Students’ Perceptions of Inflation and Daily Living Across Socioeconomic Groups

Abstract

The continuous increase in the prices of goods and services has become a major concern affecting many individuals, including college students. Inflation can influence students’ daily living, financial decisions, and their ability to manage educational and personal expenses. Because of this situation, it is important to understand how students perceive inflation and how it affects their everyday lives. Therefore, this study aimed to examine the perspectives of college students on inflation across socioeconomic background and daily living at Mindanao State University-Sulu. Specifically, the study determined the level of students’ awareness of inflation, identified the areas of daily expenses affected by inflation, examined whether there are differences in students’ perspectives when grouped according to sex, age, monthly allowance, source of income, department, major, and section, and identified the coping strategies used by students to manage the effects of rising prices. This study utilized a quantitative comparative-correlational research design. The respondents were 228 fourth year college students from different colleges, including the College of Health Sciences, College of Education, College of Fisheries, and College of Agriculture. Data were gathered through a survey questionnaire and analyzed using statistical tools such as mean, standard deviation, Mann–Whitney U test, Frequency and Percentage, as well as the Kruskal Wallis test. The findings revealed that students generally agree that inflation affects many aspects of their daily living, particularly food expenses, transportation, utilities, school supplies, and personal needs. The results also showed no significant differences in students’ perspectives on inflation when grouped according to sex, age, monthly allowance, and source of income. However, significant differences were found when grouped according to department, major, and section. In response to rising prices, many students cope by reducing non-essential expenses, budgeting and tracking their spending, limiting recreational activities, and seeking additional sources of income. These findings highlight the importance of financial awareness and effective budgeting strategies among college students in adapting to the economic challenges posed by inflation.