FINANCIAL STRESS, SELF-EFFICACY AND FINANCIAL HELP-SEEKING BEHAVIOUR AMONG COLLEGE STUDENTS DURING PANDEMIC

Peggy G.H. Kasenda, Grace F. Kaparang, Anthony Pangemanan, Shapely S. Ambalao

Abstract


Abstract: Psychological resilience has been challenged along with the pandemic and college students are vulnerable to experience financial stress. This study aims to analyze the financial stress, self-efficacy and financial help seeking behavior in college students during the pandemic. This cross-sectional design study, using a reliable online questionnaire and Spearman correlation as statistical treatment. The majority of participants experienced moderate financial stress, with high financial self-efficacy, did not seek any financial assistance, but willing to seek financial assistance. The results of the Spearman's rho correlation test showed that financial stress had a significant weak positive relationship with the financial help seeking behavior (r=.120; p=.013<.05) and had a significant weak negative relationship with intention to seek financial help (r=-.269; p=.001<.05). Financial stress was not significantly correlated with financial self-efficacy. Finally, financial self-efficacy was not significantly correlated with financial help seeking behavior and intention to seek financial help. It is recommended for higher education institutions, especially the economics and business faculties to provide counseling on personal financial management for students who intended to seek financial assistance. Future research can focus on the factors that influence financial stress and how they can overcome it in both qualitative and quantitative approaches

Abstrak: Ketahanan psikologis telah ditantang seiring dengan pandemi dan mahasiswa rentan mengalami tekanan finansial. Penelitian ini bertujuan untuk menganalisis stres keuangan, efikasi diri dan perilaku mencari bantuan keuangan pada mahasiswa selama pandemi. Studi desain cross-sectional ini, menggunakan kuesioner online yang andal dan korelasi Spearman sebagai perlakuan statistik. Mayoritas peserta mengalami stres keuangan sedang, dengan self-efficacy keuangan yang tinggi, tidak mencari bantuan keuangan, tetapi bersedia untuk mencari bantuan keuangan. Hasil uji korelasi Spearman's rho menunjukkan bahwa stres keuangan memiliki hubungan positif lemah yang signifikan dengan perilaku mencari bantuan keuangan (r=.120; p=.013<.05) dan memiliki hubungan negatif lemah yang signifikan dengan niat mencari bantuan keuangan. bantuan (r=-.269; p=.001<.05). Stres finansial tidak berkorelasi signifikan dengan self-efficacy finansial. Akhirnya, self-efficacy keuangan tidak secara signifikan berkorelasi dengan perilaku mencari bantuan keuangan dan niat untuk mencari bantuan keuangan. Disarankan kepada institusi pendidikan tinggi khususnya fakultas ekonomi dan bisnis untuk memberikan penyuluhan tentang pengelolaan keuangan pribadi bagi mahasiswa yang hendak mencari bantuan keuangan. Penelitian di masa depan dapat fokus pada faktor-faktor yang mempengaruhi tekanan keuangan dan bagaimana mereka dapat mengatasinya baik dalam pendekatan kualitatif maupun kuantitatif

Full Text:

PDF

References


Alas, R., Übius, U., Lorents, P., & Matsak, E. (2017). Corporate Social Responsibility In European And Asian Countries. Jurnal Manajemen Bisnis Dan Inovasi (JMBI) UNSRAT Vol. 4 No. 1

Al Dhaheri, A. S., Bataineh, M. F., Mohamad, M. N., Ajab, A., Marzouqi, A. Al, Jarrar, A. H., Habib-Mourad, C., Jamous, D. O. A., Ali, H. I., Sabbah, H. Al, Hasan, H., Stojanovska, L., Hashim, M., Elhameed, O. A. A., Obaid, R. R. S., ElFeky, S., Saleh, S. T., Osaili, T. M., & Ismail, L. C. (2021). Impact of COVID-19 on mental health and quality of life: Is there any effect? A cross-sectional study of the MENA region. PLOS ONE, 16(3), e0249107. https://doi.org/10.1371/JOURNAL.PONE.0249107

Arofah, A. A. (2019). Financial Literacy, Self-Efficacy, and Financial Behaviour of College Students. International Journal of Pedagogy and Teacher Education, 3(2), 129–138. https://doi.org/10.20961/IJPTE.V3I2.17546

Britt, S. L., Canale, A., Fernatt, F., Stutz, K., & Tibbetts, R. (2015). Financial Stress and Financial Counseling: Helping College Students. Journal of Financial Counseling and Planning, 26(2), 172–186.

