A new report reveals that today's college students are navigating significant financial challenges while balancing competing priorities, yet they continue to believe in the value of higher education.
The Student Financial Wellness Survey, released this month by Trellis Strategies, documents the financial wellbeing of over 53,000 students from 104 institutions across 27 states. The Fall 2024 results paint a portrait of what the researchers call "the modern learner" – students whose complex lives often involve working, caregiving, and managing financial insecurity while pursuing their degrees.
"As we enter a new era of discourse around postsecondary education, understanding these realities and their influence on students is more important than ever," said Bryan Ashton, Managing Director of Trellis Strategies.
Financial fragility emerged as a dominant theme, with 56 percent of respondents reporting they would have trouble obtaining $500 in cash or credit to meet an unexpected expense. More alarmingly, 68 percent had run out of money at least once since January 2024, and 22 percent had exhausted their funds eight or more times during that period.
These financial stressors directly impact academic performance. Among students who experienced financial challenges, nearly half (48 percent) reported difficulty concentrating on schoolwork due to their financial situation.
Basic needs insecurity remains widespread, with 58 percent of respondents experiencing food insecurity, housing insecurity, or homelessness. The report found particularly high rates among former foster youth, with 83 percent facing at least one form of basic needs insecurity.
Mental health challenges also featured prominently, with 57 percent of respondents reporting feeling lonely sometimes or always. Many students showed symptoms of major depressive disorder (33 percent) and/or generalized anxiety disorder (44 percent). While nearly all participating institutions offered mental health services, 27 percent of students were unaware these resources existed.
