Student's Financial Problem
Nowadays, with the living expenses keep rising, financial problems become a huge impact to all ages, especially to the student’s life. There was a study about financial among students and it was stated that females student were proved to have high financial problem than males student in Malaysia due to the financial attitude (Leila et al., 2012). Financial problems may result from poor financial management which most students have this attitude.
One of the reasons that lead to financial problems among student is that they are using the academic fund for other purposes besides for education (Sabri et al., 2008). Some students like to buy things that they cannot afford (Jariah et al., 2004) like having new smart phone even they already have one. Besides, lack of financial education also may lead the students to the financial problems. Being lack of financial education may result to poor financial management. Being far from parental supervision for the first time, most students are failed to manage their financial. They are not able to differentiate between what is a need and what is a desire. This behavior will make the students overspend their money over their limitation.
As a solution to these problems, students have to plan their financial properly. Create a budget is one of a good plan to manage daily or monthly expenses by listing all the expenses like education fees, books, foods, and rent (Vohwinkle, 2015). Listing all budgets will guide students to manage the flow of their money so that they will not overspend. Other than that, consultation with a counselor and join classes or seminar to learn about personal management also needed if the students want to improve their skill and knowledge in managing their own financial.
As a conclusion, financial problem among students is a serious problem. Students have to plan their financial in order to avoid any financial problems in the future. Change the bad attitude when spending money could help students from experiencing the financial problem.
1. Leila Falahati and Laily Hj. Paim. (2012), Experiencing financial problems among university students – an empirical study on the moderating effect of gender. Gender in Management : An International Journal, Vol. 27 No. 5, pp. 315-330
2. Vohwinkle, J. (2015, Nov. 28). College Students and Money. Retrieved from : http://financialplan.about.com/od/students/a/College-Students-And-Money.htm
3. Jariah, M., Husniyah, A., Laily, P. and Britt, S.,(2004) 'Financial Behavior And Problems Among University Students : Need For Financial Education'. Journal of Personal Finance volume 3.Issue 1
4. Sabri, M. F., MacDonald, M., Masud, J., Paim, L., K. Hira, T. and Othman, M. A. (2008). Financial Behavior and Problems among College Students in Malaysia: Research and Education Implication. Consumer Interests Annual Volume 54, pp. 169.