We would love to hear from you. Click on the ‘Contact Us’ link to the right and choose your favorite way to reach-out!

wscdsdc

media/speaking contact

Jamie Johnson

business contact

Victoria Peterson

Contact Us

855.ask.wink

Close [x]
pattern

Industry News

Categories

  • Industry Articles (16,052)
  • Industry Conferences (3)
  • Industry Job Openings (9)
  • Negative Media (135)
  • Positive Media (73)
  • Sheryl's Articles (592)
  • Sheryl's Blogs (168)
  • Wink's Articles (227)
  • Wink's Blogs (211)
  • Wink's Press Releases (93)
  • Blog Archives

  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019
  • December 2018
  • November 2018
  • October 2018
  • September 2018
  • August 2018
  • July 2018
  • June 2018
  • May 2018
  • April 2018
  • March 2018
  • February 2018
  • January 2018
  • December 2017
  • November 2017
  • October 2017
  • September 2017
  • August 2017
  • July 2017
  • June 2017
  • May 2017
  • April 2017
  • March 2017
  • February 2017
  • January 2017
  • December 2016
  • November 2016
  • October 2016
  • September 2016
  • August 2016
  • July 2016
  • June 2016
  • May 2016
  • April 2016
  • March 2016
  • February 2016
  • January 2016
  • December 2015
  • November 2015
  • October 2015
  • September 2015
  • August 2015
  • July 2015
  • June 2015
  • May 2015
  • April 2015
  • March 2015
  • February 2015
  • January 2015
  • December 2014
  • November 2014
  • October 2014
  • September 2014
  • August 2014
  • July 2014
  • June 2014
  • May 2014
  • April 2014
  • March 2014
  • February 2014
  • January 2014
  • December 2013
  • November 2013
  • October 2013
  • September 2013
  • August 2013
  • July 2013
  • June 2013
  • May 2013
  • April 2013
  • March 2013
  • February 2013
  • January 2013
  • December 2012
  • November 2012
  • October 2012
  • September 2012
  • August 2012
  • July 2012
  • June 2012
  • May 2012
  • April 2012
  • March 2012
  • February 2012
  • January 2012
  • December 2011
  • November 2011
  • October 2011
  • September 2011
  • August 2011
  • July 2011
  • June 2011
  • May 2011
  • April 2011
  • March 2011
  • February 2011
  • January 2011
  • December 2010
  • November 2010
  • October 2010
  • September 2010
  • August 2010
  • July 2010
  • June 2010
  • May 2010
  • April 2010
  • March 2010
  • February 2010
  • January 2010
  • December 2009
  • November 2009
  • October 2009
  • August 2009
  • June 2009
  • May 2009
  • April 2009
  • March 2009
  • November 2008
  • May 2008
  • February 2008
  • August 2006
  • COVID-19 Raises Anxiety Levels for College Students by Presenting Extraordinary Health and Financial Challenges

    November 17, 2020 by AIG Retirement Services

    NEW YORK–(BUSINESS WIRE)–AIG Retirement Services, a leading retirement plan provider for tax-exempt and public sector employers including education institutions, and EVERFI, the nation’s leading social impact education innovator, today announced the results of a new survey of over 7,000 college students nationwide on topics ranging from the impact of COVID-19 on their education, to personal finance and mental health.

    Impact of COVID-19

    The findings reveal that 41% of college students are feeling more anxious about the current school year due to the global pandemic and less than half (47%) say they feel prepared to manage their stress and anxiety. Students are also worried about their health and well-being, saying their three biggest COVID-19 concerns are getting sick (42%), the well-being of their family (39%) and their mental health (35%).

    The high level of uncertainty also has financial implications, with one-third (32%) saying COVID-19 has placed extra financial stress on their family. To meet these challenges, one in four college students (23%) have considered applying for or have already applied for additional scholarships and grants. Similarly, because of the pandemic, one in five (21%) have considered or have already taken on additional work to help pay for the cost of college.

    College students are developing strong financial habits amid pandemic

    Surprisingly, despite all the new stress and uncertainty, college students surveyed this year are showing better financial preparedness and financial habits than previous years. These improvements in college student personal finance habits include:

    • 75% stop spending when cash is running low, up from 64% in the 2019-2020 academic year;
    • 72% check their bank account balances regularly, up from 65%; and
    • 57% always make more than the minimum payment on their credit card, up from 42%.

    Looking ahead, students plan to carry several already good financial habits into the future:

    • Student Loans: 76% of college students plan to make their college student loan payments on time, up from 68% last year. Similarly, 76% plan to pay off all their student loans in full, up from 66%.
    • Credit Cards: In the next year, 71% of respondents plan to pay off their credit card bills on time, up from 60%. Further, 61% plan to pay their entire credit card bill each month to avoid paying interest, up from 52%.
    • Budgeting: In the year ahead, 53% plan to create a budget to track their spending and saving, modestly up from 48%. Further, 57% plan to follow a budget to limit their spending, a small increase from 53%.

