Discuss about the Role of Economizing and Financial Strain.
The tuition fees and the cost of living is appreciably rising for the international students. The international students living in Australia are struggling with their household repayments and they are also facing a great challenge to meet their cost of living and meet debts. The cost of living for the general public on welfare is specifically problematic since people are earning a limited amount of income and still the expenses are increasing (Obeng-Odoom, 2012). The people must either end up giving their money in the house rents or payment of the mortgages. This has led to a nowhere-situation for the international students, especially. To cover up the expenses, they run for searching the part-time jobs so that they are able to handle their monthly expenses.
Another important point to understand here that Australia especially Sydney identified that global students are a vital part of the diverse community of the city. The city has always recognized the wellbeing of the global students as the main priority area in economic as well as cultural sense. However, these students are also getting very affected by the increasing living cost in the city since their source of income is in a different currency and this made the struggle even harder.
The report will discuss in detail about the impact of the cost of living in the routine lives of the people living in Sydney, especially international students and how it is influencing different aspects of their life.
The main reason for the persistent rise in the average level of price is because of inflation. In the current economies, the concept of inflation is very common. So much so, that many Central Banks are targeting a low rate of inflation which is up to 2%. These banks also feel that a moderate form of rate of inflation is always constant and has a steady rate of economic development. There is a number of factors, where a nil inflation rate can be an issue, specifically when people are habitual to live with moderate inflation (Dahl and Lochner, 2012).
Another crucial thing to question is that are income is quickly going up then prices as well as the cost of living? In case, the cost of living rises by two percent, however, an average income is rising by five percent in a year, then the actual income is rising by just three percent. But when the prices are going up and the income stays the same, the actual income, in reality, is falling. The international students studying in Sydney have to face a different level of struggle altogether because of these reasons.
Sydney city is the host of many international students than any other city in the country. The city has over thirty-five thousand global students studying in the city. The global education industry is the main priority for the city because of its close association with the tertiary basic education industry in order to add some important value as a part of the economy. The industry has also contributed over one billion dollars to the economy and as a part of boundaries of the city in the year 2010 developing approx. four thousand local work (Schuetze and Slowey, 2013).
There has been a major rise in the price which is used to assess the cost of living. According to the analysis, the fees of the student is collected by the biggest tertiary institutions which capture the scale of this boom. At Sydney University, there are certain overseas students, whose fees rose to 92% in 3 years from $391 million to $752 million in 2017. There are so many pieces of evidence that show the poor wellbeing of some global students in Sydney with research showing that a large level of minority faces so many challenges which are external to their studies.
As per the public misconception, global students are usually perceived as wealthy since they choose to study in Australia (Beiter et a., 2015). In fact, as per the research first generation global students which are more likely than any other students as a part of culturally, financially and academically disadvantages and because of this disadvantage which is more prone to face challenge a more issue and beset experience while studying in international location (Schuetze and Slowey, 2013). The truth is the so many of global students are said to buy with them and has a very restricted level of money at the time of arrival and further depend on income from employment in a part-time setting which helps them live and support education cost. Because of this, the expected presence of the part-time work plays an important role in selecting a destination to study. Because of the rising in living cost, the pressure to finance living costs for international students are becoming challenging. For this reason, they have to work part-time which leads to an unhealthy lifestyle with the problem in work-life balance and rise in the level of anxiety and stress among global students (Robertson, 2014). It has become a two-edged sword, where the international students are also towards high risk of gambling and can turn the game of gambling as a method of dissociation with rising in social, mental and many other kinds of stress and anxiety. It is what is called as a downward spiral which leads to loss of money that force them to look for illegal accommodation to make up for the lack of money (Schuetze and Slowey, 2013). The international students who arrive in the country with right kind of finances are less prone to any kind of gambling. Generally, also, global students have restricted money management methods at the time of arrival and some have also found to completely gamble away even when student fees (Moos, 2016). Satisfaction while earning money and have some financial support among global student in the same sector is getting low and has further reduced in the time period of 2012 and 2014. The level of satisfaction as far as financial support is concerned to remain steady almost by sixty-five percent till 2012, but it dropped in the year 2014. But the earning potential of students, satisfaction level reduced a lot in that year. Students especially international students are dissatisfied with living cost as well as accommodation in Sydney with the rate of satisfaction for both declining over a period of time (Arthur et al., 2017). Compared to other cities in Australia, Sydney is considered as a place with more employment options however, that is also dropping (Sawir et al., 2012). This shows that actually, students are hoping to find part-time work in the place and more likely to meet with issues as well as disappointments.
The concept of cost of living is based on the average level of cost associated with basic or nominal necessities like food, shelter, taxes, clothing, healthcare as well as education. The basic kind of cost for each and every family member of the cost of living. Since the cost of living is rising, the hard work to earn money is also increasing. Each and every government because of people will do the best to rightly maintain an accomplishable cost of living as time goes by and the rate of inflation is usually the important factor in the rise in the cost of living. A small level of inflation as time goes by is healthy for the economy however large rise in inflation has always brought negative impact on the society (Lee et al., 2012).
