Press Release
AIG
175 Water Street
New York, NY 10038
www.aig.com

Contacts:Shelley Singh (Investors): shelley.singh@aig.com
Marc Hazelton (Media): marc.hazelton@aig.com
Matt Burkhard (Media): matt.burkhard@aig.com

College Students Predict Brighter Outcomes for
Their Financial Futures, Despite Lingering COVID
Concerns and Rising Credit Card Use
According to new study from AIG Retirement Services and EVERFI,
students are poised to move forward with optimism and confidence
NEW YORK, May 12, 2021 – AIG Retirement Services, a leading retirement
plan provider for tax-exempt and public sector employers, including education
institutions, and EVERFI, a leading social impact education innovator, today
announced findings from a new survey of over 20,000 college students
nationwide. Despite a year of extraordinary challenge—with remote learning,
health scares and high unemployment—college students appear optimistic andconfident about their economic situation.
One Year Into COVID, College Students Are Confident
Even with the stress, grief and hardship brought on by the global pandemic,
many college students believe they are ready to take care of their finances andare optimistic about their post-graduation job prospects. Over half of college
students (58%) say they are confident in their ability to handle their personal
finances with three in five (60%) indicating they are prepared to manage theirmoney.
Looking at future employment, more than one-third (39%) do not expect COVID19 to have any impact on their post-grad job search. While half of the surveyed
students (50%) say finding a job after graduation is a source of stress, that
number has dropped significantly compared to past years. That number was ashigh as 68% during the 2018-2019 academic year, and 54% last year.

In line with this unexpectedly positive outlook for employment, students saytheir salary expectations have also increased, as 17% now expect to makemore than $85,000 per year in their first job after graduation. That level is up
considerably from 10% for the 2019-2020 school year.

“As students close the books on a second unprecedented school year, they
see a light at the end of the tunnel,” said Rob Scheinerman, Chief Executive
Officer of AIG Retirement Services. “Students who find themselves in a good
economic situation can take advantage of the opportunity to get a strong starton financial security—saving for retirement, building an emergency fund andpaying down debt. Still, the challenges created by the pandemic could linger,
so good financial habits will continue to be important for college students aswell as for graduates just beginning their careers.”
COVID Still Casting a Shadow
Even with their optimism about the future, college students have felt the effectsof COVID-19. Nearly one-third (32%) say the pandemic has placed extra
financial stress on their family, and 19% expect to take on more debt becauseof COVID-19. One in ten (10%) say that the pandemic has led to them losing
their job, while 16% have said it has reduced their work hours.
The impact of COVID-19 also extends beyond financial concerns, with 36% ofcollege students saying that they are more anxious and 39% indicating thatthey have not been able to get the most out of their college experience. Almostone in ten (9%) now say they have gotten sick with or tested positive for thecoronavirus. All of this has created a more challenging academic environment
with 17% saying they have not been able to focus on their studies.
Rising Credit Card Use Suggests Underlying Concerns
In contrast to the students’ enthusiasm and optimism about the years ahead,
an increased use of and reliance on credit cards stand as a warning about thepotential for future financial trouble. Nearly half of surveyed students (48%)
have a credit card, up from 40% a year ago.
College students now have more credit cards in their wallet than in previousyears, with 53% charging to two or more credit cards (up from 41% a year ago
and up from 25% in this study’s first year, 2012). Further, 40% of students
have more than $1,000 in credit card debt, and 14% have more than $5,000.
Almost two in five (38%) do not expect to pay their entire credit card bill eachmonth to avoid paying interest.
“We have been encouraged to see college students responding to the COVID
pandemic with such resilience but worry they may be getting ahead ofthemselves financially,” said Ray Martinez, Co-founder and President ofEVERFI. “Financial literacy will continue to be key as students find the rightstrategies for managing their money and working toward successful financialfutures.”
Personal Finance Areas Where Students Are Still Getting Good Grades
Continuing a positive trend seen earlier this academic year, college students
also seem to be responding to the challenge with a healthy amount ofpragmatism. They are showing some good personal finance habits, with 73%
saying they stop spending when cash is running low and 71% checking theirbank accounts regularly. These steps could help with managing money in thenear term, and the surveyed students also say they will be making moves thatpromise a more lasting impact. Over two in five (43%) plan to start saving for
retirement within the next year, and 44% also plan to build up an emergency
fund of 3 to 6 months of living expenses.
Students are also more confident in their plans for repaying student loans.
Over three in four college students (77%) plan to pay their loans on time (upfrom 68% last year), and 75% plan to pay off their student loans in full (up from66%). Additionally, nearly half (44%) will try to qualify for a student loan
forgiveness program.
“Student loan debt is typically a major source of financial stress, but college
students have perhaps been buoyed by months of student loan relief andstimulus checks,” said Scheinerman. “Student loans can be a drain on themonthly budget, and employers have the opportunity to create programs andservices that help their employees take control of their student loan debt.”
Study methodology

This survey from AIG Retirement Services and EVERFI, fielded from October
1, 2020 – March 31, 2021, is a nationally representative sample of 20,181
college students from 135 higher education institutions located in 34 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 canbe 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 approximately 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 withadditional 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 atwww.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 beprovided by independent third parties. Certain property-casualty coverages may be provided by a surplus linesinsurer. Surplus lines insurers do not generally participate in state guaranty funds, and insureds are therefore notprotected by such funds.
ABOUT EVERFI, INC
EVERFI is an international technology company driving social change through education to address the mostchallenging 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. In 2020, the company
was recognized as one of the World’s Most Innovative Companies by Fast Company and was featured
on Fortune Magazine’s Impact 20 list. 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 EvanWilliams, 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 Facebook,Instagram, LinkedIn, or Twitter @EVERFI.