Submit your papersSubmit Now
For Enquiries: [email protected]
IIARD LogoIIARD

Cost of Living, Its Effects, and Coping Strategies Among University of Ibadan Undergraduates

Grace Oluwaferanmi Alawode, Emeka Emmanuel Okafor, Olubunmi Olanike, Alawode

Abstract

Nigeria is undergoing its worst economic crisis and this has negatively impacted the wellbeing of Nigerian citizens, especially undergraduates. Nevertheless, there has been no research work which focuses on the cost of living, its effects, and coping strategies adopted by University of Ibadan (UI) undergraduates. Thus, this study is novel and provides insights into the challenges faced and strategies adopted by UI undergraduates with regard to the cost of living. Hierarchy of Needs Theory and Rational Choice Theory were adopted; the former to examine cost of living effects and the latter to interpret student loan applications and coping strategies among UI undergraduates. Descriptive research design was utilized. Multi-stage sampling procedure was adopted, as well as mixed methods approach for data collection. 401 copies of structured questionnaire were analyzed using descriptive statistics, Likert scale, and chi-square test. Twelve in-depth interviews were conducted and analyzed using thematic analysis. Over three- quarters (77.31%) of UI undergraduates were mostly burdened by food expenditure. A large proportion (78.30%) of respondents spent a total of ₦54,183.08-₦134,796.35 per month; thus, having a medium cost of living. However, the general cost of living of UI undergraduates is high. Mother’s monthly income, χ2(8, N=401) = 14.2832, p = 0.075, was the only socio- demographic variable which significantly correlated with the total cost of living. The most significant effect of cost of living is reduction in food consumption (X = 3.74) and the least significant is lack of socialization (X = 3.03). Ten in twelve interviewees believed that the student loan is a good and effective initiative while majority (71.32%) believed the scheme might cause social problems such as graduates not repaying the loan and further increase in school fees. Almost all (95.01%) UI undergraduates depended on their parents, majority (70.32%) also relied on themselves, while a few (20.45%) counted on institutions to mitigate the high cost of living. The high cost of living had devastating effects on University of Ibadan undergraduates, leading to the adoption of coping strategies. Therefore, the study recommended that government should explore additional strategies to help undergraduates cope with the rising cost of living. Also, the university should publicize the university support services and also institutionalize welfare system in departments and faculties for undergraduates in dire need to obtain food and money for survival. Future research on this topic can prioritize in-depth qualitative approaches to gain a richer understanding of the phenomena.

Keywords

Cost of LivingCoping StrategiesExpenditureStudent LoansFood ExpenditureNelfundFinancial AidInflation

