2. When you’ve had to worry about money, how does this affect your well-being?
3. When you think about other students here at [institution name], what does it seem like for them when it comes to paying for things? How similar is your situation to other students at [institution name]?
4. When it’s hard to pay for things, how does it affect the way you fit in with the university community as a whole?
5. When it’s hard to pay for things you need or want, how does that affect you academically?
All focus groups were audio recorded and files were transcribed verbatim. Transcripts were not returned to participants for comment or correction. Transcripts were analyzed in Atlas.ti 8 software using line-by-line open coding guided by the principles of qualitative content analysis. An inductive approach was utilized to code the data. Each transcript was independently coded by two raters. After each round of independent coding, raters compared codes to discuss discrepancies and reach consensus. Emergent categories and concepts were then organized hierarchically into themes and subthemes. 24 The final coding scheme and all transcripts were reviewed by the investigative team to ensure that they accurately captured the topics that were discussed in the focus groups. Participants did not provide feedback on the findings.
A total of 30 students participated in four focus groups (5–9 students per group). A total of 21 additional students met the eligibility criteria and signed up to attend a focus group, but did not show up on the day of the focus groups. Reasons for dropping out are unknown. Of the 30 participants, students were primarily Asian (66.7%) and White (30.0%), and a majority were female (86.7%; Table 2 ). Student participants were 43.3% undergraduate and 56.6% graduate. Participants were about evenly split into domestic (56.7%) and international (43.3%) students. Similarly, about half (46.7%) were first-generation students and 40.0% of students were receiving financial aid. Participants’ annual family income varied, with 16.7% of participants reporting less than US$25,000 and 13.3% of participants reporting greater than US$100,000 annual family income. To protect participants’ anonymity, information on academic program, age, disability status, grade point average (GPA), and employment status was not gathered.
Demographic characteristics of student focus group participants.
Count | Percent | ||
---|---|---|---|
Race/Ethnicity | American Indian/Alaska Native | 1 | 3.3 |
Asian | 20 | 66.7 | |
Black or African American | 1 | 3.3 | |
Native Hawaiian or other Pacific Islander | 0 | 0 | |
White | 9 | 30.0 | |
Other | 0 | 0 | |
Gender identity | Male | 4 | 13.3 |
Female | 26 | 86.7 | |
Transgender man/female-to-male | 0 | 0 | |
Transgender woman/male-to-female | 0 | 0 | |
Gender queer/gender non-conforming | 0 | 0 | |
Different gender | 0 | 0 | |
Decline to answer | 0 | 0 | |
Class standing | Undergraduate | 13 | 43.3 |
Masters | 6 | 20.0 | |
PhD | 1 | 3.33 | |
Professional doctorate | 10 | 33.33 | |
International/Domestic | International | 13 | 43.3 |
Domestic | 17 | 56.7 | |
First generation | Yes | 14 | 46.7 |
No | 16 | 53.3 | |
Receiving financial aid | Yes | 12 | 40.0 |
No | 18 | 60.0 | |
Annual family income | <US$25,000 | 5 | 16.7 |
US$25,001–US$50,000 | 10 | 33.3 | |
US$50,001–US$75,000 | 4 | 13.3 | |
US$75,001–US$100,000 | 4 | 13.3 | |
>US$100,000 | 4 | 13.3 |
Two overarching themes emerged from the focus group analysis. First, students felt the effects of financial stress play out significantly in their academic lives. In these students’ perspectives, their financial status impedes their ability to succeed academically. Another major theme is the impact of finances on students’ social lives. As subsequent data show, students experiencing financial stress find it challenging to navigate relationships with wealthier peers, often leading to feelings of isolation and embarrassment.
Inability to purchase textbooks.
To explore academic challenges associated with financial stress, facilitators asked participants, “When it’s hard to pay for things you need or want, how does that affect you academically?” The high cost of textbooks and other online materials was named frequently as a stressor for students. Course materials contributed to “constant worry” about finances, particularly at the beginning of each semester. One student reported avoiding certain classes because they could not afford the required materials. Others feared if they were unable to pay for course materials, their grades would suffer. It was difficult for many students to decide whether to purchase expensive textbooks or pay for other necessary expenses like rent or even “very basic amenities.” When faced with this challenging decision, most students opted to pay for necessities. Without access to course materials, students developed resourceful methods for staying afloat. To avoid purchasing expensive textbooks, one student asked classmates to borrow books so they could take photos of the pages. Another student mentioned purchasing outdated versions of textbooks. While some of the content was similar, there were instances where the old editions did not suffice. The student gave an example where they could not complete practice problems the professor assigned, causing them to fall behind in class.
