Financial Stress, Coping Strategy, and Academic Achievement of College Students

Association for Financial Counseling and Planning Education. 1500 West Third Avenue Suite 223, Columbus, OH 43212. Tel: 614-485-9650; Fax: 614-485-9621; Web site: http://afcpe.org

Y

12

Stress Variables; Coping; Academic Achievement; Psychological Patterns; Student Attitudes; Money Management; Correlation; Undergraduate Students; Online Surveys; Student Surveys; Well Being; Costs; Paying for College; Expenditures; Student Characteristics; Statistical Analysis; Income; Debt (Financial)

1052-3073

The impact of financial stress on college students can range from psychological distress to adverse academic outcomes. The purpose of this study was to identify how resources and perceptions alter the amount of financial stress felt by college students and how this relates to academic achievement. Results from 2,236 Midwestern college students indicate that financial and life stressors, higher subjective financial knowledge, fewer financial resources, negative perceptions, and lower mastery are associated with higher financial stress. Financial stress was not associated with academic achievement, but financial stressors, objective financial knowledge, and financial resources were highly related to financial stress. Increasing available financial resources to students, in addition to providing opportunities to increase financial knowledge for students, would likely be associated with decreased stress and better academic achievement.

As Provided

32

2017

EJ1161821