Financial stress among college students: New data about student loan debt, lack of emergency savings, social and personal resources

IF 2.5 3区经济学 Q3 BUSINESS

Journal of Consumer Affairs Pub Date : 2024-04-25 DOI:10.1111/joca.12581

Rachel Danahy, Cäzilia Loibl, Catherine P. Montalto, Dean Lillard

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Abstract

We provide updated results about the link between student loan debt and emergency savings with financial stress, and after conditioning for differences in social and personal resources. We use the stress process model framework and data from the 2020 Study on Collegiate Financial Wellness (N = 25,310) to estimate ordered probit regression models. The 2020 data confirm that students report higher levels of stress if they hold more loan debt and have lower emergency savings. Students with higher levels of financial socialization and financial self-efficacy experience less financial stress and experience more stress when they report both positive and negative financial management behaviors. Among student-borrowers, the role of social and personal resources is weakened. The data confirm ongoing financial stress among college students and points to the important role of financial socialization through parents and financial skill in students' ability to cope with financial stress.

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大学生的经济压力：有关学生贷款债务、缺乏应急储蓄、社会和个人资源的新数据

我们提供了关于学生贷款债务和紧急储蓄与财务压力之间的联系的最新结果，并对社会和个人资源的差异进行了调节。我们使用压力过程模型框架和来自 2020 年大学生财务健康研究（N = 25,310 人）的数据来估计有序 probit 回归模型。2020 年的数据证实，如果学生持有较多的贷款债务和较少的应急储蓄，他们的压力水平会更高。财务社会化程度和财务自我效能感较高的学生所承受的财务压力较小，而同时报告积极和消极财务管理行为的学生所承受的压力较大。在学生借款人中，社会和个人资源的作用被削弱。这些数据证实了大学生中持续存在的财务压力，并指出通过父母实现的财务社会化和财务技能在学生应对财务压力的能力方面发挥着重要作用。

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来源期刊

Journal of Consumer Affairs Multiple-

CiteScore

4.60

自引率

17.90%

发文量

期刊介绍： The ISI impact score of Journal of Consumer Affairs now places it among the leading business journals and one of the top handful of marketing- related publications. The immediacy index score, showing how swiftly the published studies are cited or applied in other publications, places JCA seventh of those same 77 journals. More importantly, in these difficult economic times, JCA is the leading journal whose focus for over four decades has been on the interests of consumers in the marketplace. With the journal"s origins in the consumer movement and consumer protection concerns, the focus for papers in terms of both research questions and implications must involve the consumer"s interest and topics must be addressed from the consumers point of view.