Another common theme among students was the difficult decision to prioritize on- or off-campus jobs over their academics. Students often mentioned how their studies suffered because they had to continue working to earn money. One participant described the challenge of balancing work and academics during exams. The student wanted to take time off to focus on their studies, but had to work instead to maintain basic living expenses. Another expressed a similar sentiment, adding they felt jealous of other students who did not have to work, saying:
. . . you get things wrong or maybe you didn’t so well on this test, but you’re like, “Oh, I had to work a lot last week.” And then you feel bad, some of these other kids in my class who clearly have a lot of money, you know that they didn’t have to work and they could just spend time studying, and that’s also something that I think has hurt me and has hurt my grades. [Undergraduate]
Many discussed how constant stress over finances distracted from their academics. Students mentioned the inability to focus on their studies when their thoughts are constantly preoccupied with expenses. One student explained,
. . . in the back of my mind it’s like, “Oh this payment is coming,” or like, “I have to pay this,” or like, “This is the amount I have in my bank account, oh my god.” These thoughts are constantly in my head, and they prevent me from fully focusing at what’s in front of me and doing as well as, the best I can in my classes. [Undergraduate]
Students perceived this stressor as unique to those experiencing financial stress. They often characterized their constant worry as “unfair” when comparing their situation to students of more means.
In all focus groups, students cited their jobs as an impediment to furthering their career goals. Students felt their jobs were necessary to earn money, but prevented them from pursuing other opportunities. Many identified their jobs as “just something to pay the bills” and “not a value add for my career.” Students expressed desire to take on extracurricular projects or jobs that would advance career goals, as opposed to working solely to earn money.
Many students reported they could not afford to participate in career-enhancing extracurriculars. These extracurriculars were characterized as having “amazing opportunities” for gaining valuable experience outside the classroom. However, many extracurriculars at the university include membership fees or event expenses for which these students could not pay. For example, one student mentioned their disappointment in missing a service trip, which included travel and mentorship by university staff. Two students perceived financial stress as a barrier to networking opportunities, with one expressing dismay at the expensive dues of a professional fraternity. Another described the university as “all about connections.” Wealthy students were seen as already having connections, thus more easily transitioning to a fulfilling job after graduation. Students who were “on the poorer end” had to work even harder to establish professional contacts.
In addition to academic strains, students felt the effects of financial stress strongly in their social lives, which further impacted their sense of belonging and well-being.
Students frequently compared financial status with those of their peers, finding they had to work harder than other students to achieve the same goals. Many made statements like “they’re able to do things easily” and “everybody else has an easier time,” perceiving other students to be at an advantage due to their socioeconomic status. A few students explicitly mentioned the school’s reputation as a school for the wealthy and privileged, describing the university as “for really rich people and legacies” and “where all the wealthy people are.” Constant social comparison to wealthier peers caused these students to feel ostracized and not fully part of the university community.
As a result of perpetual social comparison, students felt a clear class separation between the “haves” and the “have nots.” In all four focus groups, participants mentioned a clear social divide at the school based on financial status. One student said,
I feel like all the really, really rich kids tend to just migrate towards each other, and there is this circle, or this little bubble of wealth, and it’s kind of impossible to penetrate into it, unless you can afford to do spring break in Cabo. [Undergraduate]
Due to the clear distinction in financial status, many students felt excluded from certain social experiences. Students mentioned their inability to participate in informal social gatherings, like going on trips with friends. These students were typically invited to participate by their friends, but had to decline because they could not afford to go. Some students were upfront with their friends, citing their inability to pay. However, many felt uncomfortable discussing their lack of finances and fabricated other excuses.
