Ohio State University reported that 70% of college students worry about financial issues. University students must pay tuition fees, rent, textbooks, and other living expenses. Increasing rent, tuition fees, and other expenses leave students anxious, confused, and frustrated. Financial pressures make many things seem difficult to accomplish and require a high level of risk-taking when making decisions.
Zwart (n.d.) states that financial stress can lead to mental health problems, academic challenges, increased dropout rates, and overwork among university students. Dropping out of the university may solve financial problems in the short term, but it seems detrimental to one’s academic and career path in the long term.
Students face many problems when trying to solve their financial problems. Firstly, entry-level jobs usually do not pay well, and some students work many part-time jobs to get a good credit report. Spending too much time and effort on a part-time job can affect academic performance at university. Secondly, some students take out loans. Scholarship America (2019) points out that many students worry about how they will pay their tuition fees and how they will be able to repay these debts in the future. Thirdly, many students have lost their jobs because of the pandemic. It not only adds to the financial stress of the students but also the psychological stress.
In this lesson, students will learn how to manage expenses and find techniques to address financial stress.
Activity – Case Study Discussion
Join the Discord Server and follow the case study group discussion instructions in the case study discussion channel.