Impact of Financial Status to Mental Health of College Students of Cavite State

University – Silang Campus

Bayan, Ronilley May

Cruz, Kim Jaira

Cuizon, Daniela

Miralles, Jea Amor E.

Cavite State University – Silang Campus

Bachelor of Science in Psychology

Mr. John Carlo Manalo

May 5, 2022
 INTRODUCTION

The widening participation of young people in psychology students of CVSU - Silang

Campus in recent decades has focused attention on student mental health and well-

being, and raised concerns regarding the impact of financial stress. For example,

increased and grants have been replaced by loans, leaving the average undergraduate

with debts. In addition to future debt concerns, a sizeable fraction of psychology

students in the CVSU - Silang Campus also experience personal financial crises each

year.

There is growing concern among students, the wider public, and policy-makers in the

CVSU - Silang Campus that increasing financial pressures may explain co-occuring

trends in worsening student mental health. A recent report found that the number of

Psychology students disclosing mental health problems increased fivefold, and

university deaths by suicide increased. Seemingly as a result, student mental health

services are under pressure, with demand in the CVSU - Silang Campus increasing but

not being met. Consequences of poor mental health can include academic

underperformance and dropping out of university, and thus these trends have

implications for individuals, their families, the higher education sector and the public

health community.

A number of studies suggest that student debt may be related to students mental health

problems, but other studies have reported null findings. Such links may be anticipated,

given the substantial literature on the relationship between debt and mental health in the
 general population. A systematic review found that more severe debt was associated

with depression, suicide, drug and alcohol dependence and psychotic disorders. In

addition to amount of debt, believed that their mental health suffered as a result of

financial difficulties.

Given existing evidence, it is difficult to conclude with any certainty whether financial

stress is associated with Psychology students’ mental health, nor which domain of

financial stress is most important the amount of debt, experience of financial difficulties

or worry about debt. Additionally, it remains to be seen whether associations are

bidirectional, or robust to adjustment for potential confounders such as socioeconomic

background and preceding mental health problems. As such, the present review sought

to rapidly summarise the existing literature in this area, focusing on Pyschology

students.

A. Related Literature

Financial Stress

A number of studies examining UK based students have shown that mental health

problems are linked to financial problems (Andrews et al. 2004, para. 4), level of debt

(Carney et al. 2005, para. 4) and concern about finances (Cooke et al. 2004, para. 4).

Thus, previous literature has pointed out that, without proper planning, the student will

face financial support problem, which later will lead to many other issues; such as
academic problem, emotional and mental wellbeing, and also the desire to pursue work

after graduation (Bodvarsson et al. p. 3).

Financially, many students today are worrying about debts or student loans, application

fees, rental housing fees, books, study materials (Gutiérrez, 2020, p. 3).

With regard to mental health, financial concern has been related to an increased

likelihood of students suffering from emotional problems, depression and anxiety

(Jessop et al. 2005, p. 1).

In the context of students’ physical health, financial concern has been linked to such

varied outcomes as worse general health, reduced physical function, increased pain,

difficulty sleeping and being more likely to experience general aches and pains (Cooke

et al. 2005, p. 2).

B. Related Studies

Financial Stress

Financial stress and anxiety can also be seen as aspects of financial mental health.

Although sparse, research has linked financial stress and anxiety with college student

debt (Grable et al. 2006, p. 50).

Roberts et al. (2000) identified a link between adverse financial situations of college

students and the negative impact on mental and physical health. (p. 50)

Financial stress has also been linked to academic performance (Joo et al. 2008, p.

50).
 Another study of British university students found that poor mental health status was

related to financial stressors such as having difficulty paying bills on time (Roberts et al.

1999, p. 50).

Research has indicated a moderate association between debt and mental health

problems such as anxiety and depression (Drentea et al. 2000, p. 50-51).

References:

Financial Stress

Richardson, T., Elliott, P., Roberts, R., & Jansen, M. (2017). A Longitudinal Study of

Financial Difficulties and Mental Health in a National Sample of British Undergraduate

Students. Community mental health journal, 53(3), 344–352.

https://doi.org/10.1007/s10597-016-0052-0

Wahab, M. Z. H., & Othman, K. (2021). Impact of COVID-19 on Student’s Emotional

and Financial Aspects in the Higher Learning Institutions. SEISENSE Journal of

Management, 4(4), 1-15. doi: 10.33215/sjom.v4i4.629

Donna C. Jessop, Matthew Reid & Lucy Solomon (2019): Financial concern predicts
deteriorations in mental and physical health among university students, Psychology &
Health, DOI: 10.1080/08870446.2019.1626393

Archuleta, K.L., Dale, A., & Spann, S.M. (2013). Association for Financial Counseling

and Planning Education: College Students and Financial Distress: Exploring Debt,

Financial Satisfaction, and Financial Anxiety, 24, 50-62. https://eric.ed.gov/?

id=EJ1043230