How business education programmes help improves students saving habits

Donald LUKMAN
5 min readMar 21

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Saving and spending are two sides of a particular coin. Both savings and spending’s are interrelated. Human wants are unlimited. When one want is fulfilled, then another want is raised. In early years people spent more on unnecessary items than the necessary items. The transaction from childhood to adulthood can be a tough time for students.

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Students face the challenges and up the level of leaving their parental home moving in to the world of work and beginning to build a family. But for the students today the challenge for them is even more difficult because they must do all of these in the midst of a struggling economy. The increased pocket allowances and employment opportunities to earn and spend make the students of this country as one of the most important forces in spending. The spending and saving habits of this youngster not only indicate the economic and life style trends but also larger social trends of the country.

BUSINESS EDUCATION

Business education is a major component of vocational education. A design field of study for the development of skills, attitudes, appreciation, creativity as well as creation of awareness and competencies in the office work and business world. Business education is a programme of instruction, which consists of office education, which is a vocational education programme for office career workers through initial refresher and upgrading education. He further explained that general business education is a programme that provides learners with information and competencies which are needed by all in managing personal business affairs and in using the services of business. Business education is an aspect of educational programme offered at the higher institution of learning which prepares students for careers in business. It is education needed to teach people business in order to be a good citizen of a society. It is a profession of itself. It is education designed with the primary skilled aim of elevating one’s skills as well as providing citizens with the required skilled to secure gainful employment as to earn a living and to succeed in life through further education. Business education is seen by laymen as those business subjects taught at the secondary school level as well as private institutes

BUSINESS EDUCATION PROGRAMMES

In every business education programme, there are always competing interest groups. These include the administrators or policy makers who provide the resources, the programme developers — professionals or experts who design the curriculum, the operators or instructors and the programme consumers or students who are the ultimate beneficiaries of the programme. The perceptions of these various interest groups are often at odds, depending on these expectations and orientation. In their assessment of the programme, which may involve both quantitative and reflective approaches, they may reach different conclusions. Very often, programme objectives, philosophy and other attributes are viewed from different perspectives. But despite these perceptual differences, when they are brought together to assess the programme on a provided set of criteria, there will likely exist an area of congruence among all the interest groups, this area of congruence among the various interest groups constitutes the “Kernel of truth of the business education programme being evaluated. The Business Education programme in higher institutions of learning has always been looked down upon. People prefer their students and wards to become lawyers, doctors, accountants etc. In spite of this problem, the government is not helping the situation by not funding the programme adequately.

STUDENTS SAVING HABITS

Spending less than the earnings and saving for the future is a golden rule for having a good control over the personal finance. By paying attention to what you buy each month, you quickly identify any leftover money, which can increase your retirement savings rate, emergency fund and even your net worth. But in reality many people fail in budgeting their income and saving more. On the other hand, the act of saving — either by having cash in a bank or by experiencing a significant savings on a product or service — brings savers intense pleasure. The victory of a good bargain makes everyone feel good, but savers feel the rush even more since it’s a relief from the discomfort of needing to spend. With the revolution in the retail sector in India and advent of mall culture, the spending and saving habits of students have changed over the years. Students has turned to be more brand conscious and also spend a considerable amount of their income on entertainment and gadgets. Students savings accounts are one tool with the potential to encourage both students development and financial inclusion possibly even in a financially sustainable way. Hence this research paper aims to analyze the spending and saving habits among the young generation in dombivli region.

BUSINESS EDUCATION PROGRAMMES AND STUDENTS ABILITY TO SAVE

Business education is very important to students. It plays a significant role in the lives of students towards their ability to save money for business opportunities. Every day people are engaged in decision-making processes involving intertemporal choices (e.g., choices that have both short-term and long-term consequences). In many domains, this entails a trade-off between immediate gratification (e.g., smoking or eating) and long-run costs (e.g., risk of lung cancer or obesity), so that people seldom succeed in resisting temptations and exercising self-control. When individual choices involve a trade-off between immediate gratification and long-term costs, “impatience” may prevail. When the trade-off is between immediate costs and long-term benefits, instead, people often exhibit so called “procrastination,” delaying costly activities (e.g., studying) whose benefits (e.g., getting an interesting and/or well-paid job) will be enjoyed only in the medium-long run. An alternative (and potentially complementary) strategy would be to instruct teachers and school management to personally assume a key role in the process, which would involve having business education programmes provide financial education to their students in order to encourage asset accumulation. In principle, this may come in different forms, from providing pocket money to teaching budgeting. Our knowledge of the role that economic socialization channels can play in inducing students to care more about their future. In particular, we know little about how business education programmes exactly communicate with the students in reference to financial decisions, and what the long-term effects of business education programmes on secondary school students saving ability.

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