EXTENT OF FINANCIAL STRESS: IT’S IMPACT TO MENTAL HEALTH OF

COLLEGE STUDENTS

A thesis Presented to the Faculty of College of Arts and Sciences of Notre Dame of

Midsayap College in Fulfillment of the Requirements for the Degree of Bachelor

in Human Services

Gonzales, Angel Mae

Velos, Nikki Angela

Lagudas, Shaine P.

Anticristo, April Rose J.

Dansalan, Baisamra T.

JUNE 2024
 2

APPROVAL SHEET

IN PARTIAL FULFILMENT of the requirements for the degree in

BACHELOR OF , this thesis entitled: “EXTENT OF FINANCIAL STRESS: IT’S

IMPACT TO MENTAL HEALTH OF COLLEGE STUDENTS” has been prepared

and submitted by GONZALES, ANGEL MAE, VELOS, NIKKI ANGELA,

LAGUDAS, SHAINE, ANTICRISTO, APRIL ROSE, DANSALAN, BAISAMRA,

who are hereby recommended for Oral Examination.

MELCHOR S. ARCENAS JR.

Subject Teacher

ACCEPTED as PARTIAL FULFILMENT of the requirements for the degree in

BACHELOR IN HUMAN SERVICES

CHINITT P. SINCO, MIB

Dean, College of Arts and Sciences
APPROVED, May 2024 by the Tribunal at the Oral Examination.

JEREMIAS E. OBINA, MSTM

Chairman

ANGELO A. FLORAGUE JR. MELCHOR S. ARCENAS JR.

Member Member
 1

INTRODUCTION
Background of the Study

The financial burden of pursuing higher education has been an increasing concern for

many college students, particularly given the rising costs of tuition, housing, and other related

expenses. Financial stress can significantly impact students' mental health, manifesting in various

psychological issues such as anxiety, depression, and stress. Studies have shown that financial

stress is a prevalent issue among college students, often leading to detrimental effects on their

academic performance and overall well-being (Frade, 2018; Xiao et al., 2017).

Financial stress among college students can stem from multiple sources, including

student loans, the pressure to balance work and study, and the struggle to meet basic needs. The

mental health implications of this stress are profound. For instance, students who experience

high levels of financial stress are more likely to report symptoms of anxiety and depression, as

well as a decrease in overall life satisfaction (Jones et al., 2021; Cooke et al., 2020).

The mental health repercussions of financial stress are multifaceted. Anxiety related to

financial issues can manifest as persistent worry about meeting financial obligations, managing

debt, and uncertainty about future financial stability (Rogers et al., 2021). Depression stemming

from financial stress often includes feelings of hopelessness and helplessness, exacerbated by the

perceived inability to overcome financial hurdles (Friedline, Chen, & Morrow, 2020).

Furthermore, financial stress can lead to elevated levels of overall stress, which is characterized

by physical symptoms such as headaches, sleep disturbances, and chronic fatigue (American

College Health Association, 2019).

 2

Higher education institutions play a critical role in addressing financial stress and

supporting students' mental health. Financial aid offices, counseling centers, and academic

advisors are crucial resources that provide support and guidance to students dealing with

financial stress. Financial literacy programs, which educate students on budgeting, managing

debt, and making informed financial decisions, are essential in helping students navigate their

financial responsibilities (Cude et al., 2020). Moreover, emergency financial assistance programs

can provide immediate relief to students facing unexpected financial crises, thereby alleviating

some of the acute stress associated with financial instability (Baker-Smith et al., 2020).

Understanding the extent of financial stress and its impact on mental health is vital for

developing effective interventions and support systems. Research in this area not only

underscores the need for more affordable higher education but also highlights the importance of

comprehensive support services that address both the financial and mental health needs of

students. By mitigating financial stress, institutions can enhance students' overall well-being,

academic success, and future economic stability (Goldrick-Rab, Richardson, & Hernandez,

2018). Therefore, it is imperative for stakeholders in higher education to prioritize initiatives that

reduce financial stress and promote mental health among college students.