The concept of inflation is an outcome of redistribution based on wealth as well as income at distinct rates with distinct sectors. The level of increment in every sector of manufacturing is not same anymore (Baas, 2014). It can be again for some income group during the time of inflation and many other to become the losers of inflation. The level of inflation is always based on the ground of unjust and this is why putting an economic burden on those who are not able to take it. As the part of increments on the income level of those who survive with fixed salaries are never as par the rate of inflation (Wimo et al., 2013). This can be further explained by the logic that people now have to use more part of their income to buy some products as well as services (Sener et al., 2016). Living under such circumstances might address them to a lot of stress and therefore also trigger a chain reaction based on a tragedy like harming themselves, bankruptcy and many other social issues. The rise in the level of living cost decreased the overall purchasing power (Manyika et al., 2013).
As a part of an economy, knowledge is considered most precious product an individual and nation have to provide, the best work and will go to best people who are educated, whether they are part of US or India or any other country. The total number of jobs presently is ample to save without the education which is little (Watson et al., 2015). Parents that are uneducated can have a negative impact on the growth of the coming generation. Adults who are not educated are facing a hard time in finding jobs, as they are unaware of the right of the workers as well as being safe in a job (Su et al., 2012).
Less education when mixed with low-income impacts all featured of the life especially in case of child and it includes physical as well as psychosocial health as well. The overall quality of a child care is present to many low-income families is completely not done then that is present to high-income people and the overall quality of care towards the child can be impacted the growth of children (Sawir et al., 2012). Children are primarily raised as part of the impact on the struggles related to socioeconomic and these struggles tend to be part of adulthood as well (Tran, 2016). This is mainly because when a child in a low-income living case usually is more likely to initiate working younger and is also less likely to pursue an education in university as an adult. This further can restrict the promotional options and development in the workplace (Mulgan et al., 2016). High-quality, care which is centre based is a costly process and is simply not a choice for many families that lies under low-income (Wang, 2013). Despite, the process turns to informal and sometimes it is also supported by child care in an unregulated manner.
So many recent surveys indicate that the students are not able to to find some ideal jobs after finishing their expensive courses in the universities of Sydney and it has become another challenge for the city. Studies also show that international students are asking for a better value for money as against the tuition fees. But tuition fees, as well as the cost of living, is on the rise and a matter of a constant struggle for international students and this is reducing the education benefits of the country as the industry is facing renewed competition. These challenges have also impacted the booming education industry in Sydney which is considered as the hub for international students (King et al., 2016). The proofs that people have seen from the students specifically Indian and Chinese is among all other thing being right as they like to have in the US. There was a time when there was cost advantage through the boom period not it is reversed with a lot of vengeance. The survey also shows that the yearly cost of studying as well as living in Australia is much more than the US and Britain and exchange rate can be claimed as the main culprit. After so many years of boom in the education sector in Sydney, the city is now facing less favoured strategic context over the next ten years (Gardiner et al., 2013). It provides a possibility of the future development mainly in with the higher amount of enrolment in education after much-expected stabilisation. But the reports have forecasted the industry to become a nineteen-billion-dollar industry by 2020.
With the changing times, the universities in Australia are sough after the higher education becomes a mass global commodity with aspiring to degrees from the institutions. There are different risks factors which relate to the overseas students who have a major impact on the financial benefits of the University. The associated risks are the pressure on the capacity contains and then to maintain the quality of teaching as well (Wang, 2013). Therefore, the important question here is not about or not the living cost, however, it must be rising and also by rising for a different kind of household. Another method to survive especially at the time of crisis will be to try and live with money which is left (Schultz et al., 2015). The changing market demonstrate about the change in the annual fee which is paid by the undergraduate student in Australia differed. The demand of the postgraduate qualifications has been strong lately with the overseas students who are enrolled for the master level degree, jumped by 40% nationally between 2013 & 2016.
Conclusion
With the increase of living cost, there comes the challenges in increase in the concentration of risks from the reliance on overseas students at the same geographical location. This is at the event of overseas students who are handling the events related to the economic downturns. The study has revealed that level of support present for right adjustment in the local area was a reason of dissatisfaction for many tertiary base industries for global students. (Gardiner et al., 2013). A domestic institution which is immensely dedicated to foster, facilitate as well as maintain a range of starts for global students can assist them to completely overcome so much of negativity in terms of experiences and impact the level of settlement as well as adjustment (Perkins & Neumayer, 2014). Domestic government institutions in Australia are well positioned to help global students feel much welcomed and accept in the domestic area, force connections within the domestic community and associated member, find accommodation and safe employment within the domestic businesses and have a sense of safety at physical level on streets if city, public transport and spaces (Gardiner et al., 2013).
The different methods can be used by the people to get over with changing rise in the cost of living. People may perceive that rise in the cost of living is normal, however, to some other people, it can be a lot of confusion (Watson et al., 2015).
Reference
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