References

[1] Ademola, C. (2024), “10 Things to know about the Newly Revised 2024 Student Loan Act”, Nairametrics, 5 April, available at: https://nairametrics.com/2024/04/05/10-things- to-know-about-the-newly-revised-2024-student-loan-act/ (accessed 16 September 2024). [2] Bakare, M. (2023), “Why Universities are Increasing Fees - Ministry of Education”, Premium Times, 5 August, available at: https://www.premiumtimesng.com/news/top- news/616246-why-universities-are-increasing-fees-ministry-of-education.html?tztc=1 (accessed 03 June 2024). [3] Baldelamar, A.V., Cabarce, M.J., Edios, J.T., Guro, A.D., Ozarraga, R.J.C., Salas, M.L., Segun, M.M.R, Timonera, P.G., Alinsonorin, K. and Seveses, J. (2024), “Inflation Crisis: Perceptions, Challenges, and Coping Strategies of Students”, Iligan Medical Center College, Philippines, 5 March, available at: https://doi.org/10.13140/RG.2.2.24758.98169 (accessed 03 June 2024). [4] BDJ Student (2022), “9 in 10 Students’ Mental Health Impacted by Cost of Living”, 1 December, available at: https://doi.org/10.1038/s41406-022-0913-7 (accessed 03 June 2024), p. 5. [5] Edema, G. (2023), “Mixed Reactions, Uncertainty as Tinubu Unveils Student Loan”, Punch, 20 June, available at: https://punchng.com/mixed-reactions-uncertainty-as-tinubu- unveils-student-loan/ (accessed 16 September 2024). [6] Ganti, A. (2024), “Rational Choice Theory: What it is in Economics, with Examples”, Investopedia, 29 June, available at: https://www.investopedia.com/terms/r/rational- choice-theory.asp (accessed 16 September 2024). [7] Greenwich Students’ Union (2022), “Cost of Living Crisis at University of Greenwich”, available at: https://www.grenwichsu.co.uk/advice/money/livingcost/ (accessed 03 June 2024). [8] Ibeh, Z. (2024), “[Opinion] Nigeria’s Student Loan: Taking Off Without a Base?” International Centre for Investigative Reporting, 27 February, available at: https://www.icirnigeria.org/opinion-nigerias-student-loan-taking-off-without-a-base/ (accessed 16 September 2024). [9] International Monetary Fund (2022), “Inflation Rate, Average Consumer Prices”, available at: https://www.imf.org/external/datamapper/PCPIPCH@WEO/OEMDC/ADVEC/WEOW ORLD (accessed 04 June 2024). [10] Koebel, C. (2023), “What Are the Real Effects of the Cost-Of-Living Crisis On Students?” University College London, 17 March, available at: https://www.ucl.ac.uk/news/2023/mar/what-are-real-effects-cost-living-crisis-students (accessed 03 June 2024). [11] Mcleod, S. (2024), “Maslow’s Hierarchy of Needs”, Simply Psychology, 14 March, available at: https://www.simplypsychology.org/maslow.html (accessed 13 June 2024). [12] National Union of Students (2022), “Student Cost of Living Report”, available at: https://www.nus.org.uk/cost_of_living_rise_sees_96_of_students_cutting_back (accessed 03 June 2024), pp. 2-19. [13] Office for National Statistics (2022), “Cost of Living and Higher Education Students, England”, 24 October to November 7, available at: https://www.ons.gov.uk/peoplepopulationandcommunity/educationandchildcare/bulletins /costoflivingandhighereducationstudentsengland/24octoberto7november2022 (accessed 03 June 2024). [14] Office for National Statistics (2023a), “Cost of Living and Higher Education Students, England”, 30 January to 13 February, available at: https://www.ons.gov.uk/peoplepopulationandcommunity/educationandchildcare/bulletins /costoflivingandhighereducationstudentsengland/30januaryto13february2023 (accessed 03 June 2024). [15] Office for National Statistics (2023b), “Student Voices: Experiences of the Rising Cost of Living”, 6 September, available at: https://www.ons.gov.uk/peoplepopulationandcommunity/educationandchildcare/articles/s tudentvoicesexperiencesoftherisingcostofliving/2023-09-06 (accessed 03 June 2024). [16] Office for Students (2023), “Evaluation Report of the Cost of Living Research in 2023”, 23 January to 15 February, available at: https://www.officeforstudents.org.uk/publications/studying-during-rises-in-the-cost-of- living/ (accessed 03 June 2024), pp. 2-24. [17] Ogunode, N.J., Audu, E.I. and Ahaotu, G.N. (2020), “Problems faced by Students in Public