This study aims to explore the impact of financial stress on the mental health of college

students. By identifying the key financial stressors and examining their effects on various mental

health indicators, this research seeks to provide valuable insights into the challenges faced by

students. The findings can contribute to the development of policies and programs that support

the financial and mental health needs of college students, ultimately fostering a healthier and

more conducive academic environment.

 3

Statement of the Problem

Generally, the purpose of the study was to provide valuable insights into the Impact of

Financial Stress to Mental Health of College Students in Notre Dame of Midsayap College.

Specifically, it sought to answer the following questions.

1. What is the respondent’s demographic profile in terms of:

1.1 Age;

1.2 Sex; and

1.3 Year level?

2. What is the extent of financial stress in terms of:

2.1. Monthly Expenses

2.2. Financial Support

2.3. Financial Literacy

3. What is the impact of financial stress to Mental Health of College students in

terms of:

3.1. Anxiety Level

3.2. Depression Level

3.3. Stress Level

3.4. Sleep Quality

4. Is there a significant relationship between the extents of financial stress

towards the mental health of College students?

 4

Significance of the Study

Students. The result of this study can help students understand how financial

stress affects their mental health, encouraging them to seek help and adopt stress

management strategies.

Institutions. The result of this study can help assists in creating policies that

address financial stress, such as flexible payment plans, emergency funds, and financial

aid. In addition, it informs the development of comprehensive support services, including

counseling and financial literacy programs.

Parents and Guardians. The result of this study can help parents and guardians

understand the challenges their children face, fostering better support at home.

Furthermore, it can encourage proactive financial planning to mitigate the stress

experienced by students.

Future researchers. The result of this study provides a basis for further studies

on the relationship between financial stress and mental health, and its broader implications.

Scope and Delimitation of the Study

This study focuses on the extent of financial stress and its impact to mental

health of college students. Furthermore, the respondents of this study are coming from first

to fourth year college students of Notre Dame, academic year 2023-2024 only.

Definition of Terms
 5

Financial Stress – this refers to the strain and anxiety individuals experience due

to financial pressures, such as difficulty paying for tuition, rent, food, and other essential

expenses.

Mental Health – this emotional, psychological, and social well-being. It

affects how individuals think, feel, and act, and determines how they handle stress, relate

to others, and make choices.

Financial Literacy – this refers to the ability to understand and effectively use

various financial skills, including personal financial management, budgeting, and

investing.

Monthly Expenses – this refers to the total amount of money a student spends in

one month to cover all necessary living and educational costs.

Financial Support – refers to the financial resources provided to a student from

various sources to assist with educational and living expenses.

Anxiety Level – this refers to the measure of the degree of anxiety a student

experiences, reflecting feelings of worry, nervousness, or unease about their financial

situation and other life circumstances.

Depression Level – this refers to the measure of the severity of depressive

symptoms a student experiences, including persistent sadness, loss of interest in activities,

and other related symptoms.

Stress Level – this refers to the extent of psychological and physical strain a

student experiences due to financial pressures and other life demands.

 6

Sleep Quality – this refers to the subjective evaluation of how well a student

sleeps, considering factors such as sleep duration, sleep disturbances, and overall

restfulness.

Review of Related Literature

Financial Stress
The primary sources of financial stress for college students include rising

tuition fees, the high cost of living, and the burden of student loans. A study by

Goldrick-Rab et al. (2019) highlights that over 50% of students experience housing and

food insecurity, which exacerbates financial stress. Additionally, insufficient financial

literacy and poor money management skills contribute to students' financial difficulties.

Lusardi et al. (2020) found that many students lack the necessary financial knowledge to

manage their finances effectively, leading to increased stress.

Financial stress manifests in both psychological and behavioral ways.

Psychologically, students may suffer from anxiety, depression, and feelings of

hopelessness. Eisenberg et al. (2019) reported a significant correlation between

financial stress and mental health issues among college students. Behaviorally,

financial stress often results in students working long hours in part-time jobs, which

can detract from their academic focus and performance (Robbins et al., 2018).

Monthly Expenses as a Measure of Financial Stress

 7

Monthly expenses encompass various aspects of a student's financial obligations,

including tuition fees, housing costs, food expenses, transportation, and other

miscellaneous expenditures. Research by Goldrick-Rab et al. (2019) reveals that a

significant proportion of college students face challenges in meeting basic needs such as

housing and food, which are reflected in their monthly expenditure patterns. Tracking these

expenses provides insights into the financial burdens shouldered by students and the extent

of their financial stress (Walsemann, Gee, & Geronimus, 2019).

