Survey of Finances
Personal Finances
As a part of my research I wanted to dive in how technology is affecting society’s personal finances. I did a survey on monthly budgeting, financial social media influencers, if they know anyone debt free, and if high schools should have to teach about budgeting, other ways to pay for college, and what student loans really mean. I surveyed 11 of my personal friends in ages of late twenties to early sixties, most of the responses were from early to mid-thirties.
QUESTIONS
Do you have a monthly budget?
Yes 7 No 4
Have you ever taken financial advice from a social media influencer?
Yes 3 No 8
Do you know anyone debt free?
Yes 9 No 2
Do you think high schools should be required to teach kids how to budget?
Yes 11 No 0
Do you think high schools should be required to teach kids how to pay for college other than loans?
Yes 10 No 1
Do you think that high schools should be required to teach students how student loans work?
Yes 11 No 0
Feedback
The surveyors that said they don’t budget they said they do keep an eye on their spending. They never spend more then what they have.
Most of the surveyors do not take advice from social media influencers. The highest feedback is they don’t trust people influencers to give them sound advice.
There were some people that don’t know anyone debt free, and one person that is debt free.
Everyone felt very strongly about high schools teaching students how to budget, find ways other than loans to pay for college, and teach how student loans work. One person did state besides scholarships and grants that they didn’t know any other ways to get college paid for. The person that voted no for the schools to teach kids about how to go to college other than loans felt that college is pushed too hard on schools. Vocational schools should be positively looked at as well.
Summary
I feel that these questions were important to my research.
Being in banking it isn’t shocking to me that some people don’t budget. It’s quite common for people to run out of money at the end of the month. Now that people don’t have to fill out a check register and debits and credits don’t always post simultaneously. People don’t use cash much anymore, therefore, they don’t physically see what they are spending. It is much easier to swipe a card and forget about it.
Social media influencers don’t have to have credentials, thus being able to “scam” those that fall trap to their marketing schemes. There are some influencers that do have the proper education that like spreading knowledge about their expertise.
Through my experience I have found that many of my colleagues in the past had fallen prey on student loans. When I ask them if they felt it was worth it most of them said no. Many students don’t realize the ramifications of taking the loans until it’s far too late.
