Topic – Student experiences financial crisis during pandemic

Authors – Srushti badwaik 10001
Aishwarya nashte 10008
Dhanashree pawar 10011

Introduction:- In 2019 and even before COVID-19, there was already high growth and adoption in education technology. In 2020, the COVID-19 pandemic has become a severe ordeal for the human population, resulting in urgent measures to limit the spread of the disease and adversely affecting many sectors of the economy. During the lockdowns, alternatives have been quickly found for a lot of economic activities and public services. The closures of entire businesses and travel restrictions caused serious damage to the global economy and fully changed lifestyles worldwide. The transmission of coronavirus reflected not only on the training but
also on the safety and the professional realization of the students, especially for vulnerable young people.

Objective :- To understand the phenomena of student experiencing financial crisis during pandemic of covid-19

Literature review:-
Economic impact of pandemic on student learning
Some students inform that the standard of living of their families will be affected by the COVID-19 pandemic, and for some students, reduced family income due to coronavirus shall exert an adverse impact over their education. Further to that, some students respond that the pandemic could result in their withdrawal from the university. According to Indian students, the impact of COVID-19 on domestic economic conditions and educational attendance is perceived as much more significant than the impact according to students’ expectations. According to machine learning predictions, the students at risk of discontinuing their education are those with weak financial background who do not have a separate room and spend less time studying during the lockdown than the rest of the students. The low economic status is a reason for the lack of appropriate physical learning environment. Low-income students who do not live at home face more difficulties in distance learning due to poor Internet connection or lack of an electronic device. Poverty further exacerbates the problem of digitalization of education in this health crisis. (Ilieva, G. et al)

Financial crisis affects education
In light of the world-wide COVID-19 recession that began in 2020, it is important to understand how households with varying degrees of economic knowledge are prepared to handle a major crisis. Economic literacy, revealed that performance, was beneficially correlated with the mitigation of job loss, late payment behavior, and declaration of personal bankruptcy, ceteris paribus, during the recession. Groups on the economic test were less likely to be late on payments, ceteris paribus. groups on the economic test were less likely to be late on payments, ceteris paribus. Family responsibilities, health issues, unforeseen emergencies, and myriad of other concerns can result in circumstances leading to negative financial consequences resulting in loss of education of children. (Grimes, P. W et al)

Ilieva, G., Yankova, T., Klisarova-Belcheva, S., & Ivanova, S. (2021). Effects of COVID-19 pandemic on university students’ learning. Information, 12(4), 163. doi:http://dx.doi.org/10.3390/info12040163

Grimes, P. W., Rogers, K. E., & Bosshardt, W. D. (2021). Economic education and household financial outcomes during the financial crisis. Journal of Risk and Financial Management, 14(7), 316. doi:http://dx.doi.org/10.3390/jrfm14070316

Data collection:- This stage includes various methods of educational data collecting – we decided to take a survey by making google form on the current scenario financial crisis which most of the students are facing due to the covid -19 pandemic. We collected the data by surveying 100 people on likert scale, mostly the students who are facing these financial issues and we got responses from them that we concluded that data in excel sheet and lastly we analyzed that data .

Data analysis :-
I am unable to pay my college fees. :
MEAN : 3.46
Standard Deviation : 1.184239943
Standard Error : 0.1184239943
Z : 3.884347955
Analysis : POSITIVE

I am unable to pay my exam fees. :
MEAN : 3.05
Standard Deviation : 1.149220201
Standard Error : 0.1149220201
Z : 0.4350776287
Analysis : NEUTRAL

I took an educational loan. :
MEAN : 2.8
Standard Deviation : 1.287076399
Standard Error : 0.1287076399
Z : -1.553909311
Analysis : NEUTRAL

I am unable to buy some books.
MEAN : 2.95
Standard Deviation : 1.131504764
Standard Error : 0.11315
Z : -0.44188943
Analysis : NEUTRAL

I am unable to take admission in my dream college.
MEAN : 3.59
Standard Deviation : 1.155531274
Standard Error : 0.1155531274
Z : 5.10587652
Analysis : POSITIVE

Conclusion :-
1.Students are unable to pay college fees
2.Students are neutral toward to pay college fees
3.Students are neutral to take education loan
4.Students have neutral behavior to buy books
5.Students are unable to take their admission in dream college