It’s not easy being a student, especially these days.
You’re juggling the journey to adulthood with increasing academic costs, established economies and a lack of any real financial education provided by anyone to help you figure out how to make the little money you do have work for you.
So, it’s no surprise really that Crypto investing is on the rise across student communities worldwide.
In particular, this survey from Save The Student in the UK discovered that the student population making money from Cryptocurrencies has tripled in the past year. Factors including the increased media attention and of course the ongoing uncertainty around the future with the pandemic, has no doubt given rise to throw caution to the wind to explore this world.
And it’s no surprise students turn to crypto when you see the financial struggles that are highlighted across the rest of the survey.
Why better financial education is needed now!
76% said they worry about making ends meet, with 60% stating that their loan maintenance is not big enough to cover basic living standards. And, even more worrying is that 74% of those surveyed said they wish they had better financial education from school.
Plus, of the 76% of students who said they’ve considered dropping out of higher education at some point, 61% of those stated it was due to their mental health and 41% responded it was due to money worries.
Really, it’s no surprise as to why students are willing to jump into the volatile world of Crypto. If everything else feels and mostly is unstable, what’s the risk in jumping into what some might see as the riskiest market there is?
Can crypto improve student living?
Like most things in life, it depends.
There is risk in any course of action but in some cases the risk can be worth the reward. However, students need to know what they’re doing, they need to do their own research and not just take advice from the thousands of hyped up crypto Youtubers.
I have no doubt that some of these students who now make up the increased engagement with crypto know what they’re getting into. Yet, do the large majority? I tend to think not.
It’s encouraging to see younger generations becoming interested in financial products and markets that they will shape in the future. But, it’s also sad that they even have to engage with such volatile activities at all, especially when it sounds like the education systems that are put in place to protect are failing them.
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I’m not a financial advisor, a psychologist or any from of accredited professional. As such, this is not financial advice and I’m not qualified or licensed to provide anything like this. This content is a bunch of thoughts from a fellow human for educational purposes only — that is all.