LSC 2533 Research Methods
Journal Article Reviews (CLO 5)
Article
1
Section 1
Source:
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terms: Spending habits
Section 2
Title:
Financial attitudes and
spending habits of university freshmen.
Abstract
Attitudes toward, and
use of, money affects relationships, family stability, and even employment
success. Recently, the effect of these issues on college students has been
investigated. Eighty percent of undergraduates have credit cards with an
average balance of $2,226 and 10 percent have outstanding balances of more than
$7,000 (Kendrick as cited in Henry, Weber & Yarbrough, 2001). A survey
by VISA found 8.7 percent
of those filing for bankruptcy were below twenty-five years old (McBride as
cited in Jones & Roberts, 2001). Financial management capabilities are
essential to students' personal success and their academic success. Students
able to manage their finances are more likely to organize their lives and
manage their time in a way conducive to good academic progress (Weaver, 1992).
At Idaho State University, lack of financial
management is one reason students do not graduate (Eskelson, 2005). This study
will evaluate the financial attitudes and perceptions, as well as the spending
habits, of university freshmen. Implications are far-reaching and will provide
valuable data for university administrators in enrollment management and
student affairs, high school counselors, economic educators and parents.
Assisting students with information and strategies to improve their academic success
and degree completion is vital.
Reference
Cummins, M., Haskell, J., & Jenkins,
S. (2009). Financial attitudes and spending habits of university freshmen. Journal
of Economics and Economic Education Research, 10 (1), 3-20.
Section 3
Population
The research,
which was undertaken, involved 117 first year volunteer students from Idaho
State University. The sample, for the study, was taken from students, who were
enrolled during the 2004 academic semester. They were required to fill out a
questionnaire about financial perceptions and the management of money.
Research Approach
The
survey utilized quantitative analysis, in view of the fact that the results
were presented in numerical format. The questions were open-ended, and were selected
from the Likert scale. There were a total of 16 questions.
Results
The results indicated that the freshmen
had some knowledge about management of money. On the questions about the use of
credit cards, 15 percent had them and almost 72 percent of them had savings
accounts. Most of them, who tended to plan ahead, were good managers of money,
but complained that the need to budget restrained them from having fun. The
survey suggested that the College freshmen need to be educated on how to spend
money, given that only 60% indicated that they were “always”, or “often”
satisfied with how they spend their money.
Section 4
The article applied the questionnaire
method for the collection of data. This method was most appropriate in getting
first hand information about how freshmen use their money. The use of few and short
questions ensured that students did not shy away from answering them. In
addition, the sample that was investigated was selected on a volunteer basis.
This was one way of ensuring that the individuals involved did not give false,
or inaccurate, information because they felt that they were being forced to
participate in the research. From the research, I have gained a lot of
knowledge on the importance of planning ahead, because it helps you to spend
according to the resources that you possess. I have learnt, also, that one way
of managing money, effectively, is by using a credit card.
Although the article has brought to light
that most students spend more than they have, it has not established the source
where the extra cash comes from. The article might have been improved by
discussing, critically, where the individuals get the extra cash for their
spending.
Article
2
Section 1
Source:
HCT Libraries page
>Discover>Electronic Resources
Search
terms: Spending habits
Section 2
Title:
Spending habits of youths
in India with special reference to Mumbai city.
Abstract
The development in the economy in the
last decade has increased the number of the new rich and the middle class, and
left them with more money to spend. The increased pocket money, and employment
opportunities to earn and spend, make the youth of this country one of the most
important forces in spending. The youth referred to in this paper are in the
age group 13-25, which comprises about 30 percent of the Indian population of
1.22.Million i.e. about 0.366 million.
So, the role played by youth is a determining
factor in our economy. The spending habits of these youngsters not only
indicate the economic and lifestyle trends, but, also, the wider social trends in
the society. This paper is an attempt to find out where the youth are spending
their money, in the city of Mumbai, and how much. Primary data on the different
spending categories of youth, like food, shopping, grooming, movies, alcohol
and tobacco, were collected and analyzed by using various statistical tools and
techniques. ANOVA and T-Test were used to analyze the significant variances in
the spending pattern of gender and different groups, such as junior college,
undergraduate, professional and post graduate students.
Even though a majority of the youths are
financially dependent on their parents, there is a huge difference in their
spending habits. It is observed that this category spends huge amounts of money
on clothes and accessories, and on grooming. The female youths spend
comparatively more on clothes, accessories, grooming and gifts, but,
surprisingly, they save more money too. Also, professional and postgraduate
students spend more money than the other groups. Friends are the most popular
variable that influences spending.
Reference
Kamalanathan, V. (2015). Spending habits
of youths in India with special reference to Mumbai city. International Journal
of Arts and Sciences LLC, 8(5), 289-301.
Section 3
Population
The research involved 300 youths from the
city of Mumbai. The sample was selected randomly, and included a total of 80
youths from South Mumbai, 80 from the Eastern Suburbs and 140 from the Western
Suburbs.
Research Approach
A mixed
analysis using qualitative analysis and quantitative analysis of data was used,
since the data to be analyzed was obtained from journals, periodicals,
magazines, newspapers articles and research papers published by various
authors, books, and other related publications and references taken from the web.
The results were presented in form of tables, bar charts, graphs and pie
diagrams. In addition, the results were presented in a numerical format.
Results
The average income of youths in Mumbai
was Rs3000 per month, with pocket money as the main source of income. Less than
Rs500 was spent on 10 out of 12 items, such as transport, food, internet,
alcohol, movies, gadgets, mobile phones, gifts, tobacco and savings. Saving is
not common among the youth. The spending habits differ according to gender, age
and education; but most youths are, increasingly, adopting the behavior of
spending a significant amount of money on drugs and alcohol.
