Factors Related to Financial Stress Among College Students
By Stuart J. Heckman, HanNa Lim, Catherine P. Montalto. 2014
213 citations recorded by the source corpus.
Many university administrators are concerned that debt loads and other financial concerns are negatively affecting student wellness. This study sought to explore factors related to financial stress among college students through an adaptation model, the Roy Adaptation Model, which is a conceptual framework used in health care applications. Responses from the 2010 Ohio Student Wellness Survey were analyzed using means 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 means 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, and financial counselors are discussed. Ph.D. Student, Department of Human Sciences, 1787 Neil Avenue, 262 Campbell Hall, Columbus, OH 43210, The Ohio State University, Columbus, OH, U.S., heckman.59@osu.edu. Ph.D. Candidate, Department of Human Sciences, 1787 Neil Avenue, 262 Campbell Hall, Columbus, OH 43210, The Ohio State University, Columbus, OH, U.S., lim.852@osu.edu. Associate Professor, Department of Human Sciences, 1787 Neil Avenue, 115F Campbell Hall, Columbus, OH 43210, The Ohio State University, Columbus, OH, U.S., 614-292-4571, montalto.2@osu.edu
Subfields: Accounting, Applied Psychology, Social Psychology
View Paper: https://www.semanticscholar.org/paper/57c58ba6eba70b40af3c179cf0de6d0a90942549
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Citations in the corpus
- Financial Stress, Social Supports, Gender, and Anxiety During College: A Stress-Buffering Perspective ψ (2018, background): “academic expenses, overspending or credit card debt, student loan debt, work– school–life balance, financial pressures from family, and uncertain employment after graduation (Beiter et al., 2015; Heckman et al., 2014; London, 1989; Nelson, Lust, Story, & Ehlinger, 2008; Wisconsin HOPE Lab, 2016).”
- Student Loans, Financial Stress, and College Student Retention (2017, background): “For instance, Heckman, Lim, and Montalto (2014) surveyed 5,792 students at 19 colleges and universities across the state of Ohio from November to December 2010.”
- Mental Health and Social Contact During the COVID-19 Pandemic: An Ecological Momentary Assessment Study (2020, background): “Returning to student mental health, the etiology of mental health problems in students is diverse and includes stressors such as financial problems (Heckman et al., 2014), academic pressure (Misra & McKean, 2000), adjusting to new social and geographical environments (Montgomery & Cote, 2003),…”