Financial Difficulties faced by University

Students

Abstract:

The ability to pay is a significant factor in kids' academic success. As they can lead to a variety of issues,
including health problems and poor academic performance, financial troubles are a major problem that
need to be handled. Since education is a costly social service, students who get insufficient financial aid
will find it difficult to improve their academic performance. The purpose of this essay is to determine the
connection between students who attend public universities' financial difficulties and their academic
achievement. Data were gathered from a total of 12 respondents from public university students using
self-administered surveys. To create descriptive statistics, the collected data was examined. According
to the findings, there is a considerable link between financial difficulties and academic success.

Introduction:

Everyone, but students in particular, is up against significant financial challenges. The vast majority of
students come from economically challenged families, and as a result, they typically struggle to make
ends meet. As a result, students are forced to consider the pros and cons of purchasing food in addition
to other essentials, while other students are forced to cope with health issues that have a detrimental
influence on their capacity to pay their fees. Students had a tough time adjusting to the high expense of
living since they did not have sufficient money. College students continue to face a significant challenge
in the form of ongoing financial difficulties, which may have an effect on their overall academic
performance. The purpose of this research is to establish whether or not there is a correlation between
the financial struggles of students and their overall academic performance.

Background:

Everyone occasionally experiences financial difficulties, but this is especially true for people from
disadvantaged or low-income households. Numerous students asserted that while they did not have to
make monthly debt instalments like other households due to their position as students, they still had to
pay for their tuition, rent, and other necessities using money they obtained from scholarships, loans, or
their families. Additionally, kids from disadvantaged or low-income homes may perform worse
academically. Many studies from the past have been conducted to demonstrate a link between
students' financial difficulties and academic achievement. Studies show that parents' socioeconomic
level or money has a favorable impact on their children's academic achievement.

This is further corroborated by a prior study which found that kids from low socioeconomic family
backgrounds likely to have inferior academic performance compared to those from higher
socioeconomic family backgrounds. In addition, several data indicate that kids from affluent
backgrounds have access to a dynamic learning environment. Consequently, it is conceivable for people
with a more affluent family background to flourish and attain a higher academic performance than those
from low-income homes. According to this early work, money troubles lead to financial stress, which
eventually affects students' academic performance. According to a research from Widener (2017),
pupils' poor academic performance has been consistently linked to financial stress. According to Asri et
alstudy, .'s ( 2017), It should be noted that pupils' academic success is influenced by a wide variety of
circumstances. However, socioeconomic variables inside the family are the most crucial ones since they
entail money management, which will either give children with the desire to have a passion for their
studies or not achieve success in their academic endeavours.

Even college students frequently stress excessively about their financial situations, which in turn can
have a negative impact on their academic performance since the students are forced to divide their
focus between their academic responsibilities and their money concerns. One conclusion that can be
drawn from this is that the students' financial situations in their families serve as a source of inspiration
and encouragement for them to achieve success in their academic endeavours. When a student who is
already highly driven faces a financial obstacle, that student will view the obstacle as an opportunity to
further fuel their drive to excel academically. Therefore, if students want to be successful academically,
they shouldn't let any issues, including financial problems, stand in their way.

In other words, monetary issues lead to a variety of other issues, all of which ultimately have a negative
impact on the academic performance of the children. Another way that students' financial difficulties
could affect their academic performance is that in order to alleviate those financial difficulties, the
majority of students choose to have to work part-time or even full-time jobs, which takes time away
from them that they would otherwise spend concentrating on their studies. As a consequence, holding a
part-time work causes one to spend less time studying, take fewer credit hours, and go to class less
often, all of which contribute to a worse overall academic performance. It was shown that students who
were depressed about their financial situations had poorer grade point averages and enrolled in fewer
credit hours. The majority of students work part-time employment, either those provided by their
colleges or those provided by local businesses. Students who originate from homes with lower
socioeconomic statuses are often hampered by challenges such as having to work to help support their
family and being unable to afford learning materials, both of which may have a negative influence on the
students' ability to succeed academically. CNBC journalist stated that having a part-time job during the
study takes a greater impact on low-income students, whereby approximately 6 million students took a
part-time job, and the majority of them are women, Blacks, and Latinos. According to the study, having a
part-time job during the study took a greater impact on low-income students. Some students are forced
to strive to conquer and manage their financial issues while balancing several jobs and their academic
responsibilities.

