Many young Americans are not only trying to make ends meet at an early age, but are also attempting to gain a college education while they work. This can take some specialized financial planning to ensure that money is managed properly during this time.
These trends may be more common this year, as 80 percent of those taking classes are also working, a report from Seventeen Magazine and Citi noted. Nearly two-thirds of those polled explained they created a budget to help improve their expense tracking while managing a wide variety of bills.
Plenty of young Americans trying to get an education are taking responsibility for their finances, as well. The report explained that four-fifths of this age group explained that they are responsible for their spending costs, not their parents. Nearly half agreed they should be paying for their books, while the same percentage reported buying a computer should be up to them. More than 70 percent noted that clothing was also a responsibility they should be in charge of.
“This generation is smarter than ever about making and managing their money,” said Ann Shoket, editor in chief of Seventeen. “The responsibility they take on in college is setting them up for a strong financial future.”
Financial concerns still bother some employees
Getting college payments under control while having a full-time job can be a great way to feel better about overall finances, but there still could be lingering worries that are affecting some young people.
More than 40 percent of those workers who have full-time positions noted they think about their financial problems while working, a report from Purchasing Power explained. Nearly one-third said they have experienced a period where they dealt with their financial issues while working.
“Stress over money takes both a mental and physical toll on workers, impacting health-related costs and reducing productivity by a significant number,” said Richard Carrano, president and CEO of Purchasing Power. “Employees’ financial problems become the employer’s problems as well.”
The productivity of a person in one of these situations can go down, as some employees noted they do get caught up in worrying about money. Nearly half of those who are concerned about finances during work hours dwell on these issues for as much as three hours per week, on average.