financial counseling, sources of referral, financial stress, college students
This study evaluates sources of referral to financial counseling and varied declines in financial stress across the financial counseling process. College students came to counseling most often through self-referral. Younger students and women were more likely to respond to institutional referrals. There were two clearly discernable periods of decline in financial stress, smaller interim declines occurring after requesting appointments and larger declines that occurred in counseling sessions. The interim declines, however, were only operative for those who were self- or institutionally-referred and not for those who entered on a social-referral. A possible explanation is that social-referrals have already had “someone to talk to” whereas other referrals may only begin to feel a psychological burden lifted after making an appointment. Total declines in financial stress were mostly impervious to individual differences and sources of referral lending support to the notion that financial counseling itself contributed to aggregate declines in financial stress.
Creative Commons License
This work is licensed under a Creative Commons Attribution-Noncommercial 4.0 License
Choi, S., Bartholomae, S., Gudmunson, C. G., & Fox, J. (2016). Sources of Referral in Student Financial Counseling. Journal of Financial Therapy, 7 (1) 5. http://dx.doi.org/10.4148/1944-9771.1084
American College Health Association (2011). National college health assessment. Spring 2011 Reference Group Data Report. Retrieved from http://www.acha-ncha.org/docs/ACHA-NCHA-II_ReferenceGroup_DataReport_Spring2011.pdf
Andruska, E. A., Hogarth, J. M., Fletcher, C. N., Forbes, G. R., & Wohlgemuth, D. R. (2014). Do you know what you owe? Students' understanding of their student loans. Journal of Student Financial Aid, 44(2), 125-148.
Ang, R. P., Lim, K. M., Tan, A. G., & Yau, T. Y. (2004). Effects of gender and sex role orientation on help-seeking attitudes. Current Psychology, 23(3), 203-214. doi: 10.1007/s12144-004-1020-3
Archuleta, K. L., Dale, A., & Spann, S. M. (2013). College students and financial distress: Exploring debt, financial satisfaction, and financial anxiety. Journal of Financial Counseling and Planning, 24(2), 50-62.
Banerjee, G., & Suparna, R. (1998). Determinants of help-seeking behavior of families of schizophrenic patients attending a teaching hospital in India: An indigenous explanatory model. International Journal of Social Psychiatry, 44(3), 199-214. doi: 10.1177/002076409804400306
Britt, S. L., Fernatt, F., Nelson, J. S., Yook, M., Blue, J. M., Canale, A., Stutz, K., & Tibbetts, R. (2012). The efficacy of financial counseling for college students. Consumer Interests Annual, 58, 1-8.
Collins, J. M. (2010). A review of financial advice models and the take-up of financial advice. Working Paper WP 10-5, Madison, WI: Center for Financial Security. Retrieved from http://www.cfs.wisc.edu/papers/Collins2010_FinancialAdvicePaper.pdf
Dearden, C., Goode, J., Whitfield, G., & Cox, L. (2010). Credit and debt in low-income families. Joseph Rowntree Foundation. Retrieved from http://www.jrf.org.uk/sites/files/jrf/credit-debt-low-incomes-full.pdf
Donnellan, M. B., Conger, K. J., McAdams, K. K., & Neppl, T. K. (2009). Personal characteristics and resilience to economic hardship and its consequences: Conceptual issues and empirical illustrations. Journal of Personality, 77(6), 1645-1676. doi: 10.1111/j.1467-6494.2009.00596.x
du Plessis, K., Lawton, J., & Corney, T. (2010). Unemployed and struggling: The lack of financial help-seeking behaviour exhibited by male construction workers. The Australian Journal of Financial Planning, 1-8.
Elder, G. H., Jr., & Caspi, A. (1988). Economic stress in lives: Developmental perspectives. Journal of Social Issues, 44(2), 25-45. doi: 10.1111/j.1540-4560.1988.tb02090.x
Grable, J. E., & Joo, S-H. (1999). Financial help-seeking behavior: Theory and implications. Journal of Financial Counseling and Planning, 10(1), 14-25.
Grable, J. E., & Joo, S-H. (2001). A further examination of financial help-seeking behavior. Journal of Financial Counseling and Planning, 12(1), 55-74.
Grable, J. E., & Joo, S-H. (2003). A snapshot view of the help-seeking market. Journal of Financial Planning, 16(3), 88-94.
