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Recently, a report called Money Matters on Campus, which identifies significant financial trends among college students, was released. The report, conducted by Ever-Fi and HigherOne, surveyed 42,000 college students to gauge their financial attitudes and aptitudes. The participants' responses were tracked from the 2012-2013 school year through the 2014-2015 school year. Here are the highlights of the report.

College students surveyed for the 2014-2015 school year are more likely than previous classes to report having a checking account. Additionally, most students said they had at least one credit card. Students noted that they often carried large outstanding balances on their credit cards.

The report reveals students often make irresponsible financial decisions. For example, students surveyed were less likely to pay credit card bills on time, review credit card bills for discrepancies or pay the entire credit card balance each month. Students were also less likely to make financially sound decisions like balance their checking account, follow a budget, invest 5-10% of their income or contact credit bureaus and discover their credit scores. (See also Top 10 Ways College Students Can Save Money.)

Students' risky behaviors may stem from financial illiteracy. Only 34% of respondents took a financial literature class in high school. Additionally, when students were given a quiz on financial knowledge, the average student answered 2.3 out of 6 questions correctly.

Here are the areas that caused the most financial stress for students at four-year colleges:

• 69% finding a job after graduation
• 55% how much tuition may increase
• 54% cost of books and school supplies (Find out how to save on textbooks, here:8 Ways To Find Cheap Textbooks.)
• 50% having enough money to last the semester
• 48% applying for financial aid/having enough financial aid
• 47% keeping track of spending
• 46% how to pay for another year at school
• 44% the size of their student loans
• 36% Going into overdraft/managing a checking account
• 35% keeping up with their peers

When asked to describe their level of preparedness to handle any number of situations, students reported being the least prepare to manage finances:

• 58% were prepared to manage money
• 63% were prepared to manage time
• 67% were prepared to find help and res to succeed
• 70% were prepared to stay organized
• 73% were prepared to keep up with coursework

Interestingly, students who had debts at an earlier age than their peers felt less prepared. Overall, students who had checking accounts felt more prepared than their peers as a result of their experience managing these funds.

Students at four-year colleges reported the following student loan debt totals:

• 25% had loans totaling less than $9,999
• 21% had loans between $10,000 and $19,999
• 22% had loans between $20,000 and $29,000
• 11% had loans between $30,000 and $39,999
• 22% had loans totaling more than $40,000

Students at two-year colleges reported healthier financial behaviors than those at four-year colleges. Also, because they were in school for a shorter period they tended to be older students. At two-year colleges, 51% of students surveyed had loans totaling less than $9,999. Overall, female students tended to be more financially responsible than their male peers, and students of both groups appeared to mature financially as they aged. Also, the higher the education attainment of their parents, the lower the students' stress levels.

While college students often have experiences managing money at an early age, they need more financial education while still in high school. Other studies have shown the size of student loans are increasing. Without proper instruction regarding financial decisions, college students are more prone to see debt as a necessity and, therefore, engage in compulsive financial behaviors that could have a profound negative impact on their lives.

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