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Jagpreet
30 August, 2024
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Over the past few decades, there has been a major shift in the education sector with the wave of new opportunities not just in terms of new educational courses or patterns but also in terms of the job opportunities that have opened multiple avenues for students to step into. As a result, career opportunities are no longer streamlined. They are spread across different fields and this is also perhaps why there are so many courses that are now available in the offline as well as online mode for easy access to education without the interference of any location-based or financial barriers.
This pressure is no longer just limited to securing an impressive rank in competitive examinations or getting into a recognised college or university. It is also about the responsibilities a student has to undertake while they are pursuing their degree. The curriculum has transformed over a period of time but what remains constant is the unfair selections and bureaucracy that have maligned the education system. The opportunities that come with education can never be limited to simply securing jobs in the creamy-layer companies but also extend to the opportunities to define yourself and find your own identity. Unfortunately not many students get the privilege to realise that.
As a result, students who do not belong to financially sound backgrounds often miss out on the opportunities that they deserve. A classic example would be that of “Super 30” a film based on the true story of Mr. Anand Kumar, a revolutionary teacher. Kumar secured admission to the University of Cambridge, but could not attend because of his father’s death and his financial condition. During his graduation, Kumar submitted papers on number theory, which were later published in the Mathematical Spectrum. His story takes an impressive turn making him highly successful. Unfortunately, this is not the reality for many others like him who must have lost the opportunities that came their way only because they lacked the finances for it.
As far as the statistics go, a recent survey shows students who suffer from financial stress have lower grades and earn fewer credits: 34% said financial stressors had harmed their academic performance, and another 20% reported they had to reduce their course load due to these same stressors. There are students who are under a high financial burden and might not have enough friends or relatives to trust in their time of need. Some of them may also be living away from home to pursue their degree. The feeling of being away from the comfort of your loved ones can hinder your journey of achieving your dreams. Additionally, this also plays a role in why students often decide to drop out of their school or college.
Unlike other foreign countries like the U.S.A., India does not have the provision to allow students to join their courses back in college if they drop out midway due to some valid reasons. This also leaves the students with barely any choice to pursue their chosen course. There are studies that suggest that the relationship between students’ financial stress and their academic performance is significant. What also matters is the age group which these students fall. Undergraduate students are more likely to feel distressed due to their young age, the fact that they barely have any experience with life and the tough circumstances that can make them stronger.
As far as the students who are in their post-graduate years are concerned, they show more resilience towards such stressful situations due to the years of experience they have had. When students are at the beginning of their career, they feel lost and confused because there is so much for them to explore and very little time to make decisions. Additionally, where there are financial constraints, they are not able to make their decisions freely because they also have to keep their expenses in mind. Until they secure a job, they might constantly face the struggle of finding ways to make money often leaving them with little time to concentrate on their academics and personal life affairs.
At times, they may also feel highly obliged because of the fact that they are so dependent on their parents and might not share with them what they have in mind. They may not want to even spend on the most important necessities because they would prefer saving rather than spending it.
Students often battle with mental health issues such as anxiety and depression. The stress they take on themselves often gets manifested into serious health conditions and they may also constantly fall ill, not being able to concentrate on their academic and overall performance. They might even get into the routine of feeling stressed at all times which will impact their health physically, mentally, and emotionally.
Problems such as insomnia or poor quality of sleep affect and worsen health, making it more difficult for students to focus and work as much as they can.
Students and their friend circles expand as they step into their college or university life after school. This not only means that they will now be with different kinds of people they were never accustomed to seeing but also means that they might have to face comparison and peer pressure, due to the differences in the financial conditions. As a result, these factors collectively leave an impact on the students and their emotional and mental well-being as well as their day-to-day social interactions.
Students also experience problems that come with poor attention span and concentration levels as they feel pressured to take care of all the responsibilities. They may lead to lower academic performance and easy distractions. Ultimately, this will leave an impact on their scores and performance negatively leading to lower self-esteem and disturbed self-image.
It is natural in such cases for students to take up additional work responsibilities such as jobs and part-time work. This leads to overworking and an extra, unwanted load that might be difficult to manage along with their already existing responsibilities such as academics and extra-curricular activities. What also matters here is how well they manage their time, but it often results in frequent absenteeism that might even result in dropping out from their studies. They may not realise the significance of focusing on their studies and may devote their entire energy to simply earning in order to make ends meet.
Many a time, students find peace in being alone or sometimes even completely isolating themselves from the crowd. This can be because of the constant comparisons that they may face due to the financial pressure, or even the pressure they take themselves due to the issues that are overburdening them.
