Is it Necessary for a Student to be Financially Independent?

Even if having one's own money might provide one a sense of security and autonomy, not all students may find it to be a pressing requirement. It depends on each person's unique situation and ambitions to determine how important financial independence is to them as students.

Being financially self-sufficient may instill a feeling of responsibility in certain pupils and help them grow as individuals. It enables students to take charge of their own spending, make wise financial decisions, and acquire crucial life skills linked to planning a budget, setting aside money, and managing resources.

Parents or guardians who might be struggling financially or have other obligations may feel less of a burden if their children are financially independent. Students who can support themselves may be lower the financial burden on their families and feel more pleasure in their achievements.

The specific circumstances of each pupil must be acknowledged, though. Some students could have the resources and assistance necessary to concentrate completely on their academics without the extra stress of having to sustain themselves. In these circumstances, their first priority could be to perform well in school and take use of their educational prospects.

It is important to note that getting a part-time job, applying for scholarships, and looking for financial help may all be advantageous for students since they can get useful experience, improve their resumes, and pay off student loans. It may also encourage accountability and develop vital work ethics and time management skills.

Students who are financially independent learn the importance of responsibility, hard effort, and sound money management. It fosters a sense of independence and instills crucial life skills that may be advantageous in the long term. Additionally, it gives students more power over their financial decisions. They have the freedom to manage their finances in accordance with their personal objectives, values, and priorities.

 Students who are financially independent can lessen the financial strain on their families, particularly if their parents or guardians have limited finances or other financial responsibilities. A more fair and balanced family dynamic may result from this. Additionally, mastering personal finance and gaining financial independence helps advance one's development and increase self-assurance. It equips students with the skills they need to function in real life, make wise financial choices, and overcome obstacles.

On the other hand, it has certain challenges in that juggling schoolwork, part-time employment, and personal money may be tough and time-consuming. Multiple duties may be difficult for students to manage, which might have an effect on their engagement in extracurricular activities or academic achievement.

Early financial responsibility can put kids under additional stress and anxiety, especially if they are already juggling the obligations of their schooling. Anxiety can be caused by financial worries like budgeting for costs or paying bills on time. Students may need to put employment ahead of study depending on the level of their financial obligations, which may limit their capacity to devote themselves entirely to their academic work or take advantage of enriching alternatives like internships, research, or extracurricular activities.

Ms. Mini. V. K, Assistant Professor of Commerce, Al Shifa College of Arts & Science, Kizhattoor, Perinthalmanna