Several factors contribute to the monthly expenses of college students and,

consequently, their financial stress levels. Rising tuition fees and educational expenses are

primary contributors (Choy, 2019). Additionally, living costs, including housing and food,

vary depending on factors such as location and campus affordability (Mitra, 2018).

Moreover, the prevalence of student loan debt adds to the financial strain, as students

allocate a portion of their monthly budget to loan repayment (Baum & Steele, 2019).

Understanding the relationship between monthly expenses and financial stress is

essential for identifying students at risk and implementing targeted interventions. High

monthly expenses relative to income can lead to budgetary constraints, forcing students to

make difficult trade-offs between essentials and discretionary spending (Chen & Li, 2020).

This can exacerbate financial stress and negatively impact academic performance and

overall well-being (Eisenberg, Lipson, & Suldo, 2019).

Financial Support

Research indicates that financial support from social networks, particularly family

and friends, plays a significant role in alleviating financial stress. Studies by Serido et al.
 8

(2017) found that young adults receiving financial assistance from parents experienced

reduced financial stress, enabling them to better manage their expenses and avoid debt.

Similarly, Wrosch et al. (2017) highlighted that social support buffers against the adverse

effects of financial stress, promoting overall well-being.

Government assistance programs have been extensively studied as mechanisms to

reduce financial stress. Moffitt (2020) reviewed the effectiveness of welfare programs in

the United States, concluding that such interventions significantly reduce financial strain

among low-income families by providing essential resources for basic needs. Furthermore,

research by Bitler, Hoynes, and Schanzenbach (2020) emphasized that during economic

downturns, government programs such as unemployment insurance and food assistance

become crucial in maintaining financial stability and reducing stress.

The role of financial institutions in providing support through loans and credit has

also been examined. Lusardi and Mitchell (2017) discussed how access to affordable credit

can alleviate financial stress by offering liquidity during financial emergencies. However,

they also noted the potential for increased stress if borrowers become over-indebted,

highlighting the importance of financial literacy and responsible borrowing practices.

The Role of Financial Literacy in Financial Stress

Financial literacy is critical in reducing financial stress by equipping

individuals with the knowledge to make informed financial decisions. Lusardi and

Mitchell (2017) emphasized that higher levels of financial literacy are associated with

better financial management practices, which in turn reduce financial stress. Their

research indicated that students with higher financial literacy are less likely to
 9

experience financial distress due to their ability to budget, save, and manage debt

effectively.

Financial Literacy and Mental Health

Financial literacy not only reduces financial stress but also positively impacts

mental health. Heckman, Lim, and Montalto (2017) found that financial literacy programs

aimed at college student’s significantly decreased anxiety and depression related to

financial issues. By empowering students with financial knowledge, these programs help

mitigate the negative mental health effects of financial stress.

Impact of Financial Education Programs

Educational interventions designed to improve financial literacy have proven

effective in reducing financial stress among college students. Collins and Urban (2020)

reviewed various financial education programs and concluded that these initiatives

significantly enhance students' financial knowledge and management skills, thereby

reducing financial stress and improving mental health outcomes. The study highlighted that

targeted financial literacy education tailored to students' specific needs is particularly

effective.

The Interplay between Financial Literacy, Financial Behavior, and Stress

Research by Xiao, Chen, and Chen (2018) explored the relationship between

financial literacy, financial behaviors, and financial stress. Their findings suggested that

financial literacy positively influences financial behaviors, such as budgeting and saving,

which directly reduce financial stress. Improved financial behaviors resulting from
 10

increased financial literacy contribute to better mental health by alleviating the pressure

associated with financial uncertainties.

Longitudinal Effects of Financial Literacy

The long-term benefits of financial literacy on financial stress and mental health

have been documented in several studies. Serido et al. (2018) conducted a longitudinal

study that tracked college students over several years, finding that those with higher

financial literacy at the start of their college education experienced lower levels of

financial stress and better mental health over time. This research underscores the enduring

impact of financial literacy on reducing financial stress and promoting mental well-being.

