College students increasingly failing to manage personal finances

According to a survey by Higher One, a financial aid company, and EverFi, an education technology company, college students are becoming worse at managing their finances.

The survey found that in the past three years, students have become less likely to follow budgets, pay credit card bills on time and in full and save money. They are also now more likely to own and use multiple credit cards, leading to further debt.

According to Vice President of Financial Literacy and Student Aid Policy at Higher One Mary Johnson, the "recklessness [of student spending] can be credited to a variety of financial and cultural factors." Washington State University senior Laura Abbott explained that the pressure to keep up with peers at school has contributed to many students' acquired debts. 

Students' financial situation, Johnson says, highlights the need for "personal finance education." Some schools have begun looking into ways to mediate students' bad personal finances. In 2012,  Indiana University began printing students' accumulated debts at the bottom of their college payments and have since seen a 12.4 percent decrease in student loans. 

Everyone, including schools, parents and students can "do more to help students responsible manage their finances," said Johnson. 

Read more at USA TODAY College.

Please note All comments are eligible for publication in The Daily Pennsylvanian.