Are more interested in their financial future than ever before
Refuel helps your organization gain students’ attention
Get college students to pay as much attention to you as they do to their bank accounts. While the cliche of the broke college student remains true for some individuals, this actual demographic represents a robust market — one that spends over $367 billion a year. Not only do college undergrads spend a lot of money today, but they also have a greater income potential than the average American, making them potentially even bigger spenders tomorrow. Students are now paying closer attention to their money and how they interact with it than ever before. This can be seen across a wide variety of statistics ranging from credit usage to greater levels of investment.
Undergrad financial information by the numbers from Refuel’s College Explorer 2022
- 87% of undergrads own credit cards or debit cards. This breaks down into 59% owning credit cards and 75% holding debit cards.
- A growing number of undergrads are using digital payment services. Up to 68% of college students use payment applications and are more likely than the general population to use them.
- 57% of undergraduate students are active investors, a 67% increase from 2019.
- Investment apps are widely used by college investors.
- Cryptocurrency is popular among college students, with them being 2.2x more likely to invest in crypto.
Students have always been a market of interest for financial companies for their long-term earning potential and potential for brand loyalty that lasts into their working years. There is now more opportunity to talk to students about how they’re handling their money at this stage in their lives. It’s clear that today’s undergraduates care more about how they interact with their money, and this trend is likely to continue in the future.
If you’d like to know more about how College students interact with the finance industry, fill out the form <below/above/here> to access Refuel’s in-depth College Explorer 2022 guide full of in-house research you won’t get anywhere else.
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