please give me specific sources of data in this essay. Build up a correct view of money
What’s the most notable difference between high-school life and college life? More available time, less study pressure, or more major choices? None of all! In my opinion, after entering college, we can get lots of pocket money from our parents monthly, and how to properly use the money becomes a worth-considering question. Here comes my topic: the need for college students to develop a correct view of money.
Financial literacy is crucial for success in the real world. Unfortunately, many college students in China lack the necessary understanding to manage their finances. According to a survey by China Daily[1], only 30% of young people in China possess basic financial knowledge, demonstrating the urgent need for increased financial education among college students. To better understand money, we should pay our attention to the following aspects.
The first aspect of having a correct view of money is understanding the value of money. Money is not just currency, it is a representation of hard work, effort, and time invested. In China, many college students may rely on their parents for financial support, which leads to the ignorance of realizing the true value of money-a result of their parents’ hard work and dedication. According to a report by Peking University[2], the average monthly income of Chinese parents who support their children in college is around 8,000 RMB. Students account for one-third of their living expenses which represents a significant financial burden. Understanding the value of the money we receive, whether from our parents or through student loans, is crucial for developing financial responsibility.
Another aspect of having a correct view of money is budgeting. Benjamin Franklin once said, "Watch out for small expenses. Just like small loopholes can sink a big ship". According to a survey by the People’s Bank of China[3], only 9% of young adults have a clear understanding of their monthly expenses, while most students aren’t aware of their expenses.(I don’t know if you’ve been paying attention to your budget. But I want to say it’s significant.)Creating and sticking to a budget allows us to prioritize our spending, avoid overspending, and plan ahead for future expenses. With the help of apps and online tools, budgeting has become easier than ever, and it’s time for Chinese college students to make use of these resources to create financial stability for themselves.
Furthermore, understanding the difference between wants and needs is also an essential part of having a correct view of money. In China, the culture of “face-saving” or “keeping up with the Joneses” （American slang, “compare with the higher”）can lead many young adults to overspend on non-essential items to appear successful in front of others. This behavior can lead to financial instability in the long run. Understanding the difference between wants and needs is an important step towards prioritizing our spending and saving for the future.(addition)
Last but not least, avoid debt. In recent years, more and more college students have been scammed into online loans, such as usury, naked loans, and loan fraud. The reason for this is that college students have poor discernment skills and are eager to obtain this money to pay for their extra expenses, so that they fall into traps. As college students, we shouldn’t be greedy for small profits and keep our eyes open to avoid falling into the trap of loans. Even if we have to borrow sometimes, we have to choose a regular lender, verify the contract, and make the correct loan according to the process.
In conclusion, college students in China need to develop a correct view of money. Understanding the value of money, budgeting, prioritizing needs over wants, avoiding debt, and considering the impact of our spending choices are all crucial components of financial literacy. By doing so, we can not only ensure financial stability for ourselves in the future, but also make a positive impact on the people around us. So why are you still waiting? Give yourself a chance to change!