Money has a major impact on the lives of young people. This is why more and more of them are doing student jobs. Many myths are circulating about how young people manage their money.
I shed light on five frequently heard statements about young people and their money.
1. Students don’t know how to save
Some student’s survey shows that barely one in five students spend all the money they have earned during the year. Everyone else is putting money aside. Almost 30% of students save more than $750 in a year.
2. Students earn more than young graduates entering the job market
A student who works for a month earns an average of 1,800 dollars net. In comparison, the average salary of a young graduate is 1,700 dollars net per month. However, it must be taken into account that a young graduate works all year round. In contrast, a student can only work 475 hours without being taxed. A student can, therefore, earn more than a young graduate, but, in the long term, the situation is reversed automatically.
3. Students spend all their money on outings
Students most often spend their money on food and drink, travel, leisure (going to the movies and bowling), buying clothes and finally music festivals or concerts. For young people, making money goes hand in hand with having a good time. After the effort, the comfort so I wouldn’t say explicitly that they are throwing their money down the drain.
4. Students these days get everything from their parents
One in five students indicates that they no longer receive any financial aid from their parents. Those who still earn money from their parents specify that it is not for everything and anything. Young people often pay their fees, leisure, travel, and transport themselves.
5. Jobist students give up their studies to earn more money
Students can work a maximum of 475 hours per year but work an average of 270 hours per year, which represents an entry of around 3000 dollars net per year. It’s not that bad. Most students plan their schedules well to earn a living during their free time or between classes. After all, student jobs provide an educational experience that is beneficial for studies and careers. Isn’t it?