Saving money for college students is a task that comes with much difficulty. Due to school expenses, life necessities, bills, etc., saving money can seem like an almost impossible task for many college students. I believe that many students are not engulfed with financial tips and resources on a daily basis, which can make the process even more difficult. Financial worries are a serious concern for students all around the world. I believe that an opportunity exist in this field.
Who: College Students
What: College students struggle to save and budget their money properly each and every day.
Why: The expenses of being a college student make it extremely difficult for students to manage their finances efficiently. Many students either don't have much experience managing their own money or simply are too irresponsible to do it properly. Also, I do not think that tips about financial management skills are visible enough for students. I understand that there are a plethora of strategies available, but I do not feel that this information is promoted to students like it should be.
Testing the Who: There are a plethora of individuals who have this need outside of those mentioned above. These individuals range from middle aged men and women, elderly individuals, people who are currently retired, and many more. The who in my opportunity focuses primarily on college students, however, there are a plethora of individuals who may have this exact same concern.
Testing the What: Do all college students struggle to save money or just those who spend their money recklessly? What portion of students have financial problems in relation to the entire student body? Are there certain schools or regions that seem to have this issue more apparent than others? What is the criteria for "struggling" to save or budget money?
Testing the Why: The why that I have identified holds true for many students, but not all of them. Some students do not have any additional funds aside from what their school gives them for tuition, therefore they have no resources to save or budget. Others may attribute their situation to the difficulty of finding employment. Some campuses offer a plethora a job opportunities, but the competition may be very stiff, due to the excellent array of students attending the school. Also, for some students, financial situations may be attributed to socioeconomic status and family background. Many students take care of themselves while continuing to help their family back home.
After extensively interviewing a diverse group of individuals, I found that the boundaries of my hypothesis extended further out then I imagined. There are so many different variables that must be accounted for when assessing a situation of this nature. I interviewed three college students and two individuals who were not in school. I felt that it was important for me to examine how individuals felt about this information when school was not a part of their lives. This provided me with a way to compare and examine how the responses differed or remained the same for each individual. It also allowed me to take into account the adult life circumstances of an older individual compared to the adult life circumstances of a college student. Much of the information gathered from my interviews is mentioned throughout the boundary portion of this exercise, the boundary test forced me to critically analyze my opportunity. After my interviews, I noticed that many individuals do not have the confidence in themselves to attempt to save money. This was an aspect of my opportunity that I did not realize in the beginning.
Testing the What: Do all college students struggle to save money or just those who spend their money recklessly? What portion of students have financial problems in relation to the entire student body? Are there certain schools or regions that seem to have this issue more apparent than others? What is the criteria for "struggling" to save or budget money?
Testing the Why: The why that I have identified holds true for many students, but not all of them. Some students do not have any additional funds aside from what their school gives them for tuition, therefore they have no resources to save or budget. Others may attribute their situation to the difficulty of finding employment. Some campuses offer a plethora a job opportunities, but the competition may be very stiff, due to the excellent array of students attending the school. Also, for some students, financial situations may be attributed to socioeconomic status and family background. Many students take care of themselves while continuing to help their family back home.
After extensively interviewing a diverse group of individuals, I found that the boundaries of my hypothesis extended further out then I imagined. There are so many different variables that must be accounted for when assessing a situation of this nature. I interviewed three college students and two individuals who were not in school. I felt that it was important for me to examine how individuals felt about this information when school was not a part of their lives. This provided me with a way to compare and examine how the responses differed or remained the same for each individual. It also allowed me to take into account the adult life circumstances of an older individual compared to the adult life circumstances of a college student. Much of the information gathered from my interviews is mentioned throughout the boundary portion of this exercise, the boundary test forced me to critically analyze my opportunity. After my interviews, I noticed that many individuals do not have the confidence in themselves to attempt to save money. This was an aspect of my opportunity that I did not realize in the beginning.
Prince,
ReplyDeleteI think it's good that you interviewed two individuals who are not in school; however, I think it may have been slightly more beneficial to interview four or perhaps five people who are not in school. Since this assignment is supposed to test the boundaries of your hypothesis, I think interviewing more people not in school would have been more beneficial, since we already know that students have a need for your services.
I think it would be awesome if your solution involved college students (and/or others) not just saving but also investing their money. Investing is very important. It makes your money grow and work for you, rather than allowing your money to continue depreciating in the bank.
Good work!
Prince,
ReplyDeleteAlong with interviewing students and non-students, I think another boundary that you possibly could've tested is graduate students or students entering the workforce right after college. Reece Porath hit the nail on the head by saying college students already have the need for your opportunity, but you should branch it out. I believe the issue of people not being confident in themselves when it comes to saving money can be attributed to other issues like not being taught the importance of it.
Prince,
ReplyDeleteIt is a good ideal to help college students to save money. It is a skill many people are not very good at. Your description is pretty detailed. I am curious what will you do with your opportunity. Do you want to start a program that teaches student how to save money? Or, do you want to found an organization to directly help student to save money?