Photo by Jalen Walker
By Tali Hunt, For The Miami Student
Assumptions abound regarding Miami students' financial statuses - where they get their money, how much they get and what they spend it on.
When compared to national trends, Miami students spend more and work less than the average college student. But, the amount of Miami students who receive financial help from their parents is right at the national level.
According to a study conducted by Nationwide Bank, 75 percent of college students hold a job while in college. However, a recent study of 100 Miami students indicated that 36 percent work year-round, and only 3 percent during the semester.
A majority of those with jobs work during their summers to earn spending money for their semesters in Oxford.
"I applied to work at like five places this semester and Miami rejected me all five times. Otherwise, I would have a job," said first-year Emily Yates. "I use my money that I made over the summer if I want to buy anything."
Spending money is the money one has available to spend on leisure activities and entertainment. For Miami students who work to earn their spending money, 32 percent of students work on campus.
"I work at Harris three times a week, so it [my job] usually gives me about $60 into my checking a week," said Megan Young, a sophomore at Miami.
While Yates and other students work to have spending money, many students receive funds from their parents.
At Miami, 55 percent of students said they receive some form of spending money from their parents.The Nationwide survey reported 60 percent of college students nationally get help from mom and dad.
"I would say a pretty high amount comes from their parents," said Young. "I hate making that assumption, but I don't think there's any way students could own the kinds of clothes or things that they do and have extra spending money all on their own."
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Nationally, the average college student has an income of about $1,200 a month - including allowance from parents.
Regardless of receiving funds from parents, 22 percent of Miami students admitted to overdrawing their accounts or blowing their budgets at least once.
"I am definitely conscious about it when I go somewhere I'm going to spend money, and make sure that I don't spend too much or go out too much," said Young.
In the national survey, 84 percent of students wanted more education on financial management.
The average college student spends 40 percent of his or her money on discretionary expenses. At Miami, students spend the most money on eating out Uptown, followed by going to bars. And the amount of money needed to keep up in the social scene can keep some students away.
"There are definitely things I would like to do that involve money, but I like running and adventuring in the woods, and those things are free, so that's nice," said Yates.
Miami students who receive money from their parents often get it in the form of cash or a debit/credit card. An overwhelming majority of students, 97 percent, use personal checking accounts to manage their funds. At the national level, 84 percent of undergrads have at least one credit card, and seniors tend to graduate with an average of $4,100 in credit card debt.
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