The Influence of Socioeconomic Factors

Socioeconomic factors play a significant role in the relationship between financial

literacy and financial stress. Research by Shim, Xiao, Barber, and Lyons (2019) indicated

that students from lower socioeconomic backgrounds benefit more from financial literacy

programs due to their higher initial levels of financial stress. These programs help level the

playing field by providing essential financial knowledge that these students might

otherwise lack.

Financial Stress and Anxiety

Financial stress is directly linked to increased levels of anxiety among college

students. A study by Beiter et al. (2017) found that financial difficulties were among the

top stressors leading to anxiety in students. Financial stressors, including tuition fees,

living expenses, and student loans, contribute significantly to the mental health burden of

students, exacerbating feelings of anxiety .

 11

Prevalence of Anxiety Due to Financial Stress

Several studies have documented the high prevalence of anxiety among college

students facing financial stress. Eisenberg, Lipson, and Posselt (2018) conducted a national

survey revealing that financial stress is a significant predictor of anxiety symptoms among

college students. Their findings indicate that students who struggle with financial issues

are more likely to report higher levels of anxiety compared to their financially secure

peers.

Impact on Academic Performance and Daily Life

The impact of financial stress-induced anxiety on academic performance and daily

life is profound. Richardson, Elliott, and Roberts (2017) found that students experiencing

financial stress and associated anxiety often have lower academic performance due to

difficulties concentrating, increased absenteeism, and decreased engagement in academic

activities. Anxiety can also disrupt students' daily routines and social interactions, further

affecting their mental health.

Coping Mechanisms and Support Systems

The availability and effectiveness of coping mechanisms and support systems play

a crucial role in managing anxiety related to financial stress. According to a study by

Conley, Travers, and Bryant (2020), students who utilize campus mental health services

and financial counseling report lower levels of anxiety. These support systems provide

essential resources and coping strategies that help mitigate the impact of financial stress on

mental health .

Longitudinal Studies on Anxiety and Financial Stress

 12

Longitudinal studies provide insight into the persistent effects of financial stress

on anxiety over time. Salmela-Aro and Read (2020) tracked students over their college

years and found that sustained financial stress is associated with chronic anxiety, which

can have long-term implications for mental health and career outcomes. These findings

highlight the importance of early intervention and continuous support to address financial

stress and its psychological impacts .

Socioeconomic Factors and Anxiety

Socioeconomic background plays a significant role in the relationship between

financial stress and anxiety. Research by Walsemann, Ailshire, and Gee (2018) suggests

that students from lower socioeconomic backgrounds experience higher levels of anxiety

due to greater financial pressures and fewer resources to manage these challenges. This

disparity underscores the need for targeted support for economically disadvantaged

students to help reduce anxiety and promote mental health equity.

Interventions and Recommendations

Effective interventions to reduce anxiety related to financial stress include

financial literacy programs, mental health services, and institutional support. According to

Choi, Gudmunson, and Griesdorn (2019), financial education programs that teach

budgeting, debt management, and financial planning can significantly reduce anxiety by

empowering students with the knowledge and skills to manage their finances. Additionally,

integrating mental health services with financial counseling can provide comprehensive

support for students facing financial stress.

 13

Financial Stress and Depression

The link between financial stress and depression is well-documented.

Eisenberg et al. (2017) noted that financial stress is a significant predictor of depression

among college students. Their research showed that students experiencing financial

difficulties were more likely to exhibit symptoms of depression, such as persistent sadness,

loss of interest in activities, and difficulty concentrating.

Similarly, a study by Lipson et al. (2019) found a strong correlation between

financial stress and depressive symptoms among college students. The study highlighted

that financial concerns, including debt and the inability to afford basic necessities,

significantly contribute to the onset and severity of depression. These findings underscore

the importance of addressing financial stress to improve mental health outcomes for

students.

Interventions and Support

Various interventions have been proposed to mitigate the impact of financial

stress on mental health. According to Richardson et al. (2021), financial literacy programs

can play a crucial role in reducing financial stress among students. Their study

demonstrated that students who participated in financial education programs reported

lower levels of financial stress and better mental health outcomes compared to those who

did not.

