financial therapy, financial planning, financial counseling, student affairs, college students, financial stress, financial self-efficacy, adaptation
Concerns that debt loads and other financial worries negatively affect student wellness are a top priority for many university administrators. Factors related to financial stress among college students were explored using the Roy Adaptation Model, a conceptual framework used in health care applications. Responses from the 2010 Ohio Student Financial Wellness Survey were analyzed using proportion tests and multivariate logistic regressions. The results show that financial stress is widespread among students – 71% of the sample reported feeling stress from personal finances. The results of the proportion tests and logistic regressions show that this study successfully identified important financial stressors among college students. Two of the most important financial stressors were not having enough money to participate in the same activities as peers and expecting to have higher amounts of student loan debt at graduation. The results also indicate that students with higher financial self-efficacy and greater financial optimism about the future are significantly less likely to report financial stress. Implications for student life administrators, policymakers, financial counselors, and financial therapists are discussed.
Creative Commons License
This work is licensed under a Creative Commons Attribution-Noncommercial 4.0 License
Heckman, S., Lim, H., & Montalto, C. (2014). Factors Related to Financial Stress among College Students. Journal of Financial Therapy, 5 (1) 3. https://doi.org/10.4148/1944-9771.1063
Andrews, B., & Wilding, J. M. (2004). The relation of depression and anxiety to life-stress and achievement in students. British Journal of Psychology, 95(4), 509-521. doi: 10.1348/0007126042369802
Archuleta, K. L., Dale, A., & Spann, S. M. (2013). College students and financial distress: Exploring debt, financial satisfaction, and financial anxiety. Financial Counseling and Planning, 24(2), 50-62.
Archuleta, K. L., & Grable, J. E. (2010). The future of financial planning and counseling: An introduction to financial therapy. In J. E. Grable, K. L. Archuleta & R. R. Nazarinia (Eds.), Financial Planning and Counseling Scales (pp. 33).
Bandura, A. (1977). Self-efficacy: toward a unifying theory of behavioral change. Psychological Review, 84(2), 191. doi: 10.1037/0033-295X.84.2.191
Bandura, A. (1982). Self-efficacy mechanism in human agency. American Psychologist, 37(2), 122. doi: 10.1037/0003-066X.37.2.122
Bandura, A. (1993). Perceived self-efficacy in cognitive development and functioning. Educational Psychologist, 28(2), 117-148. doi: 10.1207/s15326985ep2802_3
Britt, S. L., Grable, J. E., Cumbie, J., Cupples, S., Henegar, J., Schindler, K., & Archuleta, K. L. (2011). Student financial counseling: An analysis of a clinical and non-clinical sample. Journal of Personal Finance, 10(2), 95-121.
Brougham, R., Zail, C., Mendoza, C., & Miller, J. (2009). Stress, Sex Differences, and Coping Strategies Among College Students. Current Psychology, 28(2), 85-97. doi: 10.1007/s12144-009-9047-0
Chemers, M. M., Hu, L., & Garcia, B. F. (2001). Academic self-efficacy and first year college student performance and adjustment. Journal of Educational Psychology, 93(1), 55. doi: 10.1037/0022-0618.104.22.168
Clark-Lempers, D. S., Lempers, J. D., & Netusil, A. J. (1990). Family Financial Stress, Parental Support, and Young Adolescents' Academic Achievement and Depressive Symptoms. The Journal of Early Adolescence, 10(1), 21-36. doi: 10.1177/0272431690101002
College Board.(2011). Trends in college pricing. Washington, D.C. Retrieved from http://trends.collegeboard.org/college_pricing
Danes, S. M., & Haberman, H. R. (2007). Teen financial knowledge, self-efficacy, and behavior: A gendered view. Financial Counseling and Planning, 18(2), 48-60.
Draut, T. (2007). Strapped: Why America's 20- and 30-Somethings Can't Get Ahead. New York, NY: Random House, Inc.
