College is generally one of the most financially insecure times in a person’s life. It is that weird middle point where adult-like expenses start creeping in while income remains low due to lack of expertise and time. All the while, it is perhaps one of the most important times in youth where being financially limited to meet your wants takes a very taxing effect on one’s mentality.
These problems are universal and have been present for students regardless of time period. However, today this financial burden has only reached a tipping point. It is no secret that the economy is struggling to support the people. Prices constantly rise with inflation while growth in wages and financial compensation remains slow at best. Every month is harder than the last.
One of the biggest financial burdens for students, especially those in Ames, is rent. Even though Ames boasts one of the lower rent costs compared to the national average, it is still important to consider the $7.25 Iowa minimum wage that sets the baseline for the greatly limited income students take home.
Grocery stores are another financial black hole where the bills are always slightly higher than they were the week before. Affording food is becoming a bigger challenge every year, evident by the rising rate of food insecurity amongst college students. On the ISU campus itself, almost 2 out of every 5 students face food insecurity. One of the most obvious and crucial facets forcing this insecurity is the rising food costs.
Costs do not end here either. Crucial expenses such as travel or medication are becoming luxuries rather than necessities. While CyRide serves travel within Ames, rising fuel costs have made travelling anywhere outside a big liability. Other causes such as rising airfare, increased ride-hailing dependency, and lack of reasonable transport options like trains or intercity buses make Ames somewhat of a prison. Healthcare in the United States is particularly crippling. Any injuries or health emergencies can lead to financial ruin for students already living paycheck to paycheck, while insurance premiums add more financial strain on an income already stretched thin.
The economic crisis does not spare the fortunate either. Affording entertainment like concert or sporting tickets, buying games and movies, or subscribing to streaming services all become increasingly challenging as costs for each of these increase. The dollars add up quickly and can amount to several hundred or thousands of dollars by the end of the year. More accessible sources of entertainment like going out for dinner or going to the bars have also presented huge discouraging costs, with costs for food and drinks increasing constantly, reducing the number of college students engaging with these social activities every year.
The most disappointing factor of all this is the continuously declining hope in the job market. I find the fact that the availability of entry-level positions has declined by 80% since 2023 particularly upsetting. Companies have begun preferring AI over employees, which leaves a large number of college graduates with no income comparable to their educational investments. The snowball effect is more prevalent when considering how experienced employees are now having to compete for the few entry-level positions that do show up.
When considering all these factors, anyone has to consider whether it is even worth it to invest so highly in education and live an unideal life for hopes of employment in a job market that is anything but plentiful. At such a tipping point, it is necessary to ask the question: What is being done to fix this? The discouraging answer is: nothing at all. Economic measures in the hands of the government have taken a backseat, and legislative necessities of improving wages and employee benefits face constant scrutiny despite their paramount importance.
