It was revealed that students are shifting to the crypto space to breach the financial gaps that come with education. It is no more shocking than the cost of education has surged up over the years as more students than ever are graduating with over ten thousand nairas on the student debt sheet. Also, it was revealed that taking a student loan now could not overall the cost that comes with schooling now.
Expenses like rent, food, and transportation are the issues students are facing. By the time their loans are disbursed, there would have been enough gap already to fill by the funds, and there would be a need to get funds from extra sources to cover up.
History has it that students often result to part-time jobs as an alternative to get extra funds to cover the gap the student loan could not cover. However, the pandemic made the situation worse is the market of part-time jobs became unstable.
Apart from the part-time jobs that got distorted by the pandemic, students had to result to their parents’ income to cover the gap by that source was also affected by the pandemic. This dilemma is what brought crypto into the picture.
Crypto as a Cover for the Gap
The pandemic and the closure of schools gave students more time as countries went into total lockdown. While work was not going on and savings kept dwindling, many students had to look for other means as a supplement for the student loans.
According to the report of a survey published by an organization, Save The Student, only 58% of the total education expenses are covered by student loans.
The survey reveals that students are always on the lookout for extra sources of income to sustain their university education. The results show that the total number of students involved in the crypto space to plug the gap tripled in just a year. The recorded number involved in the crypto space to plug the gap is now 6% compared to the previous figure, 2%.
Financial Head Start
It was realized through the survey that there is an ill-preparation when it comes to finances. Many of them, though involved in crypto, is not diligent in investing, leading to common market mistakes that lead to more loss in the market.
The major concern from the study is that because of the hype, the lack of effective strategies and risks understanding is still rampant in the space. This calls for the need for adequate financial education and trade information so that the students will make the best decisions in their crypto investments.