Ficano, C. C. (2012). Peer effects in college academic outcomes - Gender matters! Economics of Education Review, 31(6), 1102-1115. doi: 10.1016/j.econedurev.2012.07.012
Gillen, M., & Loeffler, D. N. (2012). Financial Literacy and Social Work Students: Knowledge is Power. Journal of Financial Therapy, 3(2), 28-38. doi: 10.4148/jft.v3i2.1692
Gutter, M., & Copur, Z. (2011). Financial Behaviors and Financial Well-Being of College Students: Evidence from a National Survey. Journal of Family and Economic Issues, 32(4), 699-714. doi: 10.1007/s10834-011-9255-2
Harding, J. (2011). Financial circumstances, financial difficulties and academic achievement among first-year undergraduates. Journal of Further and Higher Education, 35(4), 483-499. doi: 10.1080/0309877x.2011.584969
Hayhoe, C. R., Leach, L. J., Turner, P. R., Bruin, M. J., & Lawrence, F. C. (2000). Differences in Spending Habits and Credit Use of College Students. Journal of Consumer Affairs, 34(1), 113-133. doi: 10.1111/j.1745-6606.2000.tb00087.x
Heckman, S. J., & Grable, J. E. (2011). Testing the role of parental debt attitudes, student income, dependency status, and financial knowledge have in shaping financial self-efficacy among college students. College Student Journal, 45(1).
Joo, S.-h., Durband, D. B., & Grable, J. E. (2008). The academic impact of financial stress on college students. Journal of College Student Retention: Research, Theory and Practice, 10(3), 287-305. doi: 10.2190/CS.10.3.c
Lim, H., Heckman, S. J., Letkiewicz, J. C., Fox, J. J., & Montalto, C. P. (2012). The impact of self-efficacy on college students’ debt, financial stress, and help-seeking behavior. Poster session presented at the American Council on Consumer Interests, Memphis, TN.
Morra, D. J., Regehr, G., & Ginsburg, S. (2008). Anticipated debt and financial stress in medical students. Medical Teacher, 30(3), 313-315. doi: 10.1080/01421590801953000
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
Rice, V. H. (Ed.). (2011). Handbook of Stress, Coping, and Health: Implications for Nursing Research, Theory, and Practice. Thousand Oaks, CA: Sage Publications.
Robb, C. A., Moody, B., & Abdel-Ghany, M. (2011). College student persistence to degree: The burden of debt. Journal of College Student Retention: Research, Theory and Practice, 13(4), 431-456. doi: 10.2190/CS.13.4.b
Ross, S. E., Niebling, B. C., & Heckert, T. M. (1999). Sources of stress among college students. College Student Journal, 33(2), 312.
Rotter, J. B. (1966). Generalized expectatncies for internal versus external control of reinforcement. Psychological Monographs, 80(1), 1-28.
Roy, C. (1970). Adaptation: A conceptual framework for nursing. Nursing Outlook, 18(3), 42-45.
Roy, C. (1984). Introduction to nursing: An adaptation model. Englewood Cliffs, N.J.: Prentice-Hall.
Roy, C., & Andrews, H. A. (2008). The Roy Adaptation Model: Pearson Prentice Hall.
Roy, C., & Roberts, S. L. (1981). Theory construction in nursing: An adaptation model. Englewood Cliffs, N.J.: Prentice-Hall.
Scheier, M. F., & Carver, C. S. (1987). Dispositional optimism and physical well-being: the influence of generalized outcome expectancies on health. Journal of Personality, 55(2), 169-210. doi: 10.1111/j.1467-6494.1987.tb00434.x
The Institute for College Access and Success.(2012). Student Debt and the Class of 2011. The Project on Student Debt. Retrieved from http://ticas.org/files/pub/classof2011.pdf
Trombitas, K. S.(2012). Financial Stress: An Everyday Reality for College Students. Inceptia. Lincoln, NE. Retrieved from https://www.inceptia.org/PDF/Inceptia_FinancialStress_whitepaper.pdf
Zajacova, A., Lynch, S. M., & Espenshade, T. J. (2005). Self-Efficacy, Stress, and Academic Success in College. Research in Higher Education, 46(6), 677-706. doi: 10.1007/s11162-004-4139-z