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How Does the Financial Crisis Affect the Students - Research Proposal Example

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This paper 'How Does the Financial Crisis Affect the Students?" focuses on the fact that recently, America has been undergoing tremendous economic upheaval with inflation touching new heights. There has also been an unprecedented rise in the cost of living which has adversely affected the community. …
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How Does the Financial Crisis Affect the Students
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How does the financial crisis affect the Background In the recent times, America has been undergoing tremendous economic upheaval with inflation touching new heights. There has also been unprecedented rise in cost of living which has adversely affected public and the student community in particular because of the simple reason that they have limited resources at their disposal. The student community, especially those who are pursuing higher studies in the colleges and Universities outside their hometown, have the added burden of accommodation and living expenses, apart from the college fee and other courseware related costs. With decreasing employment opportunities and lack of resources for income generation, the students are finding it difficult to manage in their shoestring budget that is either financed by the parents or by the banks as loan. In such circumstances, as consumers, the rising prices especially, that of gasoline, are adversely impacting the quality of their studies. 1(a) Statement of the problem The college students are that segment of society which helps create a sound future for the nation. As future assets of the country, it is important that the government must create an environment that facilitates their studies and make available resources and other requisite things that they need in the course of their higher studies. As consumers, the soaring gasoline price is one of the major factors that is having adverse effect on their expenditure pattern which is also impacting quality of their college education. The higher education requires a complex set of parameters which are mostly designed to promote deeper understanding of the course material with lots of external outputs. These outputs are generally obtained from sources which may require the students to go to different places. Commuting is becoming increasing difficult for the student community because of the high gasoline prices and thus is fast emerging as major obstacle in the path of their studies. 1(b) Purpose of the study The purpose of the study is to gauge the extent of the influence of the rising prices on the expenditure pattern of the college students as consumers. In the fast changing global equation of socio economic development, high quality of education needs to be disbursed to the students who are going in for their college studies. The study of the factors which may hinder the continuity of the college must be undertaken and efforts need to be made to mitigate the influence of those factors. 1(c) Significance of the study The study would help the authorities to realise the various factors which are seriously affecting the quality of the study of the student fraternity. It would go a long way in easing the monetary and emotional state of the college students, when their tight budget rescheduled to incorporate the cuts in the spending of essential item so as to meet the increased general cost of living, especially gas price. 2. Review of the literature The various literature, throwing light on the growing influence of rising expenses and gasoline prices in particular, on the students’ lives in college, help provide a strong incentive for the need to study the impact of the gasoline prices on the expenses of the college going students. Social scientist Carroll says that ‘Most of the Americans depend on automobiles for their transportation, therefore as gasoline consumers, the effects of gasoline prices on their essential spending, travel practices, trends in life style etc. as been significant’. Carroll has also reported research that claims younger Americans (18-34) were the most likely to claim gasoline prices as the biggest financial concern (Carroll, 2006). Many gasoline consumers are adopting discretionary spending habits and other methods to reduce the financial burden of increased gasoline price. “Sixty-three percent say they have felt the need to reduce their personal discretionary spending as a result of the rise in energy prices” (Jacobe, 2006, p. 6). The students are the worst affected with their constrained budgets. The price of the gasoline has transformed spending perspectives of the rich and the poor Americans. According to Saad (2006), instead of reducing miles driven, upper-income Americans were more likely to cut back on other forms of household spending compared to lower-income Americans. ‘Another area of interest is how changing gasoline prices have impacted individuals’ spending on essential needs. Essential needs are considered to be those things that individuals cannot live without. These items might include things such as utilities, groceries, rent/housing expenses, and health care/medications” (Duly, 2003). Though studies have not yet focused on the impact of rising gasoline on the college students but as Duly has intimated, the spending on essential items have been reduced. Hence it would not be incorrect to assume that buying stationary and relevant course material would constitute essential item for students and students have been forced to curtail spending on these items. According to the 2004 Consumer Expenditure Survey the percentage of income allocated for gas (and oil) is inversely proportional to income. For example, the less a person earns, the higher the percentage spent for gasoline (U.S. Department of Labor, 2004). In yet another research it is reported that high gasoline prices are placing a significant strain on family budgets and also affecting businesses (Greason, 2005). These studies emphasize that rising prices have significant impact on the living standard of the people in general and pose severe crisis for the student fraternity. 3. Research Questions and Hypothesis 3(a) Research questions 1. What are the factors that are adversely affecting the students? 2. Why do the students need to identify the discouraging factors? 