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Financial Problem affecting Students’ Academic Performance

By: Malaya P. Negad

Krisha Mae Guirindola

Introduction

Education plays it’s important role as part of a human being. It’s considered as a
part of human development and ensures that the knowledge and skills is being applied for them to
increase their productivity and the improvement of the quality of their life (Saxton 2000).
Universities, colleges and schools are said to be worthless without the students. As we all know,
students are considered as the assets for any educational institutions. Students’ academic
performance plays its vital role for social and development of the economy of a particular country
that is directly linked (Ali et.al, 2009). Student’s academic performance became the basis where
in education perform its part for every student’s progress. It serves as the top priority for the
educator. As time goes by, every individual’s necessities level up where in money serve as a
solution. Financial Problem being one of the factor, may affect the performance of a student that
will cause some of the negative impacts. This also become one of the source of concern to
researcher as observed that academic performance of students are slowly declining due to this
factor.

Background of the study

In this period of globalization, education is known to be the first step in every


individual activity. It has a significant role in an individual’s well-being and development of the
human capital (Battle &Lewis, 2002).

As student’s starts its pace to enter the field of education, some factors may affect
its academic achievement, specifically, financial problem. Long & Riley (2007) stated that this
may lead to an experience of financial stress in every student. It may affect their academic
performance as well as their physical and mental well-being (Bodvarsson and Walker, 2004).

The basic needs of a student are not only about their terms of food, shelter, clothing
and energy. In an academic institution, those mentioned needs are being extended due to other
expenses such as the cost of transportation, health care, miscellaneous expenses in school and more
importantly, for information and communication technology (ICT). The aforementioned
expenditures make them difficult to sustain feeding their needs for they don’t have enough money
to do so.

As a role of globalization, it did its part by helping the students’, especially those
who are in need through the help of national organizations and Non-government organization, to
lessen their financial problems. It also enables to share its knowledge and strategy on how to lift
the country from the situation that they encounter such as the financial problem of students.

Theoretical views

A psychology theory guided this study. According to Seyle (1974) a stress is


something that an individual may suffer which also serves as the reaction to the external demands.

A kind of stress is what a student may experience for the reason of exposure of
mind in terms of financial problems. Financial stress is what a student may suffer that is defined
by Davis and Manter (2004) as a type of feeling that is uncomfortable for not being able to meet
the financial obligation and the needs of life. It may also include student financial problem for
payments in any miscellaneous expenses and tuition. In this kind of situation, the student’s
wellness is being affected due to financial negativity.

Being associated with an increased level of stress this become a concern because
of the negative health outcome of a particular student. Financial stress theory stated that a student
encountering financial problem may result in lowering self-esteem. It reduces mental health and
increase the possibility of depression. This also tends to lower the physical health of a particular
student such as suffering from headaches, insomnia, and depression that may affect the physical
health (The Consequences of Stress, 2004)

Coping refers to the way an individual behave as an attempt to protect themselves


from stress. Due to lack of money which serves as the cause of financial stress, what serve as the
coping strategy is that the students must know how to lessen their needs and wants that serves as
their expenses.
BODY

The financial status is commonly determined by the combination of parent’s


educational level, occupational status and their income level (Jeynes, 2002; McMillan & Western,
200). These also considered as one of the major factor being studied that may affect the academic
performance. Though there are instances wherein life proves that general intelligence may predict
significant success and achievements in life, (Neisser et al., 1996) it is imperative to consider the
motivations and factors which also contributes to a student’s academic performance. In this
globalized world, one of the things that is most wanted and always used is money. Financial
capability often determine the quality of education which one could acquire, and in few occasions
its status motivates students which later on relates to their academic performance.

For some students, the power of having everything that they want contributes to
their performance in class. Like for instance, a student from a middle class family could acquire
modern gadgets where he could surf the internet anytime for his school assignments, projects, and
other compliance. They could also have a more modernized output due to adaptation from other
foreign countries’ ideas and experiences for they have enough amount of money to spend in order
to fulfill their needs in education. On the other hand, students who can’t afford these kind of
technologies refer to a more traditional way of acquiring information and ideas. Most often, they
would also be the one to provide for their education. In these cases, problems on schedule and
health comes in which later in affects the performance of a student in class.

