The Effects Of Financial Stress On Students Academic Performance

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The Effects Of Financial Stress On Students Academic Performance


Abstract


This study was carried out on the effects of financial stress on students academic performance using Lagos State University as a case study. This study was carried out to identify the causes of financial stress among students, find out the impacts of financial stress on students enrollment to schools, find out the effects of financial stress on the academic performance of students and find out whether financial stress have any significant effect on the academic. The survey design was adopted and the simple random sampling techniques were employed in this study. The population size comprised ofstudents of Lagos State University. In determining the sample size, the researcher conveniently selected 160 respondents and 141 were validated. Self-constructed and validated questionnaire was used for data collection. The collected and validated questionnaires were analyzed using frequency tables, and mean score tables. While the hypotheses were tested using chi-square statistical tool. The result of the findings reveals that the causes of financial stress among students includes: high cost of tuition fee, median income of families, federal or private loans and loss of parent or sponsor.The study also revealed that financial stress has a significant effects on the academic performance of students.Therefore, it is recommended to improve students’ academic performance and contribute to the overall throughput rate revolves around social capital at different spheres. In the academic sphere, the findings proposes that efforts should be made to improve information about and access to students support programmes. With regard to the support sphere, talking to lectures and forming friendships emerged as important, however this needs to be supplemented to providing stronger academic orientation programmes. To mention but a few.


Table of Content


Chapter One:

Introduction

  • 1.1 Background of the Study
  • 1.2 Statement of the Problem
  • 1.3 Objective of the Study
  • 1.4 Research Questions
  • 1.5 Research Hypothesis
  • 1.6 Significance of the Study
  • 1.7 Scope of the Study
  • 1.8 Limitation of the Study
  • 1.9 Definition of Terms
  • 1.10 Organizations of the Study

Chapter Two:

Review of Literature

  • 2.1 Conceptual Framework
  • 2.2 Theoretical Framework
  • 2.3 Empirical Review

Chapter Three:

Research Methodology

  • 3.1 Research Design
  • 3.2 Population of the Study
  • 3.3 Sample Size Determination
  • 3.4 Sample Size Selection Technique and Procedure
  • 3.5 Research Instrument and Administration
  • 3.6 Method of Data Collection
  • 3.7 Method of Data Analysis
  • 3.8 Validity of the Study
  • 3.9 Reliability of the Study
  • 3.10 Ethical Consideration

Chapter Four:

Data Presentation and Analysis

  • 4.1 Data Presentation
  • 4.2 Analysis of Data
  • 4.3 Answering Research Questions
  • 4.4 Test of Hypotheses

Chapter Five:

Summary, Conclusion and Recommendation

  • 5.1 Summary
  • 5.2 Conclusion
  • 5.3 Recommendation
  • References
  • APPENDIX
  • QUESTIONNAIRE

Chapter One


Introduction

1.1 Background to the Study

Student wellness is an important topic on college campuses nationwide as higher education and student life administrators are becoming increasingly concerned with stress among students. Given that stress has been shown to negatively impact student persistence (Letkiewicz, in press), increased scrutiny of graduation rates from federal and state governments should motivate administrators to understand the causes of stress among students. More specifically, stress resulting from personal financial difficulties is worth exploring in more detail given the challenge college students and recent graduates face regarding the growing burden of student loans. The institutional environment surrounding the college education decision has changed dramatically – grants and other forms of aid have not kept pace with the rapid increase in tuition (College Board, 2011; Draut, 2007). As a result, students are relying more heavily on student loans in order to pay for their education (Draut, 2007). “Working your way through college” is no longer realistic since tuition has increased more rapidly than inflation for the last few decades.

Research regarding sources of stress confirms the influential role that personal financial problems play in the lives of college students. Financial difficulties are often cited among college students as sources of stress (Northern, O’Brien, & Goetz, 2010)can also include psychological or emotional effects (Northern et al., 2010). Much of the literature on financial stress has focused on stress outcomes. Research has documented the following negative outcomes of financial stress: (a) depression (Andrews & Wilding, 2004; Clark-Lempers, Lempers, & Netusil, 1990), (b) anxiety (Andrews & Wilding, 2004), (c) poor academic performance (Andrews & Wilding, 2004; Harding, 2011), (d) poor health (Northern et al., 2010), and (e) difficulty persisting towards degree completion (Letkiewicz, in press; Joo, Durband, & Grable, 2008; Robb, Moody, & Abdel-Ghany, 2011). Other research has focused on coping behavior of financially-stressed students, such as seeking help (Britt et al., 2011; Lim, Heckman, Letkiewicz, Fox, & Montalto, 2012). Hayhoe, Leach, Turner, Bruin, and Lawrence (2000) examined spending habit differences among college students and included financial stress as a variable in their model. Financial stress was measured by summing the number of positive responses to seven financial stressors, such as “not able to save for an emergency” and “not able to pay utilities.” Hayhoe et al. (2000) found that the number of good financial behaviors was negatively associated with number of financial stressors. Very few studies have examined factors related to the likelihood of reporting financial stress. Brougham, Zail, Mendoza, and Miller (2009) examined different sources of stress, including academics, financial, family, social, and daily hassles, but the primary focus of their study was to identify coping behavior among students. They found that college students were more likely to report financial stress than college men (Brougham et al., 2009). Anticipated debt has also been shown to be a strong predictor of financial stress among medical students (Morra, Regehr, & Ginsburg, 2008). Archuleta, Dale, and Spann (2013) found that among college students, higher levels of financial satisfaction were significantly and negatively related to financial anxiety. As discussed by Northern et al. (2010), some researchers have used financial data exclusively to measure financial stress. While being unable to pay bills and other financial difficulties may indeed produce stress, there are important psychological aspects of stress that may be missed when using financial data alone (Northern et al., 2010). Being unable to pay bills on time may plausibly be a stressful event for one student, but not for another student. Stress is certainly a complex construct, but the differences in measurement of financial stress are likely a result of a lack of theory-based research. Many of the studies mentioned above do not include an explanation of the theoretical framework used to investigate issues related to financial stress.

