At 80 million strong, today’s millennials have the largest disposable income in the history of the United States. By some estimates, they’ll be spending $200 billion annually within a year and a half. That represents a huge opportunity for brands.
But for brands that want to know what’s in a college student’s wallet right now, you need more information. So we decided to get the story straight from the horse’s mouth. Go Commando surveyed our own brand ambassadors with the Go Commando app. We asked about their money, their debt, and their money management methods.
College Students’ Finances Right Now
Here’s a few discoveries we made:
- About 62% have between $0 and $300 in their checking account.
- Just over half have a credit card, and of those, 54% have a limit of $500 or less.
- A supermajority of 72% have taken out student loans, and about 40% of them have already begun to pay them off.
- About 58% use some kind of finance app to manage their money.
- Most own a car, and about a quarter of them are making payments on it.
Millennials Are Financially Savvy
These figures paint an image of financially savvy college students who take ownership of their money and spending. They are actively transitioning into the adult world of money matters and they aren’t afraid to take on new financial responsibilities.
The numbers don’t reveal what college students are spending their money on or whether they’re making smart financial decisions, but it’s a big deal that two-thirds of them are already making payments on their student loans. So while millennials are willing to take on debt, it’s a priority to get rid of it as quickly as possible.
Infographic: Get More Details
Want more information about college students’ finances? We’ve summed it all up in this handy infographic. Use it to get a better handle on your target market as you plan your campus marketing campaigns for the fall.
Go Commando has the pulse on the life and interests of today’s college students. We have a unique connection with students that gives our clients immediate and direct access to their target market. And we’ve made it easier than ever for brands to get a deeper understanding of millennials directly from college students, so they can plan their marketing campaigns for greater success.