BRAINSTORMING SESSIONS (DISCUSSION)

 

DISCUSSION ON OUR TOPIC (FINANCIAL PROBLEM AMONG UNIVERSITY STUDENTS) :

DOCUMENTATION

1. Report
2. Excel Spreadsheet 
3. Questionnaire
4. Slide

POSSIBLE SOLUTIONS TO OVERCOME FINANCIAL PROBLEM AMONG UNIVERSITY STUDENTS

1) KAUS

Entertain on a budget

      There are many ways to enjoy yourself while in college without going broke. In fact, because a general student activity fee was probably already included in your tuition payment, many college activities are free for participants. Don't be intimidated into thinking you need to prove anything by how much money you lavish on your friends; instead, set budgets for your nights out and dates. Having fun is fine, but keep in mind why you are in college. Overindulging at parties can harm your finances and GPA. The wise financial practices you start developing while in college will benefit you both during your time there and after you graduate. Make it a point to include in your college education the study of wise financial management.

2) ANIS

Record Daily Expenses

    Nowadays, there are several tracking expenses applications that allow us to record our spending using electronic devices rather than a notebook or any other manual method. Applications such as Money Manager, MyMoney, Money Lover, and others are available for download from Google Play and Apple App Stores. Aside from that, digital tracking costs are far more efficient as it is portable, and lightweight as well as data will be safe and secured. Not only that, but the application also provides a more insightful and detailed analysis of all of the savings and expenditures. It will remind us to input our daily expenses, which will encourage us to develop the habit of recording everyday costs in order to track how much we spend each month. As a consequence, the following habit is able to lead us to a better living standard and less worry about not having enough funds for any unforeseen scenario.

3) FARAH

Lower Your Expenses

     Analyze all of your expenses to see which ones you can reduce or eliminate. Consider going over different packages, like your telecommunications services. Making sure they only provide what you need, nothing more, nothing less, could help you save money. Additionally, you may start looking for discounts, create a food budget, and cut down on eating-out expenses by bringing your own lunch. It is simpler to eliminate an expense or alter a habit if you switch it out for something else. Plan how you will replace this habit with a new one, for example, if you wish to stop buying pricey coffee on your way to work. You may purchase a new travel mug for yourself and some coffee you like to drink and make at home. Then alter your routine, such as taking a different route to work, so that you are not tempted to stop buying coffee again.

4) INSYIRAH

Create A Budget Plan

     Most people in our society considered manage money effectively as a major problem in their lives. Creating a budget plan, setting clear financial goals, and having a saving plan are all important ways for students to optimize their earnings. Budgeting helps students separate wants from needs. There are a few recommendations for creating your first budget, one of them is by using the 50/30/20 rule to manage your money. Divide your money into three sections and spend the majority of it on the most crucial one, which is needs (50%). Then, spend just 30% of your money on desires and keep the balance (20%) for savings and investments. This allows them to identify expenses that must be covered, such as food, transportation, and medication. By following strict on budget plans, it avoids students from overspending which could lead to unnecessary expenses. 

5) ALYAA

Savings Behavior

    Those who had greater savings behavior were less likely to have financial problems. The student should apply this savings behavior in their life as it helps the student be more disciplined and mature in managing their financial activities. Having savings does not mean that the students should starve themselves, but they should know how to distribute funds for consumption and saving. Consumption examples include food, the internet, clothes, and personal care. A method for saving money is to set a goal for how much you want to save. As for the start, set an amount that you want to have saved by next year!

SWOT Analysis Technique

 

SWOT ANALYSIS TECHNIQUE consists of 4 elements which are 

• STRENGTHS (S)
• WEAKNESSES (W)
• OPPORTUNITIES (O)
• THREATS (T)

PROBLEM ANALYSIS

What is The Problem / Issue ?

    One issue that contributes to financial issues among university students is a lack of knowledge among students regarding how to handle funds and put that knowledge into practice in daily life. This makes achieving the aim challenging. The students may suffer from this problem's negative effects, both physically and psychologically. Even worse, in today's world, financial issues force many students to completely discontinue their studies at a university or college. 

Why Does This Issue Contribute to The Problem ?

    Due to its ability to teach a variety of soft skills, including critical thinking and problem-solving, this issue is related to bad financial management. Without it, stress levels among students will increase, and they won't be ready for a more challenging financial scenario. This condition will ultimately cause university students to have financial difficulties. 

When The Problem Exists ?

    Although the issue has been around for a while, it only recently came to the public's notice because so many people are having trouble making ends meet because of COVID-19. This made the neighborhood aware of its presence. The notion that many students graduate with enormous debt raises concerns about the students' lack of financial knowledge. As a result, many students choose employment over further education. 