    “Despite the toll the pandemic has taken on their well-being, college students have proven to be resilient in the face of hardship,” said Rob Scheinerman, Chief Executive Officer of AIG Retirement Services. “This generation is demonstrating positive personal finance behaviors that will make a real difference for their future. Our hope is they come out of this pandemic safely and in good health—prepared with the financial tools that can serve them well for years to come.”

    Many still want the classic college experience

    What may come as a relief for universities amid significant investments in health and safety measures, most students still seem to want the college experience they signed up for.

    Just 5% of the students surveyed gave any thought to transferring schools and only 10% considered delaying the completion of their studies until they could safely return to campus in person. In parallel, just 16% said they weighed staying home with their parents while completing their studies, showing a strong preference for building their independence away at school.

    “The pandemic has raised questions about what the future of a college education might look like, but the students have spoken: they still want the classic college experience, campus and all,” said Ray Martinez, President of EVERFI. “Confronted with circumstances that would have been unimaginable a year ago, college students are determined to stay the course and want to make the best of an undesirable situation.”

    Areas of concern and financial vulnerability

    Even though college students appear to be pursuing many positive financial behaviors, the survey found some areas of concern that demonstrate financial vulnerability. Two in five students (38%) are worried about having enough money to last the semester, and 40% of respondents said they wouldn’t be able to pay off a major unexpected expense.

    Financial debts could become a challenge, as 57% said they will have student loans by graduation and 35% said they have at least two credit cards (with 17% having three or more). Possibly to address these debts, a small, but significant number of students plan to turn to a payday lender at some point over the next year.

    Study methodology

    This survey from AIG Retirement Services and EVERFI, fielded from August 28 – September 28, 2020, is a nationally representative sample of 7,099 college students from 64 higher education institutions located in 26 states.

    About AIG Retirement Services

    For more than half a century, AIG Retirement Services has served as a leading defined contribution retirement plan provider for tax-exempt and public sector employers, including healthcare, K-12, higher education, government, religious, charitable and other nonprofit organizations. AIG Retirement Services has more than $100 billion in total assets under administration, managing thousands of plans serving approximately 1.8 million participants. It includes the VALIC family of companies: The Variable Annuity Life Insurance Company and its subsidiaries, VALIC Financial Advisors, Inc. and VALIC Retirement Services Company. Additional information can be found at www.aig.com/RetirementServices.

    About AIG

    American International Group, Inc. (AIG) is a leading global insurance organization. AIG member companies provide a wide range of property casualty insurance, life insurance, retirement solutions, and other financial services to customers in more than 80 countries and jurisdictions. These diverse offerings include products and services that help businesses and individuals protect their assets, manage risks and provide for retirement security. AIG common stock is listed on the New York Stock Exchange.

    Additional information about AIG can be found at www.aig.com | YouTube: www.youtube.com/aig | Twitter: @AIGinsurance www.twitter.com/AIGinsurance | LinkedIn: www.linkedin.com/company/aig. These references with additional information about AIG have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release.

    AIG is the marketing name for the worldwide property-casualty, life and retirement, and general insurance operations of American International Group, Inc. For additional information, please visit our website at www.aig.com. All products and services are written or provided by subsidiaries or affiliates of American International Group, Inc. Products or services may not be available in all countries and jurisdictions, and coverage is subject to underwriting requirements and actual policy language. Non-insurance products and services may be provided by independent third parties. Certain property-casualty coverages may be provided by a surplus lines insurer. Surplus lines insurers do not generally participate in state guaranty funds, and insureds are therefore not protected by such funds.

    ABOUT EVERFI, INC

    EVERFI is an international technology company driving social change through education to address the most challenging issues affecting society ranging from financial wellness to prescription drug safety to workplace conduct and other critical topics. Founded in 2008, EVERFI is fueled by its Software-as-a-Service (SaaS) community engagement platform and has reached more than 41 million learners globally. Recognized as one of the World’s Most Innovative Companies by Fast Company in 2020, EVERFI powers community engagement in a sustained manner to empower individuals and organizations to make an impact within their communities. Some of America’s leading CEOs and venture capital firms are EVERFI investors including Amazon founder and CEO Jeff Bezos, Google Chairman Eric Schmidt, Twitter founder Evan Williams, as well as Advance, Rethink Education, Rethink Impact, The Rise Fund, and TPG Growth. To learn more about EVERFI and how you can #answerthecall please visit everfi.com or follow us on FacebookInstagramLinkedIn, or Twitter @EVERFI.

    Contacts

    Sabra Purtill (Investors): sabra.purtill@aig.com
    Shelley Singh (Investors): shelley.singh@aig.com
    Matt Burkhard (Media): matt.burkhard@aig.com
    Sonya Udler (EVERFI): sudler@everfi.com

    Originally Posted at Business Wire on November 11, 2020 by AIG Retirement Services.

    Categories: Industry Articles
    currency