College students need new financial habits to avoid piling up credit card debt

The broke college kid isn’t just a stereotype: A new survey shows that 36% of college students have more than $1,000 in credit card debt. EVERFI, an education tech company, surveyed over 30,000 college students from more than 440 institutions in 45 states and uncovered some disturbing financial insights about Generation Z.

The iPhone generation isn’t the most financially savvy demographic group. Almost half of college students surveyed said they do not feel prepared to manage their money, which is bound to cause challenges after graduation when they have to deal with both their student debt and, in many cases, a large amount of credit card debt.