The state of the economy has an enormous impact on the way that everybody spends their money. This impact both indirectly and directly affects college students in many ways.
A weakened economy might make it harder for a student who supports themself because maybe they won’t be able to find a job that offers the right pay or the right hours to cover all of their bills and still have some fun. If a student sacrifices their school work for a job that allows them one or all of those things, then their academic performance is likely to decline. If this same student also has a work study job or is involved on campus in extracurriculars such as clubs, organizations or social events, they will likely be forced to enjoy less of these things so that they can decrease the likelihood of academic shortcoming.
When a student is supported by an elder, the same effects of a weakened economy are likely to occur in the student’s life. A student that was not used to working before may need to now. Also, someone in this situation may receive less support from their financial supporter than they are used to, which can lead them to the same situation as one who supports themself.
With a student’s academic career on the line, it is important that students know where to find information on the economy, and what to do with such information. Here are some resources that can help even students who are not majoring in business or economics understand how the economy may affect them and those close to them:
- We The Economy: This Youtube channel is dedicated to explaining economics and current events through short videos.
- TEDEd: This is a website that contains compelling talks about current events… often economics related!
- Econedlink: Students K-12 can find both economic and personal finance resources from this website for free.
- American Economics Association: Providing information on everything from economics to plausible career opportunities, this website is a great resource for students looking to learn more about finance, economics and the workforce all in one place!
- The New York Times: Staying up to date with current events in the news is a great way to track the economy and gauge how one’s financial situation could possibly change.
The White House: With this resource, one can find ample information on current events as well as different social issues and topics, including economics, climate change, foreign policies, defense and more.
BIO: Darique Williams is a senior at Arizona State University. He is studying Economics and is currently a summer intern at Grad Guard Insurance Company.