A review of studies on financial related issues and college students (Joo, Durband & Grable, 2008; Kadison & DiGeronimo, 2004; Robb, 2011) provided some background information on the topic; however, there seems to be a lack of current research focused on this area of concern. search for studies specific to undergraduate residential college students produced results mainly focused on interpersonal relationship issues and maladaptive coping and so did not yield as much as I had hoped existed specific to my research question and sub-questions. A few studies specific to nonwhite residential college students focused on socioeconomic, acculturation stressors, academic preparedness and the impact of stress on students in general also informed my research question(Crockett et al., 2007; Matlin, Molock, and Tebes, 2011).

Considering financial stress as a possible predictor of issues in academic and social functioning and satisfaction among undergraduate residential college students, this chapter presents a review of literature related to research on financial stress in the general population as well as literature specific to the undergraduate college population. Studies on issues in college student’s academic and social functioning and satisfaction, retention rates, and support networks including familial support, peer support, community, and professional support are also reviewed. In this study, financial stress was examined as the independent variable impacting two dependent variables: 1) academic functioning and satisfaction, and 2) social functioning and satisfaction associated with undergraduate student’s success in college. To investigate the relationship between the independent variable and the two dependent variables, I asked the following: What is the relationship between financial stress and academic and social functioning and satisfaction in undergraduate residential college students’s experiences? Moreover, what are undergraduate residential colleges students’s attitudes about seeking professional help with issues related to financial stress and their academic and social functioning, including help from college counseling centers, the college’s financial aid office, and other on and off campus resources? Further, do undergraduate residential college students identify their academic and social functioning and satisfaction as related to financial stress? Hence, this literature review is intended to provide a basic knowledge base of the context within which financial stress, academic functioning and satisfaction, and social functioning and satisfaction are interconnected as possible predictors of undergraduate residential college success.


1.2 Statement of the Problem

Academic success depends on a variety of factors and these factors can have both a positive and/or negative influence on a child’s ability to stay motivated and succeed in school. For children living in high-poverty, urban environments, there are increased challenges when it comes to succeeding in school (Murray & Malmgren, 2005). Numerous research investigations summarize the challenges faced by students growing up in high-poverty urban settings. These investigations highlight the challenges posed by high rates of home and neighborhood violence and crime, increased levels of mental illness, poor-quality schools, and multiple family stressors that potentially interfere with children’s adjustment and success in school as well as in other aspects of their lives. Despite these challenges, some children are resilient and overcome the negative circumstances exposed to or trusted upon them. This study however is majorly on the challenges of financial stress and its impact on students’ academic achievement.


1.3 Objective of the Study

The main objective of this study is to investigate the effect of proper and effective class management on teaching and learning process, specifically the study intends to:

  1. Identify the causes of financial stress among students
  2. Find out the impacts of financial stress on students enrollment to schools
  3. Find out the effects of financial stress on the academic performance of students
  4. Find out whether financial stress have any significant effect on the academic continuity students.

1.4 Research Questions

The following research questions was formulated to guide this research arrive at a valid conclusion:

  1. What are the causes of financial stress among students?
  2. What is the impacts of financial stress on students enrollment to schools?
  3. What is the effects of financial stress on the academic performance of students?
  4. Does financial stress have any significant effect on the academic continuity students?

1.5 Research Hypothesis

Ho: financial stress has no significant effects on the academic performance of students.

Ha: financial stress has a significant effects on the academic performance of students.


1.6 Significance of the Study

This study will expose the government at various level, stakeholders involve in education policies, teachers, school management on the challenges of financial stress on students’ academic performance and help proffer some real life solutions,. And finally this projects will serve as reference for others who wants to embark on the same research.


