. 1,000 high school and college students from across the United States answered a series of questions about credit cards and allowances.

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1st Financial Bank USA Student Finance Survey Infographic
1st Financial Bank USA Student Finance Survey Infographic

Students view credit cards through a lens of responsibility
Student survey respondents were asked to share what they believe a credit card should be used for and the top benefits of having a credit card. Responses indicate that students see credit cards as a financial tool reserved for covering sudden, unexpected expenses and building a strong financial future.

  • Emergency was selected to be the top use category for a credit card (73%), followed by food (48%), household (47%), education (46%), and auto (43%)
  • Build credit was the top perceived benefit of having a credit card (78%), followed by emergency (66%), rewards (55%), not carry cash (50%), and fraud protect (41%)

Majority of students support monthly allowances
Students were asked if they believe college-bound high school seniors should receive a monthly allowance, what dollar amount an allowance should be, and how it should be utilized.

  • The majority of students believe that college-bound high school seniors should receive a monthly allowance (91%)
  • The most popular allowance amount was $1-$100 monthly (32%)
  • The top use for an allowance was determined to be food (60%)

Read the full article and see results divided by regions: 1st Financial Bank USA 2020 Student Finance Survey Results

About 1st Financial Bank USA

1st Financial Bank USA, established in 1910, is a provider of student credit cards and other financial services to college students and college graduates nationwide. The company is also a provider of community banking services, builder loans, and CollegeData, a free online college search website. Learn more at 1fbusa.com.

SOURCE 1st Financial Bank USA

Related Links

https://www.1fbusa.com

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