No one who is seething with any kind of financial turmoil will be able to concentrate on their relationships. They might and in fact, do face the problems of managing their relationships with that level of dedication. At times, this might lead to strained relationships between the students and their own parents, family members, friends, partners or even the other social circle relations. As a result, this may lead to reduced social support.
Addressing financial stress is essential for maintaining student well-being. Institutions can play a significant role by providing adequate support and resources, and students can benefit from learning effective financial management skills and seeking help when needed. Everything that needs to be treated begins with acknowledgement. It is addressing the problem and ensuring that it is solved with the necessary measures that can help. Even though there are parents, teachers, friends and institutions that are responsible for ensuring the well-being of a student, it is necessary to understand that it begins with the students first.
Here are some ways that can significantly contribute to the well-being of students despite the emotional pressure of their financial conditions
It is important to follow the rules of budgeting and planning wisely. Students can begin by creating and setting their budget and accordingly planning their expenses to understand where all their money is being spent and how to save where it can be. There are so many easy-to-access tools that can be used to manage the budget such as spreadsheets or applications that are built for this purpose.
Students must compartmentalise their budget and expenses. They must keep in mind the most important expenses that need to be prioritised and the ones that can be worked on later. This will save some money in hand and help later.
No such circumstance will ever come with any prior announcement. Therefore, it is important to keep some money on the side as an emergency fund. Try to save some money regularly that can be utilised when there are some unforeseen emergencies. Unexpected expenses often also come with added stress and burden. This kind of planning will help you effectively deal with your money even if it is not much.
There are several opportunities for finance such as scholarships or grants that are offered by institutions, governments, and private organisations. Keep track of such information and ensure that you apply for them whenever needed. These scholarships can save your own money and later can be used for other expenses.
While job or work responsibilities can get cumbersome to manage all at once, it is also important to understand that if managed appropriately, they can help you significantly with your academics and other small expenses. There are several colleges that offer lucrative on-campus placement opportunities to their students even during undergraduate. Therefore, do not leave any chance unattended. Redeem these opportunities and apply for these jobs. You can also work as an intern or practice freelancing. Both these work styles can significantly help you with your expenses and also improve your profile.
There is always an added pressure no matter what stage of life you are in. What counts is how well you manage that. Your responsibility is to take care of the priorities such as academics and your health. Financial conditions also play a role but there are always some ways that can help you deal with them effectively. To give up is never the solution. Try not to take all the burden yourself because you must learn to normalise sharing what is on your mind. There is nothing wrong in opening up about what bothers you. You must understand that neither this is the first or last problem, nor it is the only kind of problem you will face. This thought is enough to give you a sense of assurance.
Whether you are financially stable or not , you serve the educational opportunities that you rightfully qualify for. It depends on how well you manage your finances and how well you educate yourself about them. As long as you are aware of where your money is being spent, you will always be able to manage your money effectively, because when you feel that certain areas can be avoided, that money can consequently be saved and you can therefore, easily avoid stress.
All the Best!
There is no fixed timeline. You can decide by how much you know and what kind of skills you have that can help you contribute to your job role effectively. Additionally, you must choose the most appropriate job role that can define your skills the best. This is the perfect way to optimise your talent.
The first step begins with acknowledgement. Accept that you are not feeling your best and that you need some support. The second step is to ask for help and support while not feeling ashamed. There is always someone to help you. They may not necessarily be your parents. They can also be your peers, seniors, counsellors or teachers. You must decide wisely who to share your problem with in exchange for valuable guidance.
The only way to effectively manage both is to compartmentalise your routine. Plan your day the night prior. Note down the responsibilities and prioritise what is the most important to the least important. This will give you a direction and a clarity of thought.
The correct approach is to first learn not to minimise but to simply manage your expenses well. It matters what kind of areas you spend money on. Learn to prioritise what are the most important expenses and if possible, leave the rest of the expenses for later. Also, keep track of all the expenses that you handle on a daily basis to be aware of where you are spending your money.
Some of the most common mistakes students are likely to make with respect to their finances, is that they may spend their money on non-essential things and not keep track of that. They might not always be aware of the scholarships and the grants that are in fact, more helpful to them in their times of need.
Moreover, they can also look out for education loans and research if they are helpful and most importantly feasible for them to take up. Even for these loans, they must financially educate themselves. They should be aware of the interest rates and the loans that they are signing up for in order to avoid any burden that may befall them later. Even in general, students must be financially educated.
