Greetings! Do you ever get curious about how students manage their money in the complex world economy today? The Student Money Survey 2024 reveals some interesting facts and figures about how students today manage, feel, and want to be concerning their money.
This survey captures what students do to survive, from increased fares to stove charges to new ideas for making money. Now, let’s move to the main findings and describe strategies students can use to manage their finances.
Let’s dive in!
Table of Contents
Introduction Student Money Survey 2024
The Student Money Survey 2024 surveyed over 15,000 students across various countries, collecting valuable data on:
- Earnings: Employments, academic and extracurricular, and other vocations.
- Spending habits: Create three links related to each other and name them as follows:
- Basic needs, Education, and Recreation.
- Debt: Borrowings, credit and repayment difficulties.
- Financial priorities: Deposit, secure, and plan for the future.
Results highlight
- Rising cost of living: A major hurdle for students.
- Side hustles: High use by the young generation.
- Financial literacy improvements: Budgetary measures, which include saving more.
Rising Cost of Living
This way, the following sections look at how costs are affecting students. The rising cost of living is the most significant challenge for students:
- Housing expenses: On average, 40-50 % of rent claims are the norm for students in terms of their income earnings.
- Food and groceries: More than two-thirds of the students said this is their second biggest expenditure.
- Utilities and transportation: There has been a cost denial in the ratio of 18% year-on-year.
Coping Mechanisms
Students are finding innovative ways to combat rising expenses:
- Room sharing: Helps save up to 30% on rent.
- Cooking at home: Saves up to $100-$150 on weekly groceries or less if a month has fewer than four weeks.
- Cycling or walking: They help to reduce transportation costs.
Income Sources: Students Are Hustling
Conventional and Non-Traditional
Balancing work and academics has become essential:
Part-time jobs:
- Part-time employment: Of them, 60 per cent of students have part-time jobs.
Popular industries
- Retail and hospitality: 35%.
- Customer service: 20%.
Freelancing
23% of the students do online jobs through websites like Freelancing, Fiver, Work, etc.
In-demand skills
- Writing and editing.
- Graphic design.
- Social media management.
Rise of the Gig Economy
Gig economy platforms like Uber Eats and DoorDash attract student workers. For instance, if you are a student, it fits around the hours you spend at school or college.
Overall, 15% of students from the survey stated that they relied on gig work to generate income.
Spending Categories
Students’ financial priorities reveal how tight their budgets are:
- Rent and housing: The most significant portion ranged from $600–$800 per month.
- Food and dining: Mature students suggest the monthly expenses vary from $200- $300.
- Education-related expenses: Books, software, and supplies, on average, cost $500 per year.
Leisure and entertainment
- On average, people spend 20 per cent of their disposable income on hobbies and socialization.
Online Shopping Trends
The convenience of online shopping has significantly influenced student spending. Eighty-five per cent of consumers expect online retailers to acquire discounts and ease shopping.
- Popular purchases:
- Laptop, Tablet.
- Clothing and accessories.
- Such services include Groupon, Netflix and Spotify, among others.
The Debt Burden
Student Loans
- Debt is a significant concern for students:
- 78% of private borrowers depend on loans to finance their education.
- Average debt per student at graduation: $30,000.
Credit Card Debt
- Credit card usage among students is rising:
Credit card ownership among students reached 65%, an increase from 50% in last year.
- Common pitfalls include:
- They spoil themselves with things that do not include the necessities of life.
- Need to meet payment deadlines.
Repayment Strategies
Students are taking proactive steps to handle debt:
- Other personal finance apps include budgeting apps like Mint and You Need A Budget or YNAB.
- Dana has also highlighted that part-time income is applicable towards servicing the loans.
- Income-contingent repayment regimes are fashionable more often than not after studies.
Financial Literacy: A Promising Trend
Emphasis on Savings
The survey revealed a positive shift towards savings:
- The results show that 38% of students save at least ten per cent of their income, as opposed to 30% in 2023.
Savings goals include
- Emergency funds.
- Other assets include, for example, securities, such as stocks.
- Postgraduate tourism and hospitality.
Budgeting Tools
- Technology plays a crucial role in improving financial literacy:
Popular budgeting
- Mint: Tracks spending and income.
- YNAB (You Need a Budget): Supports the development of reasonable budget forecasts.
- University-organized financial workshops are also on the rise.
- Advice from Economically Intelligent Students.
Money-Saving Hacks
- Use student discounts: Ready for travel as a means of transport, as a tool for managing, sorting, calculating, playing, designing, and as information and fun.
- Buy second-hand:, from textbooks to furniture, it saves a lot of money.
- Avoid impulse purchases: Shop according to a planned budget.
Smart Earning Tips
- Sell unused items: Social media sites & former pure-play online marketplaces, such as eBay, Facebook Marketplace, etc., can convert clutter into cash.
- Start a side hustle: Tutoring, freelance writing or selling of handmade products.
Participate in paid surveys: It is a very convenient method of making some additional money.
The following video explain about Money-Saving Hacks:
Key Insights for 2024
Goals and Aspirations
Despite financial struggles, students are optimistic:
- 25% are investing in stocks and cryptocurrencies.
- Another 40% of them said they intend to use the money to save for higher learning or business purposes.
Universities’ Role
Educational institutions are stepping up:
- We are providing free financial consultation meetings.
- We are offering food cards to students in need to receive some money for the emergency grant.
- Including simple workshops on managing personal expenses and creating a budget.
Effect on Students’ Pocket, Mental Health
Economic Strain and Its Effects
The Student Money Survey 2024 also explored the mental health challenges caused by financial stress:
- Altogether, more than two-thirds of all students and 67% of subjects stated that they had experienced some level of anxiety because of their financial situation.
Financial stress contributes to:
- Poor academic performance.
- Poor work-life balance and cycling between work and home demands tremendous time.
- Higher rates of fatigue and depression.
Coping with Financial Stress
Students are adopting strategies to balance mental well-being and financial pressures:
- Time management: Juggling between work and college education.
- Support networks: Dependence on family, friends or University counsellors.
- Mindfulness practices: Some of the stress-minimizing exercises include yoga or meditation.
Supporting Mental Health
Educational institutions are recognising the connection between finances and mental health:
- She is meeting the students’ money worries by offering financial aid workshops for them.
- Making mental health services more affordable with an option of free services provision.
We are delivering stress-related wellness programs. Getting a student financially and mentally right also means they will excel academically and be ready to face the world head-on.
Conclusion
The recently released Student Money Survey Report 2024 demonstrates how students cope with a tricky economic climate. Even though the cost of living has increased, and students have debts that make learning challenging, they are gaining experience on using their cash intelligently to afford a living standard they meet.
From accepting the gig economy to adopting simple and complex financial products, these insights suggest a guide map for students about their financial determinations.
FAQs
1. is the student debt convention in 2024?
The student’s average indebtedness at graduation is about $30,000.
2. In what ways are students sustaining themselves with rising costs of living?
In terms of cost, the reduced expenditure on house rents, purchasing food in large quantities and using student discounts.
3. How often do students save money?
In the survey, about 38 per cent of students disclosed that they can save 10 per cent of their income.
3. Which tools do students apply in budgeting?
These include some standard apps today, such as Mint and You Need A Budget (YNAB).
4. How many of all the students that are being surveyed possess credit cards?
In 2024, about 65% of students use credit cards more than once a month.
5. In what way are universities assisting students in finance?
Colleges provide one-on-one counselling, group seminars, and other resources such as emergency cash.
