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Spending Habits Amongst College Students
Transcript of Spending Habits Amongst College Students
- Background of Research and Our Research Objective
- Sample Characteristics
- Research Procedures
- Limitations of Methodology
- Overall Perception of Money
- How Additional Monetary Support Affects Financial Responsibility and Management
- Varying Outlooks on Splurging
- Different Aspects of Personal Spending Habits
Spending Habits Amongst College Students
Research Conducted By: Tara Riggi, Cole Peterson, and Parker Burr
Background of Research and Our Objective
After deciding as a class to research the spending habits of students, our group set out to see what studies have been completed on the subject regarding how students spend their money. Upon doing so, we came across an article on Huffington Post that displayed how much students spent each year on things such as books, transportation, and eating out. With thousands of dollars being allocated to each segment, we wanted to understand more specifically where college students spend their money and what drives their spending habits.
For our research we interviewed 3 female and 3 male college students ages 21-23
For our research we conducted private interviews with our six participants. We also filmed and transcribed their responses for further analysis.
Limitations of Methodology
It should be noted that our research findings are qualitative in nature and were designed to explore how a small sample of college students feel about spending money, rather than quantifying how many think or act in a specific manner.
Overall Perception of Money
- Overall, all respondents felt that money is not the most important thing in the world. However, they felt that the less money they have, the more stress they feel.
- The respondents that had less financial support placed more importance on having a healthy balance in their bank accounts.
"I try to keep at least a hundred in my savings... and my checking account at least like fifty"
"Money was always really tight growing up... it's kind of a sensitive subject... I have really weird feelings about money."
"I would rather be making money doing something that I am slightly less passionate about... I don’t want to be suffering for my art or something like that."
How Additional Monetary Support Affects
Financial Responsibility and Management
- Among our respondents, those who have more financial support had a skewed perception of the actual cost of living.
- The respondents that showed more financial independence displayed a greater sense of financial responsibility
"Financing kind of scares me because I don't want to get to a zero balance and not have support from somebody to help me out..."
Varying Outlooks on Splurging
- All of the respondents had different perceptions on what “splurging” meant to them.
- The respondents with less financial support displayed anxiety before “splurging”
- Most respondents felt some guilt about splurging and splurged at least once a month.
"I usually have a big crisis before I actually buy it... after I spend it I've already managed how much left I'll have left in my accounts."
"Unfortunately it is probably the larger purchases that I am more impulsive about... if I see something that I really, really want, then I'll probably get it."
Different Aspects of Personal Spending Habits
- The spending habits amongst the respondents is influenced by their "spending personality."
- All respondents said that their "spending personality" contained some degree of impulsive behavior.
"Yeah I am pretty frugal for the most part... However, I get impulsive and go through a car wash when I notice that my car is way too dirty."
"If there's something new that is coming out I tend to get it if I have a habit of purchasing those products before."
- Targeting students who have financial support.
- Marketing to financially independent students
Targeting Students Who Have Financial Support
In order to successfully market to students who have financial support, we recommend that marketers appeal to this segment's impulsive buying behaviors. This particular segment tends to have a skewed perception on how large their disposable income actually is. The qualitative findings show that this segment could be potentially profitable for marketers and should be pursued.
Marketing to Financially Independent Students
In order to successfully market to financially independent students, it is crucial to ease the purchasing anxiety which this segment tends to display. Aspects of value and savings should be implemented in the marketing process. Ultimately, companies who produce essential commodities will be successful when marketing to this segment.