The sole purpose of conducting the research was to assess the financial situation of university students and how it affects them academically socially and health-wise. The method used to collect data from a random group of 50 students was by administering questionnaires. From the unbiased findings, the following conclusions were drawings. First, the choice of area of residence by students was not affected by their financial status. Secondly, students are mostly findings by their parents, followed by loan and lastly by other means. Thirdly, students spend primarily on food. Fourthly, only a few students manage to save their funds, and finally, most students admitted to having been broke at some point in the semester.
Following the above conclusions, we made some recommendations as follows. First, students should make a budget plan. It Will enable them to manage their funds properly. Secondly, once they have the budget plan, they should adhere to it and avoid unnecessary expenditures to prevent panic and to be broke. Thirdly, they should seek alternative legit means of boosting their funding source by applying for the work-study program or seeking online jobs and other part-time jobs. Lastly is to encourage them to save as the savings can help them out in cases of emergency (Kim et al., 2017). Planning and the dedication of resources and the time and efforts to give the ultimate goal of the proposal achieved. The project is analyses step by step in consecutive weeks for a month
What is the financial situation of University Students?
Students at the university level come from very diverse backgrounds and several parts of the country and international diversification. Despite this, several of them have faced financial problems at one point or another. The research was conducted, taking a sample of 50 University Students to obtain a general view of the economic situation of the whole population. The findings of the study are using to draft a report with the primary objective of advising current students and even future generations on effective ways to manage their finances (Kim et al., 2017). The report will cover the secondary objectives that will is elaborating below.
Aims and Objectives
- To find out the primary sources of funding among students.
- To determine how students spend their money.
- To learn how the financial situation of a student affects their livelihood.
- To investigate whether students are on a healthy financial scheme.
Financial management is a critical concept in students’ life in a higher learning institution and general living. It instills the idea of proper planning and management of finance in the students’ experience since investment is a scared resource to the human wants. Financial planning budgeting and controlling the money at hand is essential and helps in managing the support at hand to enhance a good living standard. Hence research on the financial situation of the university students in necessary.
In the first week, there will be identifying the defends university students and the divert level of the studies in the university. In the second week traveling will be an expense to the collection of the questioner’s responses from the students from different universities. The financial responsibility is to be the sample required. The communication and the transportation and the print out of the questioners costing roughly $200. the capstone topic of the financial situation of students is continuously scrutiny of the university contacts
Financial situation and condition have been doing in several fields. It is starting with the country’s economic situation that is mainly affected by the finances that are within the gross domestic product and narrowing down to the institution and to the individual financial situation that gives a characteristic of finance that is a form of utility that helps (Author, 2005). Narrowing down to the students that they need the funds in the university sustainability from different sources pronouncing the help loan that the government has support the financial situation of the students. Studies have been doing in the various financial stability of a nation, organization, and diverse institution.
Methods and Materials Information for this report was sourcing from primary sources. A survey was conducting from both male and female students residing within and outside the school through a questionnaire.
Discussion of The FindingsGender The majority of the students reside outside the school (66%). The remaining 34% who live within school say their choice or residence is affected by their financial status. The majority of the 66% residing outside school are not affected by their financial situation (Author, 2005). Therefore, financial status does not play a significant role in the choice of residence.
Sources Of Finance The majority of the students receive their funding from their parents (62%). However, some students receive their funding from Hleb Loan, (36%). 2% have other sources of financing, such as gambling. 46% have supplementary sources of income, such as gambling, boyfriend, and many more (Author, 2005). The rest (54%) have nowhere else to get money.
Expenditure The majority of the students receive money on a monthly and weekly basis that 80%. Remaining 20% receive payment once in a semester, with the majority of students receiving money ranging between 0 to 5,000 ksh concerning frequency above from their sources. (Robb, 2017).The students are observing to spend their money on food and other necessities majorly. With a small percentage seen to spend some of their money on alcohol and drugs. However, 56% of the students say that the money is not enough.
The majority of the students state that they had more responsibilities, for example, kids and assignments. Hindered most of the students from saving. 34% of the students manage to keep, while 66% do not. The male students achieving to keep are 10 (58%) while the female students are 7 (42%). Most of these savings are doing weekly.
The few who manage to save have come up with various techniques to ensure they keep. These are budgeting, previous meals, and having their priorities set right.
SpendingThe majority of the students say that they spend their money well. They were 37.
45/50 students said that they have been broke at some point in their life. We realize that this could be a contradiction from the students. If they spent their money well as they claim, what could be their reason for not saving?
- The students should have a clear, reasonable, well-fitting, and proper budget plan.
- Students should ensure they stay within their budget plans.
- Avoid unnecessary expenditures, such as gambling and drug abuse.
- Endeavor to have more than one legit source of money.
- Students should have clarified choice and preference
ConclusionTaking all things into consideration, it was concluding that a majority of the students reside outside the school, and their choice of residence is not affected by their financial situation. Most of the students get money from their parents, followed by education loan. Most of the students mainly spend their money on food with a small number managing to save (Watson et al., 2016). Although the right amount of them consider themselves to be responsible spenders, almost all students thought themselves to be broke at one point in time.
Finally, it agreed that finances play a significant role in the lives of university students. The availability of money ensures a comfortable experience, thus a positive impact on them, while a financial constraint impacts the students negatively. The evaluation of this project proposal by the university board and the government will help in the managing of the financial skill in the university students
Author, G. (2005, December 11). The importance of daily and weekly planning. Lifehack. https://www.lifehack.org/articles/lifehack/the-importance-of-daily-and-weekly-planning.html
Kim, M., Lee, G., Lee, S., Chun, J., & Han, Y. (2017). undefined. Journal of Society of Korea Industrial and Systems Engineering, 40(4), 171-182. https://doi.org/10.11627/jkise.2017.40.4.171
Robb, C. A. (2017). College student financial stress: Are the kids alright? Journal of Family and Economic Issues, 38(4), 514-527. https://doi.org/10.1007/s10834-017-9527-6
Watson, S. J., Barber, B. L., & Dziurawiec, S. (2016). Living situation and perceived parental financial support as protective factors against financial strain among Australian university students. Australian Journal of Psychology, 68(2), 130-138. https://doi.org/10.1111/ajpy.12100
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