Graduation season is here and college graduates all over the United States will be looking for work. It turns out they’re going to need to — since most of them have no money in their pockets! A new poll finds one in five college students have less than $100 in the bank right now.
The survey of 1,000 U.S. college students and recent graduates of all ages, commissioned by Neighbor.com and conducted by Pollfish, found that six in 10 (61%) have less than $1,000 saved up currently.
Moreover, nearly half the poll (47%) either don’t have a savings account or have one with no money in it. Interestingly, younger college students in the survey were more likely to have more money in the bank than their older classmates. In fact, the majority of respondents with less than 100 bucks in their account were over the age of 25.
As for how these financially challenged grads are finding ways to make money, gig work is becoming the most common method. Nearly seven in 10 (69%) people who have graduated within the last five years are now doing some sort of gig work. More than three in 10 (31%) say their main source of income comes from gig work.
Unsurprisingly, many are in need of a few extra bucks, since 64 percent say they don’t earn enough money to both pay their bills and have cash left over for discretionary spending.