EduBirdie's Survey Reveals Insights Into the FIRE Movement and Money-Saving Techniques Among Students
NEW YORK, May 18, 2023 (Newswire.com) - Financial Independence Retire Early (FIRE) is a growing trend among young people. Stories of retirement before 30 and achieving financial independence are gaining massive success on social media. In contrast, in real life, students face serious financial difficulties due to student loans, housing costs, etc.
EduBirdie, an all-in-one website for students, surveyed the actual student's money-saving culture. The study involved 1,000 full-time and part-time students from the United States aged 18 to 44. Ethnicity and spoken languages were not considered factors of differentiation. The survey was conducted among two groups: students who know and practice the FIRE approach and those who do not.
"Budgeting is always on the agenda for students, as they might be affected by financial crises more than others. Financial stress can significantly impact their academic performance, personal life, and, most importantly, mental health. We at EduBirdie believe it is crucial to discuss personal finances to have generations that genuinely know financial independence." — Avery Morgan, Chief Communications Officer at EduBirdie.
Results showed that most students surveyed know the FIRE approach and actively practice it. 71% of the surveyed students know the movement and either actively practice it or learn where to start. 14% of students who know about the approach do not like it, and 11% need to understand what FIRE is. Surprisingly, 4% of students who did not know about the movement googled it and became interested in early retirement. When broken down by age, most students who knew about the FIRE approach were between 18 and 24 years old, and 50% of them were already learning to take their first steps in the FIRE approach.
21.92% of students are ready to sacrifice their dream job, 19.18% - buying a car, and 17.81% - traveling to retire earlier. Interestingly, 30% of respondents aged 18-24 would better never have children to enjoy an early retirement.
The survey also revealed alternative and creative ways to cut costs. These include staying sober, learning to sew clothes, riding a bike instead of a car, and taking up cost-saving hobbies such as cooking, gardening, and DIY.
Financial insecurity is becoming a growing concern. When asked what worries students most financially, 18.15% of respondents said rent, 13.90% gas prices, 13.13% mentioned health and medical problems, 12.74% were worried about student loans and 11.97% about job loss.
The most common consequences of financial stress experienced by students were anxiety and depression (23.68%), sleep problems (19.30%), mood swings (17.54%), and fatigue (15.79%). In comparison, only 1.32% of respondents did not feel the harmful effects of financial stress.
For more information on the study and its findings, visit EduBirdie.
Source: EduBirdie
