Students stop saving

By Emma Marshall

mars0203@algonquincollege.com

You hear the words “economic recession” and your first instinct is to go out and spend. This might seem like a ludicrous and out-of-touch scenario, but for many Algonquin students it is becoming a reality.

In a time when wallets should be clasped shut and bank accounts kept on lockdown, students are instead spending frivolous amounts of money on food, clothing, alcohol, and electronics. This trend has made it increasingly clear that the current state of the economy is the last thing on their minds.

So why is this the case?

“It’s reckless decisions mostly; poor planning for my short-term financial future,” said Michael Tran, 20. Michelle Swanson agrees. She has noticed a sizeable dip in her savings account over the past few months.

“I had never really considered the idea that my shopping could be tied into a desire to avoid the recession,” said Swanson, her cafeteria-bought lunch tucked under her arm. “But now that I think about it, it’s not so far-fetched.”

A number of Algonquin employees have also noticed a dramatic spike in sales. Thunder Alley server Jordana Poturnak said that the cafeteria has been “smokin’ busy” over the past few weeks, during a time when revenue is generally down.

Jordana’s statement was almost immediately confirmed by the long line of students awaiting their meals.

Kurt Goebel has also been surprised by recent student spending. As manager of retail operations for the school bookstore, Goebel keeps track of the products that are most likely to be purchased.

At the top of this list are “sundries”, which includes items like bottled drinks, chips and chocolate bars. “With the bus strike in full swing we anticipated a bit of a soft semester, but things have worked out quite well,” said Goebel.

Despite these positive affirmations for increased spending, there are some students on campus who have kept a close eye on their finances.

Yusuf Khan, a 20-year old mechanical engineering student, is one such person. “I ensure I’m making financially responsible choices and ensure I don’t overspend,” said Khan, who is currently preparing to make a high-risk investment.