In addition to informal gatherings, others cited exclusion from “official” university social experiences, such as student organizations, Greek life, and football games. Students wanted to participate, but could not justify the associated costs. One student poignantly described the feeling of missing out on these experiences:
. . . the social factor is such a big part of what makes the [school] experience, so I feel like I really missed out on a big portion of that, so if I graduate, and I were to talk to another [school] graduate, I feel like we wouldn't be able to connect on a really big portion of what's supposed to be a mutual experience. [Undergraduate]
Many students expressed feelings of embarrassment or shame as a result of their financial status. One said, “for the lack of a better word, I would say it feels just bad . . . you feel kind of like a loner at times.” Some were afraid of being perceived as “cheap” for their unwillingness to spend money for social outings. Others described specific instances where they felt targeted for their financial status. One student suspected they were rejected from a professional organization because they had to “cobble together some stuff . . . at Goodwill” for the final round interview. The student said they were not explicitly denied based on their financial status, but it left them with a sinking feeling that their suit from Goodwill had played a part. Another reported an instance where they were confronted by a friend who demanded to know why the student was always trying to “take benefits from other people.” One student cited an experience where she was the target of gossip in her residence hall because she had complained about the cost of doing laundry.
To remain friends with wealthier students, students with financial stress adopted a variety of methods for participating in social outings. Some took on the responsibility of orchestrating plans so they could afford to participate. For example, one student described how they are “strategic about it,” suggesting low-cost restaurants and asking friends to go on a hike instead of paying for an expensive event ticket. However, in most cases, students with financial stress end up skipping these social outings altogether. Unable to participate, students reported feelings of disappointment and alienation. One student dejectedly characterized themselves as the friend that “ruins everything.”
While some friendships with peers were described as hard to maintain, many students formed close relationships with others experiencing financial stress. One student found that these relationships were easier because “it feels like you’re not alone in this.” Other students echoed this sentiment, adding that these friendships provide “a nice community where I feel I fit in.” Together, these students found free events on campus to attend. They also described swapping stories about their financial stress, using humor to cope with tough financial situations. Two students said they developed friendships through the first-generation student union, an on-campus space for scholarship recipients. This student union was described as “a more welcoming space” than other venues on campus and an easy way for students to find like-minded peers.
Data from these focus groups illustrate that students experience the effects of financial stress in their academic studies and in their social lives. Financial stress may be a barrier to achieving academic success, as it prevented students from purchasing textbooks, caused them to prioritize jobs over coursework, and stood in the way of furthering career goals. Financial stress was also tied to students’ social lives. Students often made social comparisons to peers, perceiving others as having more disposable income. This constant comparison resulted in feelings of shame and frustration. These students also described how those with financial stress encounter a vastly different college experience, as they struggled to maintain friendships with wealthier peers and felt unable to participate in social events. Interestingly, 13% of participants identified their annual family income as greater than US$100,000. This may suggest financial stress is not necessarily exclusive to low-income students, and middle-class students may also be experiencing similar challenges. Alternately, financial stress may be driven by students’ comparison to wealthy peers, rather than their financial status. Future research could seek to better understand the prevalence of these academic and social consequences.
The insights gathered from these focus groups support previous findings on the impact of financial stress on college students. Joo et al. 16 found financially stressed students reported poorer academic performance than their peers. Bennett et al. 17 echoed these findings, demonstrating students with financial stress spend more time at work, resulting in significantly lower course grades. Student perspectives from these qualitative findings produced similar themes, detailing how work responsibilities can be a barrier for academic achievement. These findings also point to possible long-term effects of financial stress years after college, with students describing their inability to strengthen their career capital in comparison to their peers. Longitudinal research has shown financial stress can cause students to drop out of college; 25 however, for those who persist, future research could explore whether financial stress is a determining factor in students’ post-graduation career prospects.
Data from our study also support findings that the inability to participate in activities with peers is one of the most salient financial stressors for students. 26 As demonstrated by students’ firsthand experiences, their inability to participate in either on-campus events or more informal social gatherings led to feelings of embarrassment, shame, and frustration. These adverse effects on peer-to-peer relationships are striking, as social support is one of the strongest predictors of one’s well-being. 27 As demonstrated in previous research, students experiencing financial stress report poorer subjective well-being. 6 Future research could more deeply explore whether financial stress impacts the relationship between social support and overall well-being.