Who is Involved Directly inThe Issue ?

     The students, parents, instructors, professors, council, ministry of education, and prime minister are just a few of the many parties involved in this issue. Students should be taught how to manage their funds as seniors and experienced individuals, and financial literacy should be promoted. By using it in their daily lives, the students should also practice self-discipline. 

How The Problem Happened ?

    The students themselves are the root of the issue. As an illustration, students who prefer to live their lives unplanned, unmanaged, unaware, and without discipline are wasting their time. This causes them to live an unstable existence, which ultimately results in a financial issue that stresses them out and causes them to incur massive debt in the future. 

HOME

FINANCIAL PROBLEM AMONG STUDENTS 

     Financial problem is a situation where money worries are causing stress. However, recent financial issues have plagued university students and have grown to be a significant issue for them. Students sometimes experience financial difficulties because they lack the funds to cover their everyday expenses, which makes them anxious. After then, financial issues will have an effect on some of students physical and emotional health. 

     Higher education prices in both public and private educational institutions are increasing. Therefore, students need more money to pay for their studies and living expenses in university. Some students may have everyday financial difficulties as a result of their limited financial resources and the escalating expense of school. Based on the above observation, this study aimed to identify the financial problems faced by students in university. 

Who is KAFIA ?

INTRODUCTION OF GROUP MEMBERS

1) LEADER : KAUSELYAA A/P GENASAN - (K) 

                                                    

ROLE ASSIGNED : LITERATURE REVIEW

   Hey there everyone. I'm Kauselyaa D/O Genasan and I'm 23 years old. I majored in Mechatronics Engineering at the University of Malaysia Pahang, Pekan, Pahang. I am from Skudai, Johor. 

   I do enjoy dancing, listening to music, and watching English web series and movies on Netflix in my free time. I wouldn’t call myself an extrovert or something of the sort, because I’m really not. I'm only an extrovert for my inner circle and an introvert to strangers. 

   About myself, I like to think positively most of the time, even though things may not be in my way. I always find time to spend some quality time for myself because I believe in the quote "Love yourself first" and "Do what makes you happy". I always want to enjoy my campus life and I'm not that type of person.

   As for my imperfections, I am a person that lacks confidence when I have to face an audience.

   This blog also discusses some of my unvoiced opinions about Financial Problems among UMP students, so being a part of this blog was a very nice experience. Enjoy the blog :)

2) SECRETARY : ANISBUSSARA A/P AI TONG - (A)

ROLE ASSIGNED : QUESTIONNAIRE

    Good day mate! I am Anisbussara D/O Ai Tong, currently pursuing a Degree in Graphic Technology and Multimedia at the University of Malaysia Pahang in Pekan, Pahang. A 01's Gen Z who was born in Kedah, but raised in Penang. I am also a mix of both Chinese and siamese if you are wondering. 😉

   As an INFJ, I tend to be reserved, observe things that I find intriguing or pleasant, and would rather interact with an animal than a human. My strength is I can go from being outgoing and silent in a matter of seconds. Spent most of my time listening to K-pop, E-pop, J-pop, and a variety of other genres because music is music after all. Not to mention, I am currently obsessed with NEW JEANS🐇. 

    I believe that in order to gain new solutions or ideas to improve the world, we as humans must keep an open mind. Before criticizing another person's decision, try to understand things from their perspective and then make reasonable judgments.

    As a consequence, we have conducted a survey for UMPian on Financial Problems Among UMP Students in order to understand and discover solutions for the difficulties they have experienced. Hope on and be apart of our journey now! ✌😎

3) MEMBER : FARAH ILLYIANA  BINTI SAIFUL REZA - (F)

ROLE ASSIGNED : REPORT

        Hi guys! My name is Farah Illyiana binti Saiful Reza. I am 23 years old student, and now pursuing a degree in at the University of Malaysia Pahang in Pekan, Pahang, in Mechatronic  Engineering. I am the second born of my parents, and we are three in number. I am from Semenyih, Selangor.

        About my appearance, I have always been energetic and lively, so I have no problem making new friends even though I was a bit shy at first. I will try to learn a lot about people, so in this way, I can study their characters before I react. My family is my biggest strength. They always encourage and motivate me in every path of my life. Another thing is that I always learn from my mistakes, and I think that mistakes are an opportunity to improvise.

        To sum it up, words are always less to describe one’s personality but I surely know that wherever I am today is all because of my family, teachers, and friends. I am going to be a great personality all because of the people around me.

4) MEMBER : NURINSYIRAH IRDINA BINTI SUHAIMI - (I)

ROLE ASSIGNED : BLOG

       Hello! My name is Nurinsyirah Irdina binti Suhaimi. I am a 21 years old student currently pursuing a degree in Mechatronics Engineering at the Universiti of Malaysia Pahang. I am originally from Pasir Gudang, Johor.

