More than three quarters (80%) of US college students describe themselves as more cost-conscious this year than a year ago, according to a recent survey by Fluent.
The majority (53%) also report having to meet higher expenses this year with less money. A quarter (26%) say they have less money this year to work with but their expenses stayed the same. Only 19% feel they have the money to meet expenses, and just 2% say they have significantly more money to spend this year than last.
Below, additional key findings from the report, which was based on a survey of more than 1,000 US college students preparing to return to school.
Income and Expenses
- Just 45% of students said they met or exceeded their summer job earnings goal.
- 34% said they fell short of their summer job earnings goals, and the remaining 21% said they had no set financial goals for the summer.
- Most college millennials (54%) plan to rely on off-campus work during the school year to meet expenses.
What They Spend On
The five top "must haves" that college millennials plan on purchasing are...
- Textbooks
- Transportation
- Clothing
- Mobile
- Dorm/apartment furnishings
When They Spend
- Not surprisingly, many college students (37%) said they begin and end their back-to-school shopping in August.
- However, nearly an equal number (36%) said they have no fixed start or end date to their shopping and are "always stocking up."
For more findings from the survey, check out the infographic below.
Click Image To Enlarge
About the research: The report was based on data from a survey of 1,010 US college students conducted between July 29 and August 6, 2013.
COMMENTARY: Generation Y, also known as the Millennial Generation, are the demographic cohort following Generation X. There are no precise dates for when Generation Y starts and ends. Commentators use beginning birth dates ranging from the early 1980s to the early 2000s (decade).
Millennials are sometimes called Echo Boomers, due to the significant increase in birth rates during the 1980s and into the 1990s. Millennials are mostly the children of baby boomers or Gen Xers. The 20th century trend toward smaller families in developed countries continued, however, so the relative impact of the "baby boom echo" was generally less pronounced than the original boom.
Millennial characteristics vary by region, depending on social and economic conditions. It is generally marked by an increased use and familiarity with communication, media, and digital technologies. In most parts of the world its upbringing was marked by an increase in a neoliberal approach to politics and economics; the effects of this...
Millennials are sometimes referred to as the "hard luck" generation. Many are saddled with huge amounts of college debt. Unemployment among Millennials is the highest of all generations, and many are having to take minimum wage jobs or work at two or more part-time jobs just to make ends meet. As a result, 40% of Millennials have had to move in with their parents due to lack of jobs. Up to 80% of Millennials prefer to ride a bike rather than drive a car. In fact, unlike past generations in their age group (18 to 29 year olds), many of them do not own a car, and don't plan on buying one. This has Detroit very worried. On the other hand, they are very technically savvy, and are the most mobile of all generations, dominate social networks in terms of time spent online, and believe in global warming. The majority, about 60%, lean towards liberal politics, and are a big reason why President Barack Obama was elected, then re-elected. This could all change in 2016, because many have lost faith in the President.
I really like this generation. They are my favorite generation. What Millennials are experiencing in America is also happening to Millennials in other countries. It's not their fault that the Great Recession came along. On a positive note, many of them are leading the current wave of entrepreneurism and technological innovation. I just hope that if they make it big, they give back to society, and don't forget where they came from.
Courtesy of an article dated August 23, 2013 appearing in MarketintProfs
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