As evidenced by students’ rich perspectives, it may be difficult for students to receive the full benefits of a college education when their social and academic lives are impeded by financial stress. To address these negative outcomes, university administrators who develop policy and allocate resources will need to consider both the downstream effects of financial stress as well as its root causes. Further research is needed to determine the most effective interventions for mitigating financial stress in a university setting. However, the preliminary evidence from this qualitative research suggests there are a few key areas for administrators to consider. First, academic programs can allocate budget dollars to cover the cost of textbooks or require professors to offer low- or no-cost options. This could ensure all students, regardless of financial status, have adequate access to course materials. Universities can also review available student jobs and incentivize departments to develop job opportunities more in line with students’ career goals. This could satisfy both students’ need to earn money and their desire to gain a valuable experience related to their career aspirations. Colleges may want to consider a policy in which all student worker jobs offer a set amount of paid time off to use in conjunction with major exams, reducing the burden on students who feel they must prioritize work over academics.
While there is no simple solution for addressing the social challenges of a diverse socioeconomic student body, there are ways in which universities can begin to address these issues. University-sponsored events, especially those tied to the “core” experience of the school, could be offered free of cost. 11 For example, colleges with large sports programs can either make tickets free of charge or significantly subsidize the cost. This could relieve the pressure on students who worry they cannot afford such expenses. In addition, universities who provide funding to student organizations could consider only allocating funding to groups who offer low-cost events or scholarships for low-income students. This policy may incentivize student organizations to remove the financial barriers to membership, allowing more students to find belonging with their peers. Finally, university policy-makers can take steps to normalize diversity in socioeconomic status. 26 This could be implemented by mandating training on diversity, equity, and inclusion for the entire university community. Efforts can also be made in official university communications to students. Any message coming from a university leader or academic department could aim to better reflect the experiences of a diverse student body, with particular attention toward socioeconomic status. To tackle the root cause of financial stress, universities could lower the total cost of attendance, including tuition, room and board, and fees. 17 Alternately, colleges can increase the amount of available scholarship funds and communicate these funding opportunities widely to students.
This study was conducted in one large, private university in the United States. This institution has a large percentage of international students, which may not be comparable to peer institutions. Student participants did not wholly reflect the diversity of the campus’s student body, with a majority of participants identifying as female and Asian. Participants were screened using a limited, subjective one-item measure to describe their financial stress, which makes it difficult to quantify the heterogeneity of financial stress experienced. This institution does not publish annual family income data; thus, participants’ socioeconomic status cannot be compared to the student body as a whole. In addition, students experiencing financial difficulty may have been more likely to participate in the focus groups due to the financial incentive provided. As this study sought to examine the impact of financial stress rather than its causes, participant data such as age, GPA, subject of study, and employment were not collected. Future research is needed to explore how these factors may impact financial stress.
This analysis provides insights on the impact of financial stress on students’ well-being at a large, private university. Students with financial stress primarily reported challenges with their academic studies and social lives. Considering the rising cost of pursuing higher education in the United States, future research should continue to investigate the impacts of financial stress on college students and aim to identify promising policies and practices to reduce financial stress among students.
The authors would like to thank the whole research team for supporting this work. This research was not supported through grant funding. Results from this research have not been published elsewhere.
Declaration of conflicting interests: The author(s) declared no potential conflicts of interest with respect to the research, authorship, and/or publication of this article.
Ethical approval: This study was determined to be exempt from 45 CFR 46 by the University of Southern California Institutional Review Board (Study ID: UP-19-00499) and thus was not subject to requirements for continuing review.
Funding: The author(s) received no financial support for the research, authorship, and/or publication of this article.
Informed consent: Written informed consent was obtained from all subjects before the study.
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2018, International Journal of Academic Research in Business and Social Sciences
raras risia yogasnumurti
International Conference on Communication, Management and Humanities (ICCOMAH 2020)
MD NAZRI MD NOR
Finances are one of the main reasons that students drop out of studies. By practicing proper money management techniques, students can feel confident about their ability to manage finances into their adult life, save money and avoid debt down the road. This research was conducted among commerce department students to observe the awareness on managing their personal finance. This helps to raise a better understanding on the personal financial management amongst students in Commerce Department, Polytechnic Ungku Omar. This research includes knowledge of finance, behavioral finance as well as parental socialization of students' awareness of personal financial management. The objective of this research are to study the awareness of personal financial management among students and to identify whether the financial knowledge, financial behavior, and parental socialization are the factor that affect awareness of personal financial management in Commerce Department, Polytechnic Ungku Omar. The data collection method were used are the Pearson Correlation Coefficient Analysis which measures the strength of two variables by measuring it through the division of two variables. Other methods were taken too which is descriptive by distributing questionnaires among commerce department students. The respondents comprised of 300 respondents among commerce department students.
