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Introduction
Managing finances is a significant challenge for many college students, especially those transitioning to independent living. This project focuses on the financial management practices of college students in Ontario, examining their earning, spending, and saving habits.
Research Method
To understand the financial habits and challenges faced by Ontario college students, a combination of qualitative research methods was used:
Recruitment Process
To gather participants for this study, a screener form was created and distributed to 15 college students. The goal was to recruit students who would provide diverse perspectives on financial management. After evaluating responses, 5 participants who met the specific criteria were selected for in-depth interviews.
Participants
The participants included a mix of domestic and international full-time college students aged between 18 and 25, residing in Ontario. The group was composed of students working part-time as well as those not employed, to gather diverse financial experiences and perspectives. This provided a comprehensive understanding of how different circumstances impact students' money management practices.
Data Collection
The research involved conducting interviews with the selected participants to gather qualitative data. The interviews focused on understanding their financial habits, experiences, and challenges. The insights gathered from these interviews were used to identify key themes and common issues faced by students in managing their finances.
Affinity Mapping
Affinity mapping was used to organize and analyze the qualitative data collected during the interviews. This helped in identifying patterns and themes, such as common financial challenges, spending behaviors, and areas where students struggle with financial literacy. The mapping process also highlighted the impact of financial stress on academic performance and mental health.
Research Insight
The research uncovered several valuable insights into the financial habits and challenges faced by Ontario college students:
Financial Literacy Gaps
Many students lacked basic financial knowledge, particularly around budgeting, savings, and investments. This lack of understanding made managing money overwhelming, leading to poor financial decisions.
Spending vs. Saving
Students struggled to balance spending and saving. Immediate needs like rent, groceries, and school supplies took priority, leaving little room for long-term savings. Impulse spending, especially for social activities, was a common issue.
Financial Stress Impact
Financial stress emerged as a major theme, affecting both mental health and academic performance. The pressure to manage expenses, especially for international students facing higher costs, often led to anxiety and distraction from studies.
Employment Challenges
Part-time work was common among students, but balancing work with academics was challenging. Many students also expressed interest in exploring passive income opportunities, but lacked the resources or knowledge to do so.
Need for Simple Financial Tools
Students expressed a strong need for financial tools that are easy to use and tailored to their specific needs. They emphasized that such tools should provide a clear overview of finances without overwhelming users with complex data.
What I Learned
Simplified Financial Overview: Develop a user-friendly financial tool to provide a simple, clear overview of income, expenses, and savings without overwhelming users.
Transaction Notifications: Implement transaction notifications that automatically record financial activity, with user approval or categorization before finalization.
Educational Content: Include an educational segment that explains budgeting, saving, and investment concepts in simplified language to make financial literacy accessible.
Financial Literacy Initiatives: Partner with financial institutions to offer students educational resources about money management, building trust and brand loyalty.