1.7 Scope of the Study

This study focuses on the effects of financial stress on students academic performance. The study will also point out the causes of financial stress among students, the impacts of financial stress on students enrollment to schools, the effects of financial stress on the academic performance of students, and finding out whether financial stress have any significant effect on the academic continuity students. The respondents for this study will be cover students of Lagos State University.


1.8 Limitations of the Study

In the course of carrying out this study, the researcher experienced some constraints, which included time constraints, financial constraints, language barriers, and the attitude of the respondents. However, the researcher were able to manage these just to ensure the success of this study.

Moreover, the case study method utilized in the study posed some challenges to the investigator including the possibility of biases and poor judgment of issues. However, the investigator relied on respect for the general principles of procedures, justice, fairness, objectivity in observation and recording, and weighing of evidence to overcome the challenges.


1.9 Definition of Terms

Stress

Stress could be part of the group illness of every human being in the present generation (Oboegbulem, 2002)

Financial stress

Financial stress is defined as anxiety associated with an individual’s current personal financial situation (Britt et al., 2017).


1.10 Organizations of the Study

The study is categorized into five chapters. The first chapter presents the background of the study, statement of the problem, objective of the study, research questions and hypothesis, the significance of the study, scope/limitations of the study, and definition of terms. The chapter two covers the review of literature with emphasis on conceptual framework, theoretical framework, and empirical review. Likewise, the chapter three which is the research methodology, specifically covers the research design, population of the study, sample size determination, sample size, and selection technique and procedure, research instrument and administration, method of data collection, method of data analysis, validity and reliability of the study, and ethical consideration. The second to last chapter being the chapter four presents the data presentation and analysis, while the last chapter(chapter five) contains the summary, conclusion and recommendation.


Chapter Five


Summary, Conclusions and Recommendations:

5.1 Introduction

This chapter summarizes the findings on the effects of financial stress on students academic performance using Lagos State University as a case study. The chapter consists of summary of the study, conclusions, and recommendations.


5.2 Summary of the Study

In this study, our focus was to examine the effects of financial stress on students academic performance using Lagos State University as a case study. The study specifically was aimed to identify the causes of financial stress among students, find out the impacts of financial stress on students enrollment to schools, find out the effects of financial stress on the academic performance of students and find out whether financial stress have any significant effect on the academic.

The study adopted the survey research design and randomly enrolled participants in the study. A total of 141 responses were validated from the enrolled participants where all respondents arestudents of Lagos State University.


5.3 Conclusions

Based on the findings of this study, the researcher made the following conclusion.

  1. The causes of financial stress among students includes: high cost of tuition fee, median income of families, federal or private loans and loss of parent or sponsor.
  2. The impacts of financial stress on students enrollment to schools is negative.
  3. The effects of financial stress on the academic performance of students is negative.
  4. Financial stress has a significant effects on the academic performance of students.

5.4 Recommendations

Based on the findings of the study, the following recommendations are proffered.

  1. If students from poorer families are more likely to experience unexpected challenges that make them more burdened by their lack of finances, then more support to students must be madeavailable and also there should be measures to raise awareness of or willingness of students to take up existing support.
  2. To improve students’ academic performance and contribute to the overall throughput rate revolves around social capital at different spheres. In the academic sphere, the findings proposes that efforts should be made to improve information about and access to students support programmes. With regard to the support sphere, talking to lectures and forming friendships emerged as important, however this needs to be supplemented to providing stronger academic orientation programmes.
  3. Students still needs to be encouraged to familiarise themselves with the existing policies, laws and support structures aimed at helping them.
  4. To ameliorate the vulnerability of low socio-economic backgrounds students to food insecurity a voucher system or meal cards should be introduced. These would be tenable at supermarkets of their choice. This would take into account the cost of meals per day (two meals would be sufficient –breakfast and dinner). However, this system has to be monitored as it is prone to abuse (trading in vouchers) by the recipients, or the patron.

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Frequently Asked Questions


How does stress affect your academic performance?

The Effect Of Stress On Students Academic Performance. Several studies had found that stress has a negative effect on students’ ability to concentrate. If you are a student, you tend to comply with the multi-layered school requirements simultaneously. This burden alone is enough to make you unable to concentrate.

Are personal finances a source of stress for college students?

The Inceptia Financial Stress survey was designed with the underlying assumption that personal finances are a source of stress for college students and sought to provide an in-depth look at the specific financial stressors impacting degree or credential attainment and academic performance.

Can financial difficulties cause stress?

More specifically, stress resulting from personal financial difficulties is worth exploring in more detail given the challenge college students and recent graduates face regarding the growing burden of student loans.

How does stress affect students’ sleep?

Students who feel stressed have trouble in acquiring sleep. The Anxiety and Depression Association of America found that stressed students have decreased sleep time. In addition, the National Sleep Foundation reports that only about 15 percent of adolescent students get enough amount of sleep. 

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