Methodology
In order to collect a variety of perspectives from students, we carried out a survey using google forms.
The outcomes are presented down below for your perusal.
 What financial difficulties you face in university?

What is the reason for your financial difficulty

Do you work part time to fulfill your financial needs

Does Government give you any opportunity? 

Does any organization Or NGO help you to achieve your goals
 What's the average total cost including tuition fee, books, travel and
other personal expenses?

CONCLUSION
In conclusion, the relationship between students' struggles with their finances and their academic
performance at public universities can be best understood by looking at factors such as late receipt of
financial assistance, a lack of financial resources, an inadequate amount of loan or scholarship money,
and a failure to properly manage their finances. According to the statistics, there are some students who
rely entirely on scholarships and educational loans. Some students are able to get by on the income of
their families, while others need to earn their own money to pay for their education and the things they
need every day. Students' academic performance might suffer when they do not have enough access to
financial resources, which can lead to financial difficulties. According to the news, there are some
students who do not have access to other financial resources because they do not want to put
themselves in a position where they owe money to other people and are in debt. Because they lack the
financial resources necessary to overcome their financial difficulties, some students are forced to cut
back on the amount of time they spend studying in order to pursue alternative sources of financial
support, such as working part-time for a significant number of hours or holding multiple jobs, which may
eventually have an effect on their academic performance. In addition, some pupils are unable to discern
between the things that they want and the things that they need. According to Ibrahim et al. (2009),
once the students have a substantial amount of money in their possession, they would spend it on
necessary expenditures. On the other hand, there are some who waste their money on things that
aren't even required. The inability to receive financial support and severe financial issues, both of which
might cause them to be financially stressed, can have a negative impact on a student's academic
performance.

Some of the students hailed from wealthy homes, which allowed their parents to be able to give
financial support for their offspring. Allowances are often given out on a weekly or monthly basis to
some pupils by their parents. Because of this, the students are better able to manage their finances,
which results in them having less financial troubles. However, for students who came from families with
low incomes, it was necessary for them to rely solely on education loans for which they had applied and
to minimise their expenses. For some of these students, this meant that they had to reduce the amount
of food they consumed in order to save some additional money. Students who hailed from low-income
homes and whose parents were unable to offer them an allowance or any other financial support may
have had a difficult time meeting their financial obligations, such as paying for rent, food, and school
supplies. As a result, this had a negative impact on their health, manifesting itself in the form of food
insecurity and financial stress, which ultimately led to poor academic performance. According to a
sample of students attending public universities, there is a substantial association between students'
struggles with their finances and their academic achievement. However, it is advised that future
research use variables such as financial management, financial stress, and financial insecurity to quantify
the association between students' financial difficulties and their academic performance in higher
education institutions.

References
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from https://www.nst.com.my/education/2019/04/475754/money-woes-university
2. Ibrahim, D., Harun, R., & Isa, Z. M. (2009). A Study on Financial Literacy of Malaysian Degree
Students. Cross-Cultural Communication, 5(4), 51–59. Retrieved from
https://doi.org/10.3968/j.ccc.1923670020090504.00
3. Asri, N. M., Abu Bakar, N., Laili, I. A., & Saad, S. (2017). Status Kewangan Dan Tekanan Dalam
Kalangan Mahasiswa. Jurnal Pengguna Malaysia, 5(29), 63–83. Retrieved from
http://macfea.com.my/wp-content/uploads/2018/11/Artikel-5-JPM-Jilid-29-Dis-2017.pdf