Essays on Ways of Engaging in Financial Prudence for Students Research Paper

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In general, the paper "Ways of Engaging in Financial Prudence for Students" is a great example of a research paper on sociology.   Spending behavior among consumers is always dynamic and unstable. With generational change and changes in preferences and tastes ensue due to technology and innovation. Students have exhibited a change in spending behavior given the rise in incomes of parents in many middle incomes and developed economies. Although many students rely on their parents, part-time employment, and grants for upkeep and sustenance, their spending behavior reflects unplanned budgeting. Previous studies have examined student spending with regard to their attitudes and financial management (Quinn & Steiner, 2009; Norvalitis, et al.

2006; Micomonaco, 2003). Norvalitis, et al. (2006) observe that money management among college students is influenced by knowledge, personality traits, and age. Since students have restricted expenses and incomes, their money management methods differ. On the contrary, Micomonaco (2003) argues that students tend to incur more credit card bills way beyond their actual budget and means. More students are becoming knowledgeable in their financial status and responsibility and are not likely to run into debt (Norvalitis, et al.

2006). While many are on student loans and grants, they are concerned about their future financial liabilities and desire to clear their debt on time. Companies involved in beverage and alcohol production, entertainment, and food have realized a considerable spending power among students who have gone ahead to capitalize on this consumer base. However, the spending habits of students are worrying as more money is expended on activities and products that do not serve their needs like college or university students (Galloway, 2014).

Similarly, the amount of time spent on activities other than academic ones shows that more money will be allocated to non-academic activities. While a number of studies have attempted to investigate the behavior of consumers from a service or product perspective, less attention has been given to understand the spending habits of college students.

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