Groux, C. (2012). Financial concerns can affect students’ academic performance. Retrieved from http://www.usnewsuniversitydirectory.com/articles/financial-concerns-can-affect-students-academic-pe_12774.aspx#.UYltg0q4Aby
Heckman, S., Lim, H., & Montalto, C. (2014). Factors related to financial stress among college students. Journal of Financial Therapy, 5(1), 19-39. doi: 10.4148/1944-9771.1063
Ionescu F., & Ionescu, M. (2014). The interplay between student loans and credit card debt: Implications for default in the Great Recession. Working Papers, Finance and Economic Discussion Series, U.S. Federal Reserve Board, Washington, D.C. Retrieved from http://www.federalreserve.gov/pubs/feds/2014/201414/201414pap.pdf
Joo, S-H., & Grable, J. E. (2001). Factors associated with seeking and using professional retirement-planning help. Family and Consumer Sciences Research Journal, 30(1), 37-63. doi: 10.1177/1077727X01301002
Joo, S-H., Durband, D. B., & Grable, J. E. (2008). The academic impact of financial stress on college students. Journal of College Student Retention, 10(3), 287-305. doi: 10.2190/CS.10.3.c
Kahn, J. R., & Pearlin, L. I. (2006). Financial strain over the life course and health among older adults. Journal of Health and Social Behavior, 47(1), 17-31. doi: 10.1177/002214650604700102
Leong, F. T. L., & Zachar, P. (1999). Gender and opinions about mental illness as predictors of attitudes toward seeking professional psychological help. British Journal of Guidance and Counseling, 27(1), 123-132. doi: 10.1080/03069889908259720
Lincoln, K. D. (2007). Financial strain, negative interactions, and mastery: pathways to mental health among older African Americans. Journal of Black Psychology, 33(4), 439-462. doi: 10.1177/0095798407307045
Mistry, R. S., Lowe, E. D., Benner, A. D., & Chien, N. (2008). Expanding the family economic stress model: Insights from a mixed-methods approach. Journal of Marriage and Family, 70(1), 196-209. doi: 10.1111/j.1741-3737.2007.00471.x
Mounsey, R., Vandehey, M. A., & Diekof, G. M. (2013). Working and non-working university students: Anxiety, depression, and grade point average. College Student Journal, 379-389.
Northern, J. J., O’Brien, W. H., & Goetz, P. W. (2010). The development, evaluation, and validation of a financial stress scale for undergraduate students. Journal of College Student Development, 51(1), 79-92. doi: 10.1353/csd.0.0108
O’Neil, B., Xiao, J. J., Sorhaindo, B., & Garman, E. T. (2005). Financially distressed consumers: Their financial practices, financial well-being and health. Journal of Financial Counseling and Planning, 16(1), 73-87.
Serido, J., Shim, S., Mishra, A., & Tang, C. (2010). Financial parenting, financial coping behaviors, and well-being of emerging adults. Family Relations, 59(4), 453-464. doi: 10.1111/j.1741-3729.2010.00615.x
Singh, S., & Shelly, M. (2005). Families at risk deciding about personal debt: Report on the qualitative study. Melbourne: RMIT University. Retrieved from http://mams.rmit.edu.au/oxls3tinzoov.pdf
Staats, S., Cosmar, D., & Kaffenberger, J. (2007). Sources of happiness and stress for college students: A replication and comparison over 20 years. Psychological Reports, 101(3), 685-696. doi: 10.2466/pr0.101.3.685-696
Stinebrickner, R., & Stinebrickner, T. R. (2003). Working during school and academic performance. Journal of Labor Economics, 21(2), 473-491. doi: 10.1086/345565
Suchman, E. A. (1966). Health orientation and medical care. American Journal of Public Health, 56(1), 97-105. doi: 10.2105/AJPH.56.1.97
Vogel, D. L., & Wester, S. R. (2003). To seek help or not to seek help: The risks of self-disclosure. Journal of Counseling Psychology, 50(3), 351-361. doi: 10.1037/0022-0188.8.131.521
Westefeld, J. S., Homaifar, B., Spotts, J., Furr, S., Range, L., & Werth, J. L. (2005). Perceptions concerning college student suicide: Data from four universities. The American Association of Suicidology, 35(6), 640-645. doi: 10.1521/suli.2005.35.6.640