Universities in Nigeria and the Way Forward”, Journal Sinestesia, Vol. 10 No. 2, p. 112. [18] Ojabello, O. (2024), “Nigeria’s ₦70,000 Minimum Wage Eroded by Inflation, Real Value Plummets to ₦50,473.76”, Business Day, 23 August, available at: https://businessday.ng/business-economy/article/nigerias-%E2%82%A670000- minimum-wage-eroded-by-inflation-real-value-plummets-to-%E2%82%A652473-76/ (accessed 16 September 2024). [19] Omisakin, D. and Mumini, A. (2024), “Tuition Fee Increment, High Cost of Living Threaten Varsity Students’ Survival”, Daily Trust, 2 June, available at: https://dailytrust.com/tuition-fee-increment-high-cost-of-living-threaten-varsity-students- survival/ (accessed 04 June 2024). [20] Omotere, S. (2024), “UI Queries Two Students over Fee Hike Protest, Threatens Suspension”, Punch, 28 May, available at: https://punchng.com/ui-queries-two-students- over-fee-hike-protest-threatens-suspension/ (accessed 04 June 2024). [21] Razak, R. (2022), Students Threaten Series of Protests if Government Fails to Heed Demands on Rising Costs of Living, Malay Mail, 2 July, available at: https://www.malaymail.com/news/malaysia/2022/07/02/students-threaten-series-of- protests-if-govt-fails-to-heeddemands-on-rising-costs-of-living/15411 (accessed 04 June 2024). [22] Russell Group Students’ Unions (2023), “Student Cost of Living Report”, 9 January to 20 February, available at: https://russellgroupstudentsunions.org/cost-of-living-report (accessed 04 June 2024), pp. 4-25. [23] Singh, S. (2023), “What Is Descriptive Research? Definition, Methods, Types and Examples”, Researcher.Life, 24 November, available at: https://researcher.life/blog/article/what-is-descriptive-research-definition-methods-types- and-examples/ (accessed 06 August 2024). [24] Tok, H.L. and Cheah, Y.K. (2024), “Factors Influencing Students’ Cost of Living: Evidence from Malaysian Universities”, International Journal of Banking and Finance, Vol. 19 No. 1, pp. 107-132, available at: https://doi.org/10.32890/ijbf2024.19.1.5 (accessed 04 June 2024). [25] Tolu-Kolawole, D. (2024), “Student Loan Beneficiaries Confirm Receipt of August Stipends”, Punch, 15 September, available at: https://punchng.com/student-loan- beneficiaries-confirm-receipt-of-august-stipends/ (accessed 16 September 2024). [26] UniversitiesUK (2023), “Cost of Living Crisis: Impact on University Students”, 19 September, available at: https://www.universitiesuk.ac.uk/what-we-do/policy-and- research/publications/cost-living-crisis-impact (accessed 04 June 2024). [27] Victor, C. (2023), “Cost of Living Crisis: Nigerians’ Dreams of University Education are Dying”, HumAngle, 28 August, available at: https://humanglemedia.com/cost-of-living- crisis-nigerians-dreams-of-university-education-are-dying/ (accessed 04 June 2024). [28] Yannelis, C. and Tracey, G. (2022), “Student Loans and Borrower Outcomes”, Annual Review of Financial Economics, Vol. 14, pp. 167-186. [29] Yusuf, Z.O. (2023), “A Review of the Students Loan Act: An Advantage or Disadvantage?” The Law Press Organization, 13 September, available at: https://thelawpress.wordpress.com/2023/09/13/a-review-of-the-students-loan-act-an- advantage-or-disadvantage/ (accessed 16 September 2024).

More Articles from INTERNATIONAL JOURNAL OF SOCIAL SCIENCES AND MANAGEMENT RESEARCH

Building National Analytics Capacity: Advances and Future Pathways

Author: Uchechi Mary-Linda Unamma, Ifeanyichukwu Jeffrey Okwesa, Uzoamaka Iwuanyanwu

Root-Cause and Thematic Analysis for Major Incident Management: A Review

Author: Ifeanyichukwu Jeffrey Okwesa, Uchechi Mary-Linda Unamma, Uzoamaka Iwuanyanwu

Data-Quality and Single-Source-Of-Truth Frameworks for Inter- Agency Reporting: A Review

Author: Uchechi Mary-Linda Unamma, Ifeanyichukwu Jeffrey Okwesa, Uzoamaka Iwuanyanwu

Human-In-The-Loop Decision Systems: Advances and Future Directions

Author: Funmilayo Ashore-Onisemo, Uchechi Mary-Linda Unamma, Ifeanyichukwu Jeffrey, Okwesa,

Roles of Oil Subsidy Removal on Transportation Cost and Water Factory in Cross River South, Nigeria

Author: Onwuzurike Peter Tobechi, Owoh Akwa Owoh, Unoh Grace Inyang, Umaru Musa