The financial worry may affect their performance in class for their attention is
divided. Aside from their problems in accomplishing the task required to be submitted, they also
became worried as to how they are going to finance their learning materials (Sander, 2012).
Satisfying the needs of every student, especially to their education can boost their confidence but
due to the low socio-economic status of family this result to a poor performance of a student
(Dubey 1984). It is also believed that having a low financial status negatively affect students that
may result to prevent access to vital resources and may create additional stress at home (Eamon
2005; Jeynes, 2002).

A survey found out that a student experiencing financial stress is due to their
personal finances. It also proves that finances negatively influence their academic performances
and progress (Trombitas, 2012). The basic needs of every student does not only end with his
personal needs but also for their education. Due to this factor a contradictory relationship between
stress and persistence that may resulted in a high risk of dropping out in school or having negative
impact to the student’s grade (Joo et al., 2008).

Financial status of parents may not only affect the performance of student but also
to compete and join the environment with high financial status (Hill et al., 2004). National Policy
Education (2004) stated, that the main goal of government is to free the education of student in all
level, wherein financing the education will serve as the responsibility of the states, local
government and even the private sectors. In this kind of responsibility, they also encourage those
under the local non-government organization and communities to participate and be part of
financing the education of student.

Social economic development of a nation starts from the education acquired (Ali et
al., 2009), and lessons learned of a student from his alma mater. Moreover, financial capability of
a student also determine their motivation and contributes their sense of purpose of education.
Regardless when some students are more excited to come in class with a modernized output, there
are also students who take their financial incapability as a motivation to strive harder and achieve
higher on their lives.

CONCLUSION

Taken together, the financial findings manifests the fact that who are financially
challenged are more likely to be distracted while studying, most especially to those who has to
divide their days as for studying and attending part-time jobs to sustain their needs at school.
Worries for their basic needs when they got home, problems regarding the learning materials and
books needed to be purchased, most especially those that are compulsory to be bought, and the
stress they acquire from all these worries. All previously mentioned contribute in affecting the
students’ academic performance negatively.

In this regard, we could conclude that, in as much as students’ want to focus on their studies and
provide those learning materials which could help them become more productive at school and
efficient while learning, they still have to consider their finances and the consequences they have
to face if they fail to keep track of their expenses. Determining the institution where the student
will enroll is one of the most important decision and must be properly plan in terms of financial
status. Through research, we can start to make a new beginning as part in planning about what is
best for every student in terms of his financial status in life because money already matters and
can be a guide to make things easier.
References:

Ali et.al 2009 Retrieved from https://globaljournals.org/GJMBR_Volume12/3-Factors-Affecting


-Students-Academic.pdf pp.2

Battle & Lewis 2002 Retrieved from https://files.eric.ed.gov/fulltext/EJ1079600.pdf pp.55

Long & Riley, 2007 Retrieved from


https://cpr.indiana.edu/uploads/ASHE13FosnachtDongFinancialstress.pdf pp. 4

Bodvarsson and Walker, 2004 Retrieved from


https://www.ajol.info/index.php/afrrev/article/viewFile/101331/90521 pp. 87

Seyle 1974 Retrieved from


https://cpr.indiana.edu/uploads/ASHE13FosnachtDongFinancialstress.pdf pp.7

Davis and Manter 2004 Retrieved from


https://cpr.indiana.edu/uploads/ASHE13FosnachtDongFinancialstress.pdf pp7-8

The Consequences of stress to Individuals, families and society 2004 Retrieved from
https://www.researchgate.net/publication/229052873_The_Consequences_of_Financial_Stress_f
or_Individuals_Families_and Society pp.5-6

Neisser et al., 1996 Retrieved from


https://www.researchgate.net/publication/228356395_Intelligence_Knowns_and_unknowns

Dubey 1984 Retrieved from


https://www.academia.edu/16591981/Financial_Status_and_Academic_Performance

Eamon 2005; Jeynes, 2002 Retrieved from


https://www.academia.edu/16591981/Financial_Status_and_Academic_Performance

Trombitas 2012 Retrieved from


https://www.inceptia.org/PDF/Inceptia_FinancialStress_whitepaper.pdf

Hill et al., 2004 Retrieved from https://www.apa.org/pubs/journals/releases/dev453740.pdf pp.


740
National Policy Education 2004 Retrieved from
http://wbgfiles.worldbank.org/documents/hdn/ed/saber/supporting_doc/AFR/Nigeria/TCH/National%2
0Policy%20on%20Education.pdf pp.4

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