Jurnal Kajian Manajemen Bisnis
erni masdupi
Personal financial management behavior is one of the interesting topics in financial management because in practice there are links with other science such as psychology and sociology. This research aimed to analyze the influence of (1) financial knowledge (2) internal locus of control and (3) parental income on personal financial management behavior. The population in this research are undergraduate students in the Faculty of Economics, Universitas Negeri Padang consists of 1,658 students. The samples were selected by using a clustered random sampling to get as much of the total samples of 100 students. The data of this research are primary and secondary data. The data were analyzed by Structural Equation Modeling (SEM) The results of this research show: (1) financial knowledge has a negative and no significant effect on personal financial management behavior of undergraduate students in the Faculty of Economics, Universitas Negeri Padang (2) internal locus of control has a positiv...
Regional Science Inquiry
Dorjana Nano
Students financial behaviour has been on focus of many academics and practicioners for decades. Reseachers have found that students do not take healthy financial decisions. One of the factors revelead to influence students money management practices is school. The financial knowledge and training gained during university studies is supposed to equip students with the neccessary knowledge and attitude towards financial issues. This is translated in better financial behavior. The current research aims to explore the role of universities on students financial behavior. The main objectives of the paper are: i) firstly to investigate on the importance of school on students money management practices; ii) secondly, provide a literature review on students financial skills and behavior; iii) thirdly, to identify the role of universities in students financial behavior in the case of Albania; and iv) finally, to draw some conclusions and policy recommandations for universities in order to imp...
JOURNAL OF ECONOMICS, FINANCE AND MANAGEMENT STUDIES
Nining Widiyanti
The purpose of this study is to see how parental income, lifestyle, and locus of control affect financial management behavior. Active students from the Faculty of Economics and Business at Janabadra University in Yogyakarta, batches VIII, IX, X, and XI, were included in this study. This study's sample size is 100 people, with a 5% chance of being wrong. Data was gathered by distributing online questionnaires via Google Forms. SPSS (Statistical Product and Service Solution) version 25 was used for the analysis. According to the findings of this study, (1) parental income has no effect on student financial management behavior during the Covid-19 pandemic, (2) lifestyle has no effect on student financial management behavior during the Covid-19 pandemic, and (3) locus of control has an effect on student financial management behavior during the Covid-19 pandemic
African Journal of Business …
Leila Falahati
Psychology and Education: A Multidisciplinary Journal
Psychology and Education , Ester Rose S . Alikes , Genevieve L. Sagandoy
This study was conducted to examine the money management practices of Business Administration students at the Mountain Province state Polytechnic College including the problems encountered, and the remedies taken to address them. A survey method was used, and convenience sampling was utilized to determine the sample size for the respondents. The data were gathered through questionnaires and personal interviews. The study's findings indicate that most respondents prioritized saving for long-term goals but do not invest their money for insurance or gainful purposes. Most students keep a record of their expenditures but many neglects to create a budget plan and end up spending more of their budget. The result also showed that their primary problem is lack of money for unforeseen expenditures or emergencies. The solution utilized to address the issue is to save funds for the future. Hence, the Business Administration Department may consider enhancing personal finance topics in its curriculum. The college should reconsider designing financial literacy programs that may be integrated in the student orientations. Skills training should also be provided to assist the students in developing their financial and business skills.
https://www.ijrrjournal.com/IJRR_Vol.7_Issue.2_Feb2020/Abstract_IJRR0035.html
International Journal of Research & Review (IJRR)
University students are part of the community involvement in the financial usage for daily consumption budget. Consumptive and instant lifestyle frequently makes them spend their money for unnecessary needs. The increased student activities in searching for goods through online shops will certainly escalate the use of phone credit compared to those not online.