Moreover, Hossler et al. (2022) suggested that universities should provide more

comprehensive financial support services, including counseling and emergency financial

 14

assistance. Their research indicated that such support services could significantly alleviate

financial stress and improve students' mental health and academic performance.

Financial Stress and Overall Stress Levels

The connection between financial stress and elevated stress levels is well-

documented. Eisenberg et al. (2017) noted that financial stress is a critical predictor of

overall stress among college students. Their research demonstrated that students facing

financial difficulties are more likely to experience heightened stress levels, characterized

by symptoms such as anxiety, sleep disturbances, and difficulty concentrating.

A study by Montalto et al. (2019) found that financial stress is closely linked to

increased levels of overall stress among college students. The research emphasized that

financial worries can lead to chronic stress, affecting students' physical health, academic

performance, and social relationships.

Similarly, a study by Hossler et al. (2020) revealed that financial stress

significantly contributes to increased stress levels among college students. This study

highlighted that financial stressors, such as debt and the inability to afford basic

necessities, play a significant role in escalating students' overall stress, which can hinder

their academic and personal development.

Financial Stress and Sleep Quality

The relationship between financial stress and poor sleep quality is well-

documented. Eisenberg et al. (2017) found that financial stress is a significant predictor of

poor sleep quality among college students. Their research showed that students facing
 15

financial difficulties are more likely to experience sleep disturbances, including difficulty

falling asleep, frequent awakenings, and non-restorative sleep.

A study by Lusardi et al. (2019) indicated that financial literacy is a critical

factor in mitigating financial stress among students. Students who are more knowledgeable

about managing their finances tend to experience less financial stress, which positively

affects their sleep quality.

Similarly, a study by Adams et al. (2020) highlighted that financial stress

contributes to sleep problems among college students. The study emphasized that the

anxiety and worry associated with financial stress lead to hyper arousal, making it difficult

for students to relax and fall asleep.

Mechanisms Linking Financial Stress to Sleep Quality

Financial stress affects sleep quality through several mechanisms. Richardson et

al. (2021) explained that financial worries increase levels of stress hormones, such as

cortisol, which can disrupt the sleep-wake cycle and reduce sleep quality. Chronic stress

from financial concerns can lead to persistent hyper arousal, making it difficult for students

to achieve restful sleep.

Additionally, Walsemann et al. (2020) found that the mental health impact of

financial stress, including anxiety and depression, is closely linked to sleep disturbances.

Their research suggested that financial stress exacerbates symptoms of anxiety and

depression, which are known to negatively affect sleep quality.

Interventions and Support

 16

Interventions to mitigate financial stress and improve sleep quality among college

students are crucial. According to Gutter and Copur (2022), financial education programs

can significantly reduce financial stress and improve sleep quality. Their study showed that

students who participated in financial literacy workshops reported lower levels of financial

stress and better sleep quality compared to those who did not.

Moreover, Hossler et al. (2021) suggested that universities should provide

comprehensive financial support services, including financial counseling and emergency

aid, to help students manage financial stress. Their research indicated that such support

services could alleviate financial stress and improve sleep quality, leading to better overall

health and academic performance.

Theoretical Framework

The theoretical framework for understanding the impact of financial stress on the

mental health of college students integrates multiple theories and concepts from

psychology, economics, and sociology. This framework aims to elucidate the complex

interactions between financial stressors, coping mechanisms, and mental health outcomes

among college students.

Stress and Coping Theory, proposed by Lazarus and Folkman (1984), posits that

individuals experience stress when they perceive that environmental demands exceed their

resources. Financial stressors such as tuition fees, living expenses, and student loan debt

can trigger stress among college students. Coping mechanisms, including problem-focused

strategies (e.g., seeking financial assistance, budgeting) and emotion-focused strategies

 17

(e.g., seeking social support, positive reframing), mediate the relationship between

financial stress and mental health outcomes.

Financial Strain Theory posits that economic hardship and financial stressors exert

a direct and indirect influence on mental health outcomes. It emphasizes the material and

psychological consequences of financial strain. College students experiencing financial

strain are susceptible to adverse mental health outcomes, including anxiety, depression,

and decreased well-being. Persistent financial stressors exacerbate feelings of uncertainty,

powerlessness, and psychological distress, contributing to poor mental health outcomes.

