A Study on Impact of Financial Stress on Students’ Academics

Abstract

Over the last few decades, the cost of attending colleges in India have been rising steadily and students who enrol for various courses are forced to ?rely on some form of financial aid to finance their cost of tuition fees. The main forms of financial aids available are grants and loans that can be sourced through government or financial institutions. The main difference between the two sources is grants need not be repaid, whereas loans need to be. For families and students, it is more important for to pass/complete school and college in the same year, otherwise it increases the financial burden of the family. The students who are vulnerable to financial stress were found to earn lower grades and fewer credit hours. The students who experienced such interruption in academics have to consider reducing their course loads or dropping for a semester due to financial issues/concerns and reported higher stress from their personal finances. Students who perceived that worrying about money/ academic funding affected their academic performance were found to have poorer academic performances. In this study, the data was collected from samples by a set of research tools and analyzed using SPSS, and resulted in research findings and interpretations. The sampling technique used in this study is non-probability sampling. Convenient sampling was used to select the respondent from the samples. Accordingly, the sample size is 100 college students which were chosen by random sampling and further responses were analysed and interpreted.

The Impact of Depression on Undergraduate Students’ Educational Performance: A Case of Nawalparasi and Chitwan Districts

“…The results highlight a negative association between easing financial anxiety through assistance and suffocating monetary burden and the impact of depression on undergraduate students' educational performance. The result of this study is supported by the study of Usman and Banu (2019), who found that students experiencing financial stress demonstrate lower academic performance in terms of grades and credit hours earned.…”

“…Furthermore, the previous studies focused on a single factor contributing to depression(see Table 1). Similarly, another study by Usman and Banu (2019) collected data from the sample of 100 participants in medical colleges, further highlighting the issue of limited generalizability, which signifies the emergence of this research in the Nepalese context.…”

“…For example, Andrews and Wilding (2004) found that financial challenges, along with other obstacles, have the potential to heighten anxiety and depression among British students, leading to a negative impact on their academic performance. Additionally, Usman and Banu (2019) states that financial literacy significantly…”

Limited negative effects of the COVID-19 pandemic on mental health measures of Ghanaian university students

“…Studies have identified common stressors among students across multiple countries. In addition to academic stress, financial stress is freqently cited ( Hyun et al, 2006 ; Usman and Banu, 2019 ). While the relationships between financial stress and academic and health outcomes are more variablle than those between perceived stress, academics, and health ( Jessop et al, 2020 ; McCloud and Bann, 2019 ), the reality for many students, regardless of location, is that university attendance is expensive.…”

Recognizing the Status, Needs, and Challenges of Alternative Learning System Students in a Rural District

“…Financial challenges emerged as the most common obstacle mentioned, reflecting the significance of economic constraints in the respondents' education journey. Usman (2019) found that financial stress leads to lower grades and students who worry about money have poorer academic performance. Noor (2007) discovered that adult learners encounter various obstacles, including conflicting responsibilities, time constraints, and financial limitations, lack of concentration, diminished confidence, and inconvenient schedules.…”