Proceedings of 3rd Uniten International Business Management Conference 2007, Human Capital Optimization; Strategies, Challenges and Sustainability. Hotel Equotarial Melaka 16-18 December 2007
Nuradli Ridzwan Shah Mohd Dali
International Journal of Progressive Sciences and Technologies
Muhammad Romadhon
Students in Indonesia are often unable to manage their finances for various reasons stated. Conditions like this will be dangerous because students are the nation's successors who will continue the struggle of their predecessors. The inability of students to manage their finances is due to low financial literacy and the lack of attention from universities in supervising their students. This research was conducted on students of the Bogor Unity Institute of Business and Informatics, Faculty of Vocational Studies, Class of 2019-2021. This study uses quantitative methods where quantitative methods are scientific and systematic research on many parts in which there are phenomena and relationships. This study obtained respondents as many as 157 students. This study found a strong influence between Financial Literacy Variables (X1) and Student Financial Behavior (Y) and a low influence between College Contributions (X2) having an influence on Student Financial Behavior (Y). This study...
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Muhammad Fuad
Borneo Journal of Social Sciences and Humanities
roziana asmadi
Economic Education Analysis Journal
Masduki Asbari
7Th European Conference on Innovation and Entrepreneurship
Vitorino Martins
FINANCIAL MANAGEMENT PRACTICES OF COLLEGE STUDENTS
Benjamin Agyeman-duah
Proceedings of the International Conference On Applied Science and Technology 2019 - Social Sciences Track (iCASTSS 2019)
Mr. I Gede Iwan Suryadi
Ekonomi, Keuangan, Investasi dan Syariah (EKUITAS)
Oktavianus Marbun
African Journal of …
International Journal of Academic Research in Business and Social Sciences
Rusliza Yahaya
Journal of emerging technologies and innovative research
Thahirunissa A.
Review of Economics and Finance
Dudung Ma'ruf Nuris
Nur Syakirah
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Teuta Llukani
Vilani Sachithra
Business Fora: Business and Allied Industries International Journal
BENCH G FABROS
F19MB025 Maimoona Majid
International Journal for Innovation Education and Research
sirli mändmaa
The Annals of the University of Oradea
Marietta Kiss
European Researcher
Minela Hadzic , Mersid Poturak
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In late October 2022, Elon Musk officially took Twitter private and became the company’s majority shareholder, finally ending a months-long acquisition saga. He appointed himself CEO and brought in his own team to clean house. Musk needed to take decisive steps to succeed against the major opposition to his leadership from both inside and outside the company. Twitter employees circulated an open letter protesting expected layoffs, advertising agencies advised their clients to pause spending on Twitter, and EU officials considered a broader Twitter ban. What short-term actions should Musk take to stabilize the situation, and how should he approach long-term strategy to turn around Twitter? Harvard Business School assistant professor Andy Wu and co-author Goran Calic, associate professor at McMaster University’s DeGroote School of Business, discuss Twitter as a microcosm for the future of media and information in their case, “Twitter Turnaround and Elon Musk.”
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Silicon Valley Bank's failure in the face of rising interest rates shook founders and funders across the country. Julia Austin, Jeffrey Bussgang, and Rembrand Koning share key insights for rattled entrepreneurs trying to make sense of the financing landscape.
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The cost of attending college in the United States has increased by 31% over the last decade, demonstrating a substantial shift in the financial commitment associated with pursuing higher education. 1 Research suggests this rising cost may be cause for concern. According to the 2018 Healthy Minds Survey, US college students report their current financial situation as "stressful" (35% ...
Financial plays an important role in students' academic perfo rmance. Financial problems are. a serious issue that needs to be addressed as it lead s to multiple stages of problems such as ...
Reality Check: Financial Challenges and Coping Mechanisms of the Grade 11 Students. March 2023. 7 (6):796-802. DOI: 10.5281/zenodo.7750968. Authors: Mark Anthony N. Polinar. Cebu Institute of ...
Student Debt Has Deep Impacts on Short-term Financial Stability. 58% of borrowers attribute a decline in credit score to student debt.22. 13% said it caused a failed credit check for apartment applications.23. 6% reported having wages or social security benefits garnished because of student debt obligations.24.
more likely to develop a love of money, often leading to unethical financial practices, selfishness, and greed (Elias, 2013; Fatoki, 2015). The evidence is inconclusive regarding levels of debt across various majors. Harrast (2004) found students in majors with "low vocational relevance such as political.