Social Support Theory suggests that perceived support from interpersonal

relationships can mitigate the negative impact of stress on mental health. It encompasses

emotional, instrumental, and informational support. College students rely on social support

from peers, family, and institutional resources to cope with financial stress. Perceived

social support moderates the relationship between financial stress and mental health

outcomes, with higher levels of support buffering against adverse effects.

 18

Figure 1 shows the illustration of the variables of study: the independent variable

and the dependent variable. The independent variable comprised of monthly expenses,

financial support, and financial literacy. In contrast, the dependent variable focuses on the

anxiety level, depression level, stress level, and sleep quality. The arrow that connects

these variables shows the significant influence of the independent variable, dependent

variable.

Conceptual Framework

Independent Variable Dependent Variable

Mental Health
Financial Stress
 Anxiety Level
 Monthly Expenses
 Depression Level
 Financial Support
 Stress Level
 Financial Literacy
 Sleep Quality

Profile of the Respondents

 Monthly Expenses
 Financial Support
 19

Intervening Variable

Figure 1. Schematic Diagram Showing the Conceptual Framework.

Hypotheses

Ho: There is no significant relationship between the extents of financial stress towards

the mental health of college students.

 20

Chapter II

Methodology

This chapter presents the research design, locale and respondents, sampling

design, research instruments, validity and reliability of instruments, data gathering

procedure and statistical tools and treatment data for the clear understanding in chapter 1

through scrutinizing information.

Research Design

This study used quantitative-correlational research design. Quantitative research

uses objective measurement to gather numeric data that are used to answer questions or test

predetermined hypothesis. It generally required well-controlled setting. Correlational

research is a type of non-experimental research where the researcher employed the data

derived from preexisting variables (Ary et.al, 2006). Quantitative since numeric data were
 21

used to answer the impact of financial stress to mental health of college students. The study

employed a correlation to measure the significant relationship between the financial

stresses to mental health of college students.

Sampling Technique

The sampling technique employed for this study was stratified random sampling.

Respondents were identified from a single school through a stratified random sampling

technique. To identify respondents within the school chosen, researchers first identified the

population of College students per department from First year to Fourth year. By

employing this stratified approach, we aimed to obtain a representative sample that

accurately reflects the distribution of students across different year level levels.

Locale and Respondents of the Study

This study conducted at Notre Dame of Midsayap College, Midsayap,

Cotabato. One-hundred (100) students from First Year to Fourth Year College are

the respondents of this study who are currently enrolled at S. Y. 2023-2024.

Instrumentation

The researchers employed a questionnaire designed by the researcher. This

questionnaire was divided into two main sections. The initial segment focuses on

collecting demographic information from the respondents, specifically regarding their sex,

age, and year level. Respondents indicate their respective details by checking the relevant

options.
 22

The second segment of the instrument is dedicated to the "Impact of Financial

Stress to Mental Health of College Students, comprising three factors: The second part of

the questionnaire contains the extent of financial stress in terms of monthly expenses,

financial support, and financial literacy. The third part of the questionnaire contains the

impact of financial stress to mental health of college students in terms of Anxiety level,

Depression level, Stress level and Sleep Quality. Each of these factors comprises five

individual items, each presenting a unique question for respondents to be rated. The

researchers utilized Likert scale with the description Strongly Agree (5), Agree (4), Neutral

(3), Disagree (2) and Strongly Disagree (1) to express the responses of the respondents.

Data Gathering Procedure

The researchers secured a letter of approval from the Dean of College of Arts and

Sciences Department. Upon approval, the researchers sent a letter to the different Deans of

College department. Once the letter was approved, the researcher made a list of the

respondents by organizing the population based on their department per year level. The

researcher determined the sample size for each stratum to ensure a similar sample size

across subgroups. The researcher randomly selected individuals within each stratum to

form the final sample by performing a draw-lot in each year-level section. The researcher

personally administered the questionnaire to the target respondents. Orientation was made

to explain the purpose of the research, and the respondents were given enough time to read

and understand what was being asked in the questionnaire. Some clarifications were

entertained. Upon completion, the questionnaires were retrieved in less than an hour. It

underwent statistical application after gathering, consolidating, and recording the data.
 23

