In the dynamic landscape of college life, anxiety and stress have become pervasive concerns among students. Recent data from college counseling centers reveals that anxiety and stress are the top two issues reported by students (Center for Collegiate Mental Health [CCMH], 2016). What’s more, financial stress has emerged as a significant contributor to the mental health challenges faced by this demographic. Approximately seven out of 10 college students admit to grappling with stress related to their personal finances (Heckman, Lim, & Montalto, 2014). This article explores the intricate relationship between financial stress, social support, and general anxiety among college students, shedding light on a crucial but understudied aspect of their well-being.
Financial stress is not a novel concern for adults, with nearly three-quarters of the general population in the United States reporting stress related to money (American Psychological Association [APA], 2015, 2016). However, young adults, particularly college students, are experiencing some of the highest levels of financial stress. The myriad of financial stressors includes living expenses, tuition, credit card debt, student loans, work–school–life balance, family financial pressures, and uncertainties about post-graduation employment (Beiter et al., 2015; Heckman et al., 2014; London, 1989; Nelson et al., 2008; Wisconsin HOPE Lab, 2016).
At the same time, college students are grappling with unprecedented levels of general anxiety. Over 61.9% of students report experiencing overwhelming anxiety in the past year, with 26.5% indicating that it has negatively impacted their academic performance (ACHA, 2017). Notably, there is a gender difference, with female students reporting a significantly higher rate of overwhelming anxiety compared to their male counterparts (67.7% vs. 47.4%; ACHA, 2017).
The intersection of financial stress and mental health is a critical area of study. Research suggests a strong link between financial stressors and mental health issues, including anxiety and depression (APA, 2015; Kahn & Pearlin, 2006; Tran et al., 2018). Shockingly, a multisite investigation found that 78% of college students who attempted suicide cited financial stress as a contributing factor (Westefeld et al., 2005). Moreover, financial stress has been linked to adverse academic outcomes, such as reduced course loads, dropout rates, and lower academic performance (Dwyer, Hodson, & McLoud, 2013; Joo, Bagwell Durband, & Grable, 2008).
Enter the stress–coping perspective, which emphasizes that the mere presence of stress doesn’t guarantee adverse health outcomes. Adaptive coping mechanisms, particularly social support, can play a pivotal role in mitigating the impact of stress (Lazarus & Folkman, 1984; Cohen & Wills, 1985; Pearlin & Schooler, 1978; Thoits, 1995). Social support can manifest in tangible, informational, and emotional forms, providing resources, guidance, and comfort during challenging times (Peirce et al., 1996; Shor et al., 2013; Thoits, 1995).
Evidence suggests that emotional social support is associated with lower stress and stress-based depression symptoms (APA, 2015). Meta-analyses on social support and mortality highlight an 11% lower risk of death for individuals with high social support compared to those with low levels of support (Shor et al., 2013). Particularly, support from family or kin networks has been identified as a robust promoter of well-being, surpassing the benefits derived from support by friends or acquaintances (Shor et al., 2013).
In the context of college students, where financial stress is on the rise, the role of social support, especially from family, gains prominence. The study, utilizing a moderated moderation model, delves into whether social support, both general and perceived family support, acts as a buffer against the relationship between financial stress and general anxiety, and if gender differences play a role in this dynamic.
As financial burdens in college garner national attention, understanding the nuanced interplay between financial stress, social support, and anxiety is crucial. This study contributes to filling the research gap, emphasizing the importance of recognizing and addressing financial stressors among college students to safeguard their mental well-being.
Article from Dr. Tran, Dr. Lam, and Dr. Legg: https://journals.sagepub.com/doi/epub/10.1177/0011000018806687