         I consider myself to be open-minded and compassionate. I do not just pass judgment on other people's views, lives, or actions. Besides, I think I can label myself as a considerate and kindhearted person who despises the concept of offending someone, even accidentally.

       In addition, I love listening to music when I am bored. Music helps me go through hard times, especially during these four years of school, and serves as an escape for me from this world of challenges and sorrow. 

       I do believe everyone does have difficulties in life. It must be quite challenging to survive academic life for those with financial issues, especially students. In order to help them, we as a society must feel compassion and empathy for them. In line with the reason this blog was established, scroll on and read more about our blog to know more about the Financial Problems among UMP Students. Thank you for stopping by, and I hope you will enjoy reading our blog. ^^

5) MEMBER : NURUL ALYAA BINTI KAMARUDDIN - (A)

ROLE ASSIGNED : PLAN OF ACTION

    Hi, my name is Nurul Alyaa Binti Kamaruddin. I am a student from the computing faculty and currently pursuing a Bachelor of Computer Science (Software Engineering) with honors at Universiti Malaysia Pahang. I was born in Pahang, but I live in Kelantan currently.

   My strength is that I am the type of person who always prioritizes others. I'm always thinking of ways to help others while not burdening them. Actually, I am an introverted person with strangers, but if I am with people I know, I can be loud sometimes. 

    I am also an overthinking person, which always makes me take a lot of time to start doing something like homework, house chores, or even answering simple questions. I can also be very tired, even just lying down, because my brain is still thinking about a lot of things. Thanks for reading.

SURVEY of FINANCIAL PROBLEM AMONG UMP STUDENTS

    

Data Collection

On December 26th of 2022, we have conducted a survey among University Malaysia Pahang student regarding their financial situation through Google Form. The following survey aims to learn more regarding the financial difficulties faced by UMP students, as this has been frequently mentioned on the student confession page in Facebook as well as sharing in UMP student group chat. The survey was divided into three sections with a total of 17 questions. First, section A is related to respondent demographic such as age group, gender, nationality, race, and faculty. Section B is divided into three sections. The survey questions are related to their financial status such income categorization by household, monthly expenses, and so on. Multiple choice, selection choice and agreement scales will be used in the following part. Section C will collect respondents' suggestions for overcoming financial challenges. We reached a decision on the matter after receiving a few responses.

Data Analysis

The age group category was added after, therefore the data only recorded 13 responses. The majority of the respondents who participated were between the ages of 18-21.

With a total of 33 responses, the majority of those who took the survey are female, with just 9 male respondents.

All the respondents in this poll were Malaysian.

Malay students had the greatest participation rate in this chart, with a total of 25 people out of 30. Chinese and Bidayuh students participated the least, each with one student.

From most to least number of respondents from each faculty:

1. FK: 10
2. FTKPM: 7
3. FTKMA: 4
4. FTKEE: 4
5. FTKKP: 2
6. FTKA: 2
7. FIM: 2
8. FIST: 2

The majority of responders have three siblings who are still in school, with only one having five siblings.

Only 3 of the 33 responders are from T20 families, whereas 18 are from B40 households. There are 13 responses from M40 households with incomes ranging between RM4850 and RM10959.

The majority of respondents spent a reasonable amount of money each month, ranging from RM300 to RM500. Only ten of the 33 respondents spent RM300 or less in a month. One respondent spent more than RM500 every month.

3 respondents disagree that no savings can be made from student loans, while 9 respondents agree, and the remaining respondents are undecided.

14 of the 33 respondents strongly agree that financial difficulties influence students to drop out of school.

For the majority of respondents, food is the most significant financial factor. Follow up with transportation, internet and rental fees. Medication has the lowest financial impact, with 4 out of 33 respondents.

There are 16 responders who have remained neutral in their opinions about having online classes with financial problems.

9 respondents believe that student loans and scholarships are sufficient for covering everyday expenses. Meanwhile, 12 respondents are undecided, while 3 disagree with the statement.

22 of the 33 respondents agreed that creating a basic budget can help ease financial problems, while 11 others were uncertain.

10 respondents strongly agree that recording the amount of daily costs can control students' financial problems, while just 2 respondents disagree.

Only three of the 33 respondents have a part-time job.

The respondents' part-time jobs included café, dropship, and freelance graphic designer.

Suggestion

Type of suggestion	Number of similar suggestions given
College should offer help or choices for student in order to reduce their financial problem	9
List out a plan, set a monthly budget to spend and record the expenses.	5
Do part time job or online business	2
Self-cooking	2
Don’t get a partner	1