In the past couple of years, inflation has been through the roof. Gas prices have gone from $2.17 per gallon on average in 2020, to almost $3.50 per gallon on average in 2024. High school students that are often reliant on part-time jobs are finding it difficult to cope with the high prices.
More and more of student’s wages are going towards basic necessities like gas or insurance, leaving little for college savings or navigating daily routines. The higher prices are compelling students to adapt to a new economic reality that many are unable to get by with.
“I noticed a lot of my coworkers have issues with making their paychecks last,” said Sarah Vaughn, junior.
Students highlight the widespread impact of rising prices on young workers, displaying the challenges they face in managing their earnings amid mounting expenses.
“I’m currently trying to save, but I would say my current paycheck is making that a little difficult – it’s not as high as I would like it to be,” Vaughn said. “Prices continue to rise, but paychecks have not until [recently]… you’re not able to keep up with it.”
High school students find themselves navigating how to make their dollar stretch further, causing them to adopt more cautious budgeting practices and rethink their approach to personal finance. A strain is certainly placed on the shoulders of working students. There is a growing urgency for measures to help lessen the impact of inflation on the financial well-being of the younger generation. However, it’s not as simple of a solution as it may seem.
“I feel like inflation is caused by a lot of different conditions tied together,” Vaughn said. “There’s less people joining the workforce.”
There is a noticeable trend in inflation and how the world around impacts its outcomes.
“Thievery plays a role in inflation,” said Joshua. Cole, geometry teacher. “People steal… and businesses have to account for that which therefore raises the prices for everyone.”
There’s also other aspects of how inflation increases. The reality of inflation is that it causes changes that can heavily impact both companies and their workers.
“Companies raise prices to balance out the new minimum wage,” Vaughn said. “Like, because the minimum wage was raised in California, they had to lay people off and raise their prices…[Minimum wage rising] is better for some people, but worse for others.”
There are contrasting perspectives that emphasize the complexity of minimum wage adjustments, inflation, and consumer behavior in shaping the economic environment for both businesses and consumers.
“Is it about inflation or is it about how we’re in a society where everyone wants things to be convenient?” said Denise. Hsu, assistant teacher at OHS. “There is inflation, yes, but the thing is people are still going to pay it…Prices are based off of how convenient people want it to be.”
Overall, the impact of inflation on high school students and young workers is undeniably profound, with rising prices reshaping financial realities and causing a shift in their approach to personal finances. As the cost of essentials continue to rise, students are confronted with the daunting task of stretching their earnings further to meet their basic needs, leaving little room for saving or personal spendings. The evolving economic realities are slowly but surely beginning to shape financial futures.
“You can only keep up with it for so long,” said Vaughn.
