Monroe Formula
Title : University Student Should
Learn Financial Planning
General Purpose : To persuade
Specific Purpose : To persuade my audience that
university student should learn financial planning.
Central Idea : Financial
Planning should be taken seriously by university student and therefore
we must change the way we spent
our money.
Introduction
I . Money is a current exchange medium in the
form of coins and banknotes .
II .Everything
we want , we got to pay it using money but not everyone know how to wisely
spend the money .
i. It is
very common for university student stressed about finances and commonly hear
about student coming out of university to be burdened by debt or loan .
III .
But what if basic knowledge of financial planning still can be define as
financial illiteracy ?
IV . What
if financial crisis distract university
student from academic success ?
i.
There are lot of
disadvantages if not applying financial planning such as distract in studies
lead to lower down in grades , early age bankruptcies and can be a major health problem mentally and
physically and it also can be a cause the end of a relationship ,
ii.
There are 63.17 % of
university students in this world is having financial problems.
i .
According to National Financial Education Council (NFEC) who did a survey from
over 17000 participant .
V . I
never knew that there are so many university students having financial problem
until I read the data from NFEC earlier this year . Looking at the financial
education statistics it is obvious to me that a lot of people are suffering due
to financial illiteracy. The financial literacy statistics clearly show a lack
of even the most basic knowledge.
VI .
After doing some research for this speech , it was found that managing
financial planning among university student is lot more important before start
the programme .
VII . Today,
I hope to persuade each of you start your financial planning .
VIII .Because
financial crisis can lead to many other serious problem , we must start it now
for better financial future or face the major problem in the future .
Body
1.0 There are so many researcher reported
that students were worries getting burden on financial debt and loan .
1.1 . Improper Financial Planning can lead stress on student to
make financial decision , stay focus on study and maintaining their health .
1.1.1 . According to a research by Ohio State University, seven out
of 10 college students in the United States are worried about their finances .Sixty
percent of college students said they were stressed about not having enough
money to pay for studies and about 30 percent were worried about their monthly
expenses, the results of the National Student Financial Wellness Study showed.
The researchers also found that 32 percent of students neglected their studies
because of debt.
1.1.2 The money woes led about three of 10 students to reduce the
number of classes, whereas 16 percent of those surveyed took break from their
studies and 13 percent transferred to another institution, according to the
study's results.
1.2 . More researchers found
that financial planning show that saving behavior can be the key of success in
financial planning.
1.2.1. In one study , the findings revealed that more than half of
the respondents did not save any money when they received their scholarship or
education loan . More
than half of the students used their money for shopping. About 45% of them
spent all their money before the end of the semester; 17% of students gave some
money to their family, and 13% used their money to repay debts.
1.2.2 Those
students with higher financial knowledge were more likely to engage in savings
behavior, while those students with greater influence from socialization agents
and late exposure in their childhood consumer experience were less likely to
engage in savings behavior. There were 1574 cases for analysis of saving
behavior, and 1560 cases for analysis of financial problems.
1.3 . Creating a financial
plan helps you see the big picture and set long and short-term life
goals, a crucial step in mapping out your financial future. When you have a financial plan, it's easier to
make financial decisions
and stay on track to meet your goals.
1.3.1. In another research
have conducted studies on the parental role of a child's financial education.
Many parents thought that they can influence or encourage their children
spending habits due to peer influence. The family is the source for most of a
child's financial knowledge and provide the most deep-seated education. The
poor financial habits of parents commonly present themselves in their children's
lives. Parents can help children become effective money managers and responsible
buyers by teaching them money management skills from an early age. own
financial responsibilities if they received a good education on the subject at home,
thus it shows that the best educations starts at home.
2.0 You can guard against these risks by making simple changes in
the way you spend your money .
2.1 . Make a
personal budget planning .
2.1.1 . Take the process seriously by breaking down realistic spending
categories and detailing what is expected to happen in a semester .
2.2 Taking on debt.
2.2.1 .Debt is structured payment program can help control this and
put it into context. plan out the potential total debt load with parents or family,
and talk about how it will be paid off in the years after school .Their
university cost and debt calculator allows students to get along-term view of
the eventual cost of their degree and the implications of paying it down.
3.0 There will be serious
financial issue where can lead to end of studies , bankruptcies and lack
of concentration in studies if we don’t change the way we spent our money .
3.1 Managing financial planning among university student is lot
more important before start the programme .
3.1.1 Personal budget
planning will guide student to not over budgeting .
3.1.2 This will avoid over
expenses on the thing they desire and focus on the needs.
Conclusion
I . After all , a lot of student having are
suffering due to financial illiteracy
II. There many affective ways
to overcome financial problem among university student . The first thing you
should think about if you want to get out of the pit soon enough is making
adjustments when it comes to your expenses which easily
mean cut of expenses . If your current
income isn’t enough to get you out of the woods, consider getting additional
part-time jobs or trying your hand at one of many online methods of earning such as freelance
writing and taking surveys .Third is plan
how you intend to spend, give, and invest the money you have. This is similar
to a budget, but rather than focusing on your financial constraints, a spending
plan focuses on your financial goals.
III . Start today for a
better financial future .
IV. We can prevent thing
happen which is much better than later face it at the other age level .
Reference
Erin (2017)Financial
Literacy Statistics, Data and Results
https://www.financialeducatorscouncil.org/financial-literacy-statistics/
National Financial Educators Council (NFEC)
Infinity
student (2012) Financial planning for students
Jeff
Grabmeier . 2015. 70 percent of college students stressed
about finances
National
survey finds students optimistic, despite debt and stress
https://news.osu.edu/news/2015/07/01/financial-wellness/
Leila Falahati (2011) Factors Predict Financial
Problem Among College Students
https://www.academia.edu/1330205/Factors_Predict_Financial_Problem_Among_College_Students_A_Gendered_View
ACSIT Press, Singapore
Mohamad Fazli Sabri (2010 ) Savings
Behavior and Financial Problems Among College Students: The Role of Financial Literacy in Malaysia
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