How Project ReceiptBooks Help cope with stress.
Many young adults nowadays don't know how to handle and manage their money, in fact a study done back in 2012 by ING direct showed that actually 87% of teenagers just can't manage their money. So what does this mean? It means many young adults tend to spend more than they have, and the most notorious bunch of these young adults are students.
A record number of young adults are attending university and there has been a record amount of young people seeking counselling. There is a deep correlation between the two as students tend to always find themselves sort of money resulting in stress, depression and anxiety issues. It was not until recently that tuition fees increased from 3,000 to 9,000 Pounds which for students can be a big weight on their shoulders, whilst oversea students and native students in the USA pay colossal amounts of approximately equal to 27,000+ pounds. It is here we begin to see how heavy the rucksack of finical issues really is.
Responses from a 2010 Ohio Student Financial survey done by Ohio State University found that 71% of the students surveyed reported feeling stressed from personal finances. The report also shows that students with more self- efficacy are significantly less likely to report financial stress.
The ReceiptBook tries to minimise stress by increasing students financial self-efficacy . The ReceiptBook knows all the purchases made by the individual and can hence show where money is going and visual illustrate that to the user. For example if the individual spent too much on food that week, they will be notified. Alongside this the ReceiptBook shows reports of where money is going, how much is saved and predicts future expenditure trends based on purchase history. Managing money isn't easy and requires third party intervention for a smooth learning curve, the ReceiptBook fills this void providing incentives to continue positive trends.
To find out more on how to ReceiptBook affects student and young adults financially please refer to our report