Stress is a common phenomenon among students. Nonetheless, students experience different levels of stress. Many students combine financial stress with academic demands, while some of them also work.
Generally, excessive stress has a negative impact on health. But those of financial stress on students transcend health implications. This article discusses the various impacts of financial stress on students.
What is financial stress?
Financial stress is understood as the inability to handle financial obligations conveniently. Put differently, it is the lack of sufficient money to repay loans, settle monthly utilities as well as incapabality to execute other important plans. The results of the 2010 Ohio Students Financial Wellness Survey show that 71% of respondents reported undergoing financial stress. Hence, the impact of financial stress on students is an important research question.
Impact of finacial stress on students
1. Mental health issue
Mental health issue is a common impact of financial stress on students. Many students worry about their inability to meet the financial demands of their studies, which include feeding, housing, tuition, necessary funding to complete their programmes, or rising debts. Mental health issues manifest as depression, anxiety and poor cognitive, behavioural and emotional well-being.
2. Poor academic performance
Financial stress leads to poor cognitive well-being which in turn has a negative impact on academic performance. Financially stressed students tend to work for more hours so as to earn enough money to fund their programmes. The corollary of this is that such students do not have sufficient time to study.
3. Poor health
Mental health issue isn’t the only health challenge facing financially stressed students. Students struggling with financial stress generally suffer from poor health. Lack of rest of mind results in a weak immune system. Equally, the inability to feed well leads to malnutrition. They also tend to live in poor apartments and environments as well as suffer from poor sleeping habits.
4. High drop-out rate
Students who struggle with persistent financial stress tend to drop out ultimately. A combination of challenges such as loan default, inability to pay tuition, poor academic outcomes, depression and overworking heightens pessimism and eventually makes students give up their academic goals.
Financial stress is a major challenge among students with negative impact on health, academic performance and graduation rate. Improved support and funding are necessary to help students cushion the negative impact of financial challenges on their academic pursuits. Enrolling new intakes for courses on financial literacy is also recommended.
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