3. How can the students raise resources to meet the rising cost? 4. What are the wider implications of the rising cost of living, especially gasoline, on the students? 3(b) Hypotheses The rising cost of gasoline is one of the major causes that are affecting the college students. In the present circumstances of volatile economic scenario of the nation, the students’ budget is already over stretched and the continuously rising cost is discouraging the students in pursuing higher education. One can also hypothesize that college students are redefining their priorities and allocating their discretionary spending areas differently in order to meet the increased gasoline price and basic necessities of living. 4. Research Plan 4.1 Framework of the Study The proposed research study would be quantitative in nature but encompass elements of qualitative research also so that better and more accurate conclusions could be achieved. Since the research involves the study of the impact of increased cost of living with especial emphasis on gasoline price on the college students, a large sample size comprising of college students of various colleges would be taken. The study would be taking into account the conceptual model as well as the theoretical model. The samples selected and the questionnaires would be prepared as per the theoretical model of survey and a wider conceptual model of the research would be used to analyze the data. Secondary information sources such as libraries, commercial bibliographic databases for peer review, internet resources and e journals would be used for literature review. 4.2 Data collection and Sample Measurement techniques would comprise of questionnaires and interview schedules. Primary data collection would be collected through detailed and qualitative and quantitative questionnaires (Lohr, 1999) prepared, keeping in mind the business viability of ecommerce activity in promoting business activities. The survey (Patton, Cochran) would entail questionnaire filled directly by random selection as well as through email. Sampling (Barlett, 2001) area would comprise of individuals and big and small enterprises. Special interview schedules would also be used to gauge the responses of the people towards ecommerce activities carried through internet. 4.3 Data Analysis Comprehensive data analysis would be undertaken (Michael). Software like SPSS would also be used to analyse the data using different techniques. 4.4 Strength and Limitations Comprehensive sampling with wide ranging areas which are impacted due to rise in gasoline price, in the expenditures of the college students, would be introduced in the questionnaires and interview schedules so that the scope of study is large enough to ensure the success of the research’s aims and objectives. Another strong point of the study is the wide diversity in the sample selected which would ensure wide scope of consumer behavioral pattern. The study is also designed to better understand the innovative practices of the students that they are impelled to adopt due to increased energy prices and general cost of essential items. The study would also ensure the adequate focus is maintained by the authorities, including the government, on the welfare schemes of the college going students when they are especially vulnerable due to fast changing economic equations and factors that are adversely affecting their higher studies. The limitation of the study would be that we would be taking into account only the impact of the rising prices, especially energy, on the expenditure pattern of the college students that has filtering effect on their studies. The other limitation would be that the impact on school going children will not considered especially when their parents are the major consumers. 5. Ethical Considerations The rapid globalisation has brought in an era of pluralistic society and large segment of student fraternity comprise of students from different race, color, culture and nationality. Therefore, one often comes across moral and ethical dilemma while dealing with people with cross cultural values. Efforts would be made to understand cross cultural values so as to maintain a conflict free atmosphere while interacting with people coming from different cultural background. 6. Tentative time frame Serial Activity Days 1. Field Work 60 2. Compilation of data 30 3. Data entry and processing 15 4. Data analysis and evaluation 30 5. Writing and printing 60 7. Conclusion The proposal is designed to study the impact of increased gasoline cost on the expenditures of the college students. Though, many researches have been undertaken to study the various aspects that affect college students but the specific factor like the role of increasing gasoline prices in the financial budgeting of the college students, has yet to be taken. This study is designed to compensate the gap in the research area. The affect of increasing gasoline cost is not only limited to the expenditure pattern of the students but it has much more wider implications that are detrimental to the overall performance of the students in the college. The research proposal would be making efforts to study the paradigm shift in the perspective of the discretionary spending trends of the students and the rescheduled priorities in the allocation of budget in different areas. Reference Bartlett, J. E., II. Kotrlik, J. W., & Higgins, C. (2001). Organizational research: Determining appropriate sample size for survey research. Information Technology, Learning, and Performance Journal, 19(1) 43-50. Carroll, J. (2006). Image of oil and gas industry takes another hit this year. Gallop Poll Briefing, p.1-6. Cochran, W G (1977) Sampling Techniques. Wiley. Duly,A. (2003, May). Consumer expenditures for selected items. 1999 and 2000. Monthly Labor Review, p.5. Greason, T. (2005, May/June). Decreasing the fuel tax to reduce gas prices. Gases and Welding Distributor, 3-6. Jacobe, D. (2006, May 24). High gas prices causing consumer spending cuts. Gallop Poll Briefing, (4), 6-9. Lohr, H (1999) Sampling: Design and Analysis. Duxbury. Patton, M. Q. (2002). Qualitative research & evaluation methods (3rd ed.). Thousand Oaks, CA: Sage Publications. Michael S. Lewis-Beck. (1995). Data Analysis: an Introduction. Sage Publications Inc. Saad, L. (2006, April 10). Half of Americans driving less to save gas: Hybrids have mass appeal. Gallop Poll Briefing, p.1. U.S. Department of Labor, Bureau of Labor Statistics (2004). Consumer Expenditures in 2004. Available from: [11 February, 2008]. Read More
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