Should College Kids Have Financial Responsibilities?

The Relationship of Financial Responsibility to Success

• As students adjust to leaving home and living independently, it is crucial that they learn how to manage their finances. Helping out with college costs encourages them to do this, as they tend to be more careful about spending their own money. Financial responsibility is a skill needed to be successful in college and throughout life. Making good financial decisions will smooth the way to entry into the working world; mismanaging finances can negatively impact a student's life for years after graduation, if not for life.

Developing a Positive Work Ethic

• College students who help pay for their own education tend to value it more. They also may have an easier time accepting the responsibilities of adulthood because they have learned how to handle the challenges of working while attending college. After graduation, these students can impress prospective employers with their industriousness, positive work ethic and willingness to accept challenges.

Using Credit Cards vs. Debit Cards

• Credit card companies find easy targets in college students. Teaching students about the hidden dangers of credit card use is critical because young people may not understand the realities of credit cards. To them, credit cards are the answer to the lack of cash. On the other hand, giving a student a debit card has its advantages. The student can learn how to use the card while being financially responsible by having limits placed on his spending power.

Gaining Work Experience

• Students who hold summer jobs or work part time during the school semester may gain some advantages over other students. When they apply for a job after graduation, they will have some work experience to put on their resumes.

Effects of Working on Academic Performance

• According to Tracey King and Ellynne Bannon's study, "At What Cost: The Price That Working Students Pay for a College Education," students who work more than twenty-five hours a week may experience negative consequences. These problems include poorer academic performance, limited choice of classes and inability to participate in extracurricular activities. Students who are having a difficult time in school are particularly at risk for failure as they need more study time.