New Report Finds 57% of College Students Lack Emergency Funds

Annual Report Explores Both Student Finances and Wellbeing.

ROUND ROCK, Texas, June 6, 2023 /PRNewswire/ -- Trellis Company has released its annual Student Financial Wellness Survey, shedding light on the financial challenges faced by students and their perceptions regarding the value of a college education. The survey, conducted in the fall of 2022, included new questions that explore return on investment, childcare access, and availability of mental health services.

One surprising result from the survey was 57% of respondents reporting that they would struggle to get $500 in an emergency. This data suggests that students may neglect their needs due to lack of personal funds.

"The Fall 2022 Student Financial Wellness Survey explored the financial fragility experienced by college students. While many respondents believe the cost of college is worth it, the results demonstrate that students need myriad forms of support to succeed," said Trellis President and CEO, Dr. Debra Chromy.

Key findings include:

• Only two percent of four-year respondents and five percent of two-year respondents reported using their savings and current income to pay for college. Furthermore, 37% of respondents had family support to pay for college.
  
  
• Over 25% of student parents reported missing at least one class due to lack of childcare.
  
  
• Of those surveyed, 70% believed the cost of college was a worthwhile investment for their future.

"Behind these numbers are the stories of college students enduring financial, physical, and mental hardships to create a better life for themselves, their families, and their communities," said Trellis Senior Research Analyst, Carla Fletcher.

Overall, the findings serve as a reminder of the many factors students face that can directly influence their success—and how these insights can help inform campus policy, procedures, and programs.

"A college degree is a key component of the American Dream. And today, external factors such as the rising cost of living and inflation present challenges that may prevent the dream from becoming a reality," said Trellis Director of Research, Jeff Webster.

CLICK HERE to view the full report of the 2022 Student Financial Wellness Survey, including additional findings and analyses.

About Trellis Company
Trellis Company is dedicated to school and student success by delivering unparalleled insights into the student experience. Trellis provides data, insights, and process improvements, allowing institutions to strengthen the recruitment, enrollment, and learner experience, leading to improved graduation rates. Learn more at https://www.trelliscompany.org/about-trellis/newsroom/

SOURCE Trellis Company

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