Students Financial Proble ms in Higher Education. Institutions. Norhaslinda Daud 1, Norlia Ma t Norw ani and Rohaila Yusof. Faculty of Management and Economic, Universiti Pendidikan Sultan Idris ...
The last decade of research on college student financial wellness was driven by the onset of the "student loan debt crisis." Prior to the focus on student loans, credit card use and marketing was the primary area of interest for those studying young adult finances on campuses. This paper consolidates the findings reported in twenty papers related to college student finances that were ...
The purpose of this paper is to advance a model of college students' financial capabilities enhancement to partially alleviate some of the problems related to deficits in financial knowledge among this population. The integrative model provides a framework to be operationalized by institutional decision-makers and policymakers at all levels.
Financial play an important role in students' academic performance. Financial problems are a serious issue that needs to be addressed as it leads to multiple stages of problems such as health issues and academic performance. Dang and Bulus (2015) education is a high-cost social service therefore insufficient financial support will be a problem for students to enhance themselves in academics ...
The views expressed in this paper are solely those of the authors, and do not necessarily reflect the views of the Federal ... • Initiate dialogue with community colleges to begin local assessments of specific student financial stability issues and needs • Partner or fund research on the impact of student financial stability interventions
Students at State University (pseudonym), a public, 4-year institution in the Southeastern United States, are not immune to financial difficulties. Of students attending the institution in 2018-2019, 68% used some type of student loan. Federal student loans were obtained by 65% of students attending the institution. The yearly
This study examines what kinds of financial problems students face. By knowing what problems students encounter, it is possible for educators to offer a course that teaches the financial skills necessary to overcome these problems. The participants were asked to indicate what financial education they would be interested in if offered.
Financial Problem 0.888 The results obtained are further illustrated in the form of descriptions and tables to enable readers to understand the findings clearly without requiring long description (Kirkpatrick & Feeney, 2005). FINDINGS AND DISCUSSION Financial problems faced by Respondents . Table 3 lists the financial problems faced by HEI ...
This study aims to identify the financial problems faced by students in Higher Education Institutions (HEI). This study uses questionnaires as an instrument for data collection method. A total of 480 samples among the undergraduates in HEIs responded to the questionnaires. Data were analyzed using the descriptive statistics. The results showed the majority of respondents suffered from ...
The financial behavior of college students is the primary focus of. this paper. W ith the expansion of educational services in Malaysia, university. and college students become one of the most ...
- The purpose of this paper is to examine the moderating effect of gender on the relationship between financial attitude, financial socialization, and secondary socialization agents on experiencing financial problems among university students., - The sample for the present paper comprises data collected from 11 universities across Malaysia ...
Balance Each Month. parenting students are far more likely to report they utilize. 48%. other forms 64% of assistance 40% 54% including 40% for food, medical needs, utilities, childcare, 16% housing, and unemployment. 11% 14% 33% As such, parenting students indicate 27% higher need and 7%. 12% 3%.
Experiencing financial problems among university students. Leila Falahati L. Paim. Economics, Business. 2012. Purpose - The purpose of this paper is to examine the moderating effect of gender on the relationship between financial attitude, financial socialization, and secondary socialization agents on…. Expand.
Introduction. The cost of attending college in the United States has increased by 31% over the last decade, demonstrating a substantial shift in the financial commitment associated with pursuing higher education. 1 Research suggests this rising cost may be cause for concern. According to the 2018 Healthy Minds Survey, US college students report their current financial situation as "stressful ...
Thus objectives of this paper are to investigate the financial problems among the students as well as their financial management practices. This is because the ability to manage personal finances has become increasingly important in both university and college in preparing their students with good financial management.
The result was obtained because of the influence of a twofold number of female towards male students. Table 1. Financial Problem Among Students Item Mean Standard Deviation Too much debt 1.6640 .94168 In ability to pay the debt 1.6495 .95367 Spend money on cigarette 1.2418 .73354 Expenses greater than income 2.4255 1.27710 No savings 2.3875 1. ...
Forgiving Medical Debt Won't Make Everyone Happier. by Rachel Layne. Medical debt not only hurts credit access, it can also harm one's mental health. But a study by Raymond Kluender finds that forgiving people's bills—even $170 million of debt—doesn't necessarily reduce stress, financial or otherwise. 16 Jul 2024.