College Students Changing Education Plans Due to Economy
Students Are Opting to Go on to Grad School or Changing Career Plans Because of Job Outlook in Today's Economy
The economy is not only affecting traditional college students' plans, but also those who attend vocational and technical schools, according to the Boston Globe. The Globe recently reported that many high schoolers who chose a technical/vocational trade while attending high school, thus expecting to enter the work force upon graduation, are finding themselves out of work before they can even look for a job because of economic conditions. Jobs are scarce and older, more experienced tradesmen are the ones who are snagging open jobs.
College Students are becoming more cost conscious
The Higher One study also found that students were more money conscious than previously, finding that 85% of those surveyed admit that they have changed their spending habits in the past year. Also noteworthy was that there was a slight increase from last year in the student's confidence in their abilities to properly manage their own finances. A full 67%, two-thirds of those surveyed, were confident in their money managing skills. A full 90% indicated that they regularly balance their finances and budget for future expenses.
Jagbytes reported back in March that college students were opting out of spring break beach vacations and instead opted to go home instead. The main reason for their decision was not to see dear old mom and dad, but mainly due to money concerns. Another trend in college student travel plans to downsize their travel plans to a destination that was less expensive than the vacation they were originally considering.
A huge shift in how college students get their financial information
This year's Higher One survey also showed that a shift has occurred in how and where college students get their financial management advice and information. Last year's Higher OneFinancial Literacy Survey indicated that overall, college students turned to their parents for financial advice and information. In the past year, however, there has been a shift away from parents and toward the Internet and other professional sources to get their financial management information. Colleges are now eager to fill their students' requests for classes on managing their finances by offering more classes on money management skills.
Sources:
http://www.higherone.com/wordpress/?p=153#more-153
http://www.boston.com/news/local/articles/2009/05/14/vocational_students_retooling_career_plans/
http://media.www.jagbytes.com/media/storage/paper1244/news/2009/03/08/CollegeNews/Tough.Economic.Conditions.Curb.Students.Spending.Habits-3664494.shtml
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9 Comments
Post a CommentExcellent info! Keeping a close eye on the Bureau of Labor Statistics handbook should be a must for HS grads going on to college.
My cousin is learning the hard way that a BFA in this or any economy is not exactly a job guarantee. She's bartending and thinking about getting a teaching certificate.
Shows they have sense :) Sheri
Students have got some hard decisions to make. Glad some are making the right ones.
Here in Florida, tuition rates just went up for state-funded schools. Yet, Florida expanded gambling to help schools out. I hope if kids go on to higher education, they have something to DO with it afterward!
It's great to hear that the next generation is trying to actually become more financially educated than the previous.
Great article, it is tough to be a student in these tough economic times.
Reality sets in earlier I see! Good reporting.
So much good has come out of this "crisis". Well, on an individual level anyways. The government and those who voted for Mr. Bailout don't quite seem to have a grasp on frugality, but perhaps they'll get there soon.