Coming back to UOW this session, I was expecting to be spending more money than usual on food and beverages, but when a coffee set me back $10, I was shocked! I then began pondering how university students are able to work towards financial goals when a simple coffee costs so much. My project will discuss how the current economic crisis is impacting students from all different socioeconomic backgrounds at UOW in a day to day life context as well as for long-term financial goals.
Every generation has faced their share of challenges when it comes to being responsible for their own financial savings. Although, in this generation especially it is even more challenging as Chowdhury. I (2025), describes Gen Z as “grappling with soaring living costs, rising education expenses, precarious employment and mounting debt.” With a PhD in political science and youth lecturer, she presents a highly valuable argument in relation to my research topic. As I become more independent with my own money, my long term financial goals are now becoming something less achievable, which is a problem that is possibly affecting many other students.
Furthermore, I will dive deeper into why more students are choosing tertiary education pathways after high school considering the current financial crisis. A study from the Government Department of Education shows that students who live in regional areas are more likely to take a gap year with the goal of saving money for tertiary education opportunities. 25% of this group also move to metropolitan areas further seeking secure jobs which they can keep whilst completing university.
Equally, HECS has seen plentiful students deciding on university after highschool, as B. Chapman (2021) brings to light the advantages this has had on the tertiary education sector. The Australian economist further examines how HECS has assisted the biased socioeconomic nature of university, giving all students the opportunity to broaden their education.
To further my research, I will make use of student surveys and interviews which will enhance my knowledge of specific financial concerns students at UOW have for their current and future selves. These data methods will provide me with qualitative and quantitative data, allowing me to grasp an understanding of numerical values in relation to percentages of students who have concerns about their financial goals for the present and future as well as delving deeper into a specific review of how they are impacted by the current financial crisis.
Surveys and interviews can be a limited method to achieve qualitative data as responses can be brief and meteoric, although if designed effectively they can provide much valued information. Kasunic. M (2005) presents a graph overview of the important things to consider when building a survey, highlighting the importance of selecting an appropriate audience to complete it. In my case, I will be surveying my fellow classmates therefore applying this source to my surveys to thoroughly navigate my investigation.
Additionally, my investigation will follow a structured schedule to ensure I receive as much beneficial information as possible which will be the foundation of my research task. As the next task is due in a short amount of time, I will send out my survey to my BCM212 classmates promptly to have sufficient time to analyse these results and further develop my case.
I, myself as a UOW student, am feeling the pressures of rising living costs everyday in every aspect of my daily life, from a simple coffee to contemplating about eventually saving up for a house. This project seeks to collect insightful data from other UOW students to gain a deeper understanding of how much the cost of living crisis is impacting this younger generation.
Reference list
Beer, G. and Chapman, B. (2004). HECS System Changes: Impact on Students. Agenda: A Journal of Policy Analysis and Reform, [online] 11(2), pp.157–174. doi:https://doi.org/10.2307/43199275.
Chowdhury, I. (2025). Every generation thinks they had it the toughest, but for Gen Z, they’re probably right. [online] The Conversation. Available at: https://theconversation.com/every-generation-thinks-they-had-it-the-toughest-but-for-gen-z-theyre-probably-right-249604 [Accessed 22 Mar. 2025].
Government (2020). Completing Higher Education. Kasunic, M. (2005). Designing an Effective Survey. [online] Available at: https://citeseerx.ist.psu.edu/document?repid=rep1&type=pdf&doi=b66200939fd63e277f293dabd4e2f48e285ec464
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