Statistical Tool and Treatment of Data

The data gathered through the questionnaires was analyzed using the following

appropriate statistical tools to address the research questions: frequency count and

percentage will be used to present the demographic profile of the respondents. Mean

and standard deviation were used to determine the extent of financial stress in terms of

monthly expenses, financial support, and financial literacy, and the impact of financial

stress to mental health of college students in terms of Anxiety level, Depression level,

Stress level and Sleep Quality. Spearman rho will be used to determine the significant

relationship of financial stress to mental health of college students.

REFERENCES

American College Health Association. (2019). National College Health Assessment:

Undergraduate Student Reference Group Executive Summary Spring 2019.

Baker-Smith, C., Coca, V., Goldrick-Rab, S., Looker, E., Richardson, B., & Williams, T.

(2020). #RealCollege 2020: Five years of evidence on campus basic needs

insecurity. The Hope Center for College, Community, and Justice.

Baum, S., & Steele, P. (2019). Student Debt: Who Borrows Most? What Lies Ahead?

Urban Institute.

Chen, R., & Li, Y. (2020). Financial Stress, College Student Academic Performance, and

the Role of Persistence. Journal of Education Finance, 46(1), 18-40.

Choy, S. P. (2019). Tuition Costs of Colleges and Universities. National Center for

Education Statistics.

Cooke, R., Barkham, M., Audin, K., & Bradley, M. (2020). Student debt and its impact on

mental health. Journal of Mental Health, 29(2), 121-128.

 24

Cude, B. J., Lawrence, F. C., Lyons, A. C., Metzger, K., LeJeune, E., Marks, L., &

Machtmes, K. (2020). College students and financial literacy: What they know

and what we need to learn. Journal of Financial Counseling and Planning, 17(1),

101-118.

Eisenberg, D., Lipson, S. K., & Suldo, S. M. (2019). Financial Stress and Mental Health

among College Students: A National Survey. Journal of American College Health,

67(8), 755-762.

Frade, C. (2018). Financial stress and its impact on student mental health. Journal of

College Student Development, 59(3), 250-262.

Friedline, T., Chen, Z., & Morrow, S. (2020). Families' financial stress & well-being: The

importance of the economy and economic environments. Journal of Family and

Economic Issues, 41(4), 631-645.

Goldrick-Rab, S., Richardson, J., & Hernandez, A. (2018). Hungry and homeless in

college: Results from a national study of basic needs insecurity in higher

education. Wisconsin HOPE Lab.

Goldrick-Rab, S., Richardson, J., Schneider, J., Hernandez, A., & Cady, C. (2019). Still

Hungry and Homeless in College. Wisconsin HOPE Lab.

Jones, R. A., Banbury, A., & Varma, S. (2021). Financial stress and its impact on mental

health among university students: A systematic review. Educational Research

Review, 33, 100377.

Lusardi, A., Oggero, N., & Yakoboski, P. (2020). The TIAA Institute-GFLEC Personal

Finance Index: Financial Literacy and Financial Well-being among U.S. Adults.

TIAA Institute.
 25

Mitra, D. (2018). Food and Housing Insecurity in College: A Review of the Literature.

Educational Researcher, 47(7), 413-424.

Robbins, A., Gilbert, P., & Murphy, M. (2018). Part-time Work and Academic

Performance: The Impact of Financial Stress. Journal of Education Finance, 44(1),

1-20.

Rogers, J., Rogers, K., & Jones, R. (2021). Financial stress and its impact on students'

academic success and mental health. Journal of Student Financial Aid, 51(2), 125-

145.

Walsemann, K. M., Gee, G. C., & Geronimus, A. T. (2019). Accumulating Disadvantage

over the Life Course: Evidence from a Longitudinal Study Investigating the

Relationship between Educational Advantage in Youth and Health in Middle Age.

Research on Aging, 41(8), 772-797.

Xiao, J. J., Tang, C., & Shim, S. (2017). Acting for happiness: Financial behavior and life

satisfaction of college students. Social Indicators Research, 133(1), 205-222.