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PRNewswire 28-Aug-2018 10:00 AM
PR Newswire
SANDY, Utah, Aug. 28, 2018
SANDY, Utah, Aug. 28, 2018 /PRNewswire/ -- Paying tuition, buying books and covering room and board can add up and be overwhelming. For a generation that may have watched family and others struggle financially through the recession, planning and being financially prepared has been its mantra. In fact, a Harris Poll of 362 current and recent college students1 conducted online for Ally Bank, Member FDIC, found that many students are using their college years to develop good personal finance habits and have the right idea about saving for the future.
One good first step in managing personal finances while in college, said Anand Talwar, Deposits and Consumer Strategy executive for Ally Bank, is to establish a budget early on. That is something current and recent college students are doing or have done. The survey showed almost 9 in 10 (87 percent) have/had a budget while in college and more than a third (36 percent) are/were "die hard budgeters," sticking to that budget as best they could.
"College is all about planning for the future and money management skills should be part of that plan," Talwar said. "Establishing a budget, setting aside some savings and planning for the unexpected can all help new college students prepare themselves for a solid financial future."
Talwar outlined six key tips for college students to help them pass the real-life personal finance exam.
One college student who spent the summer as an intern at Ally Financial said learning to budget and save were just as important as his major studies.
"It's really easy to be overwhelmed by how much everything can cost in total, especially books and food," said Phillip Adams, a Clemson University student interning in the Digital Technology Channel Group at Ally Financial. "It's a tricky balancing game to manage how to reserve money for rent, utilities, and other necessities while also having some for social activities."
1 Attended college in the past 5 years
Survey Methodology:
This survey was conducted online within the United States by The Harris Poll on behalf of Ally from August 17-21, 2018 among 362 adults ages 18 and older who are currently in college/attended college in the past 5 years. This online survey is not based on a probability sample and therefore no estimate of theoretical sampling error can be calculated. For complete survey methodology, including weighting variables, please contact Gene King at Gene.King@ally.com.
About Ally Financial Inc.
Ally Financial Inc. (NYSE:ALLY) is a leading digital financial services company with assets of $171.3 billion as of June 30, 2018. As a client-centric company with passionate customer service and innovative financial solutions, Ally is relentlessly focused on "Doing it Right" and being a trusted financial partner for its consumer, commercial, and corporate customers. Ally's award-winning online bank (Ally Bank, Member FDIC and Equal Housing Lender) offers mortgage-lending services and a variety of deposit and other banking products, including CDs, online savings, money market and checking accounts, and IRA products. Ally also promotes the Ally CashBack Credit Card. Additionally, Ally offers securities brokerage and investment advisory services through Ally Invest. Ally remains one of the largest full-service auto finance operations in the country with a complementary auto-focused insurance business, which together serve more than 18,000 dealer customers and millions of auto consumers. Ally's robust corporate finance business offers capital for equity sponsors and middle-market companies.
For more information and disclosures about Ally, visit https://www.ally.com/#disclosures.
Media contact:
Gene King, Ally
Phone: 980-312-8439
E-mail: Gene.King@ally.com
View original content:http://www.prnewswire.com/news-releases/survey-shows-college-students-get-jump-start-budgeting-say-saving-should-start-early-300703239.html
SOURCE Ally Financial