Round Rock, TX – Trellis Strategies, a nonprofit research and consulting firm focused on improving postsecondary student outcomes, has released findings from its annual Student Financial Wellness Survey (SFWS). The results highlight persistent challenges facing modern students, including mental health concerns, basic needs insecurity, and evolving priorities as more learners balance employment alongside their education.
Key findings from the 2024 SFWS include:
Paying for College: Only five percent of respondents reported being able to fully “self-finance” their education using a combination of savings and income from current employment. Most students relied on other resources to cover costs, such as grants, student loans, or assistance from family.
Worker-First Identity: Over one-third (36%) of surveyed students identified primarily as “a worker who goes to school,” rather than as “a student who works,” reflecting shifting priorities and responsibilities.
Financial Fragility: More than half of the students (56%) reported they would have trouble accessing $500 in cash or credit within the next month to meet an unexpected expense.
Academic Disruptions: One-quarter (25%) of working students missed at least one day of class due to conflicts with their work schedule, 24% of parenting students missed at least one day of class due to lack of childcare, and 15% of all respondents reported missing class at least sometimes due to lack of transportation.
Mental Health Challenges: A majority (57%) of students reported feeling lonely sometimes or always. Additionally, 33% indicated symptoms consistent with major depressive disorder, and 44% reported symptoms consistent with generalized anxiety disorder.
Basic Needs Insecurity: More than half of respondents (58%) experienced difficulty accessing food, housing, or other fundamental resources essential for academic success.
Cautious Optimism: Despite these significant barriers, (84%) of students believe obtaining a college degree will ultimately lead to a higher quality of life.
“These findings clearly illustrate the complex realities modern students face as they balance employment, family obligations, financial stress, and mental health concerns with their academics,” said Trellis President and CEO Dr. Debra Chromy. “Institutions and policymakers can leverage this data to develop targeted strategies and resources aimed at improving student retention, completion, and overall well-being.”
“The Student Financial Wellness Survey continues to deepen our understanding of the experiences of today’s college students, highlighting how finances impact student success, wellbeing, and mental health. This data underscores the critical need for a higher education system that is responsive to the real-world challenges students face,” added Allyson Cornett, Director of Research at Trellis Strategies.
Since its inception, the SFWS has become one of the nation’s most comprehensive assessments of student financial wellness, offering detailed insights that institutions and policymakers can use to guide targeted support strategies and improve student outcomes.
About the Student Financial Wellness Survey
Developed by Trellis Strategies in 2018, the Student Financial Wellness Survey (SFWS) collects self-reported data from postsecondary students on financial well-being and related success indicators. To date, the SFWS has surveyed approximately 3.8 million students at 300 institutions across 37 states.
About Trellis Strategies
Trellis Strategies is a strategic nonprofit research and consulting organization dedicated to advancing postsecondary education and strengthening workforce development. With over four decades of expertise, Trellis Strategies delivers research-driven insights and scalable solutions tailored to improve student outcomes, enhance educational policies, and promote individual economic mobility and community prosperity. Follow Trellis Strategies on LinkedIn.
Media Contact:
Jay Sweeney
jay.sweeney@trellisstrategies.org