Research
Category
Research
Client
Couse Work
Year
Oct,2022 - Nov,2022
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.
Recruitment Process
A screener form was distributed to 15 college students to recruit diverse participants for the study. Five students meeting the criteria were selected for in-depth interviews.
Participants
The study included domestic and international full-time college students (18-25) in Ontario, both employed and unemployed, to capture diverse financial experiences and insights into money management.
Data Collection
We conducted interviews to gather qualitative data on students' financial habits, experiences, and challenges. The insights helped identify key themes and common issues in money management.
Research Method
To understand the financial habits and challenges faced by Ontario college students, a combination of qualitative research methods was used
Affinity Mapping
Affinity mapping was used to organize interview data, revealing patterns in financial challenges, spending habits, and literacy gaps. It also highlighted how financial stress affects academics 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 struggled with basic financial skills like budgeting, saving, and investing, making money management overwhelming and leading to poor financial decisions.
Spending vs. Saving
Students found it hard to balance spending and saving. Essentials like rent, groceries, and school supplies came first, leaving little for savings. Impulse spending, especially on social activities, was a common challenge.
Financial Stress Impact
Financial stress was a major issue, impacting both mental health and academics. Managing expenses, especially for international students with higher costs, often caused anxiety and distracted them from studies.
Employment Challenges
Many students worked part-time but struggled to balance it with academics. They were also interested in passive income but lacked the knowledge and resources to pursue it.
Need for Simple Financial Tools
Students wanted simple, personalized financial tools that give a clear overview of their finances without overwhelming them with complex data.
Key Takeaways
Clear Financial Overview: Create a simple, user-friendly tool to track income, expenses, and savings without complexity.
Smart Transaction Alerts: Enable notifications for financial activity, allowing users to approve or categorize transactions.
Easy-to-Understand Guides: Offer simplified content on budgeting, saving, and investing to improve financial literacy.
Financial Education Partnerships: Collaborate with banks to provide students with trusted money management resources.
