Explaining the Daily Allowances of High School Students as Affected By the Increase of Oil Prices

Abstract:  Price increases indicate inflation, which can be seen as the eroding of power over time. The average cost increase of chosen goods and services across a number of periods can show the rate at which purchasing control declines. Consequently, students are experiencing how inflation affects their daily lives, from rising educational expenditures to rising product prices. Apart from that, various objects also experience various rates of expansion. Therefore, research on how this issue affected students’ daily allowances, as well as their perspectives and coping mechanisms, is necessary. This study aimed to investigate how the sudden change in gas prices had affected the budgeting of allowance, as well as the coping mechanisms of high school students. Results revealed a statistically significant difference between students’ budgets for food, transportation, school projects, communication, and outlays before and after the increase in the price of oil. As a result, their daily allowances and budgeting were greatly affected by the rise in oil costs. In order to cope with this, the majority of the students needed to save money in order to alter their budgeting in light of price increases and just purchase their necessities. From the results, this study suggests that saving money during a price increase is important, as well as learning how to manage finances wisely. As students are greatly affected by ongoing price increases, budgeting wisely is an essential practice in order to achieve financial stability.  Lastly, the study suggests that oil price increases can have multifaceted effects on students’ allowances, ranging from direct economic implications to psychological and behavioral responses. Understanding these dynamics is crucial for policymakers and educational institutions in developing effective strategies to support students during periods of economic volatility.