With inflation at its peak, people are often shocked by prices wherever they go. How are college students living amid continuing inflation?
To survive, many students buy ingredients from grocery stores or supermarkets and cook to save money. In addition, it is not uncommon for students to eat instant food, frozen food, and retort food to reduce food costs. Also, some students save money by keeping a household ledger to know their spending patterns.
The Yeungnam Observer surveyed students at Yeungnam University about the era of high inflation. According to the survey results, students felt the most significant impact of inflation in restaurants, with 43.8%, followed by supermarkets at 37.5% and convenience stores at 18.8%. The reasons why students felt the rise were “The price of food at restaurants rises every semester,” “The price of food ingredients at supermarkets has mostly risen,” and “The snacks at convenience stores have become nearly 1,000 won more expensive.”
To save money in this situation, ‘eating instant food’ accounted for the most, 43.8%, followed by ‘cooking by avoiding eating out and delivering’ by 25%, ‘steady savings by creating a savings account’ by 18.8%, and ‘keeping a daily household ledger’ by 12.5%.
Students responded that stable income, cost-effectiveness consideration, saving habits, proper consumption plans, and the government’s high inflation mitigation policies were needed to survive the era of high inflation.
One student interviewed responded that she goes to a place where ingredients are cheaper, even if it is far from home, because of the high inflation. She also said that her spending patterns have changed unlike before because she now compares prices on the internet.
Additionally, she said, “I think the government should raise the minimum wage as well as prices rise. If prices rise and the minimum wage remains the same, what can be consumed will be more limited, and disproportionate purchasing and eating patterns of food materials will not be resolved.”
