Poor, Poor College Students

According to an article in Promo Xtra (Primedia), college students are not poor and in fact will head to campus this month with $122 billion in spending power, including $24 billion in discretionary spending according to a study, 360 Youth College Explorer. The study also found that the majority of college students (90 percent) own a computer and two-thirds (65 percent) have broadband connections. Among students, 62 percent own a stereo, a cell phone (77 percent), a printer (77 percent), a television (84 percent) and a calculator (86 percent). Three-quarters of students (74 percent) own a DVD player and just over half (55 percent) own a gaming system. Entertainment is high on the list when students start spending. Nearly $3 billion is spent annually on movies, DVDs, music and video game purchases and rentals. Music sales total $474 million, theater tickets $658 million and games $341 million. At home and in their dorms they are watching movies, spending $600 million to buy and another $326 million to rent DVDs. The money comes from hard work. Some 75 percent of college students hold down a job earning $645 per month on average. One fifth (20 percent) work on-campus and four in 10 (42 percent) work during school breaks. Parents help out with another $154 per month. When it's all added up, students spend more than $13,000 per year, 19 percent is discretionary, adding up to $211 per month of discretionary spending. The study was conducted during the fall 2003 semester, polling 4,608 college students ages 18 to 30, including 3,451 18- to 24-year-olds.