Geraldo, S., & Evelyn. (2020). FINANCIAL HELP SEEKING BEHAVIOR PADA MAHASISWA DI SURABAYA. Jurnal Ilmiah Manajemen, 10(1). https://doi.org/10.22441/mix.2020.v10i1.003

Grable, J., & Joo, S.-H. (1999). (PDF) Financial help-seeking behavior: Theory and implications. Journal of Financial Counseling and Planning , 10(1). https://www.researchgate.net/publication/228607390_Financial_help-seeking_behavior_Theory_and_implications

Grable, J., & Joo, S.-H. (2001). (PDF) A Further Examination Of Financial Help-Seeking Behavior. Journal of Financial Counseling and Planning, 12(1). https://www.researchgate.net/publication/252688313_A_Further_Examination_Of_Financial_Help-Seeking_Behavior

Grabmeier, J., McDaniel, A., & Montalto, C. (2015). 70 percent of college students stressed about finances. https://news.osu.edu/70-percent-of-college-students-stressed-about-finances/

Haney, M. (2015). The Impact of Financial Burden and Employment on Student Employment Turnover and Dropout Intentions. https://thescholarship.ecu.edu/handle/10342/4800

Heckman, S., Lim, H., & Montalto, C. (2014). Factors Related to Financial Stress among College Students. Journal of Financial Therapy, 5(1), 3. https://doi.org/10.4148/1944-9771.1063

Heo, W., Cho, S. H., & Lee, P. (2020). APR Financial Stress Scale: Development and Validation of a Multidimensional Measurement. Journal of Financial Therapy, 11(1), 2. https://doi.org/10.4148/1944-9771.1216

Karamoy, H., & Tulung, J. E. (2020). The Effect of Banking Risk on Indonesian Regional Development Bank. Banks and Bank Systems, 15(2), 130-137

Johnson, C. (2020). Research Brief: Financial Stress Amplified: Data From the COVID-19 Pandemic - AFCPE. https://www.afcpe.org/news-and-publications/the-standard/1st-quarter-2021/research-brief-financial-stress-amplified-data-from-the-covid-19-pandemic/

Letkiewicz, J. C., Domian, D. L., Robinson, C., & Uborceva, N. (2014). Self-Efficacy, Financial Stress, and the Decision to Seek Professional Financial Planning Help.

Lim, H., Heckman, S. J., Letkiewicz, J. C., & Montalto, C. P. (2014). Financial Stress, Self-Efficacy, and Financial Help-Seeking Behavior of College Students. Journal of Financial Counseling and Planning, 25(2), 148–160.

Melbourne Institute. (n.d.). Three in ten financially stressed over impact of COVID-19. Retrieved September 1, 2021, from https://melbourneinstitute.unimelb.edu.au/news/news/three-in-ten-financially-stressed-over-impact-of-covid-19

Mojambo, G. A., Tulung, J. E., & Saerang, R. T. (2020). The Influence of Top Management Team (TMT) Characteristics Toward Indonesian Banks Financial Performance During the Digital Era (2014-2018). JMBI UNSRAT (Jurnal Ilmiah Manajemen Bisnis dan Inovasi Universitas Sam Ratulangi)., 7(1). 1-25

Moore, A., Nguyen, A., Rivas, S., Bany-Mohammed, A., Majeika, J., & Martinez, L. (2021). A qualitative examination of the impacts of financial stress on college students’ well-being: Insights from a large, private institution. SAGE Open Medicine, 9, 20503121211018120. https://doi.org/10.1177/20503121211018122

Noor, N., Batool, I., & Arshad, H. M. (2020). Financial literacy, financial self-efficacy and financial account ownership behavior in Pakistan. Http://Www.Editorialmanager.Com/Cogentecon, 8(1). https://doi.org/10.1080/23322039.2020.1806479

Polit, D. F., & Beck, C. T. (2012). Nursing Research: Generating and Assessing Evidence for Nursing Practice. Lippincott Williams and Wilkins.

Putri, T. M. (2018). FAKTOR-FAKTOR YANG MEMPENGARUHI FINANCIAL STRESS MAHASISWA PENDIDIKAN EKONOMI UNIVERSITAS NEGERI YOGYAKARTA [Univeristas Negeri Yogyakarta]. http://eprints.uny.ac.id/63196/1/SKRIPSI_TIKA MARDIANA PUTRI.pdf

Robillard, R., Saad, M., Edwards, J., Solomonova, Pennestri, M., Daros, A., Veissière, S., Quilty, L., Dion, K., Nixon, A., Phillips, J., Bhatla, R., Spilg, E., Godbout, R., Yazji, B., Rushton, C., Gifford, A., Gautam, A., Boafo, A., … Kendzerska, T. (2020). Social, financial and psychological stress during an emerging pandemic: observations from a population survey in the acute phase of COVID-19. BMJ Open, 10(12). https://doi.org/10.1136/BMJOPEN-2020-043805

Sina, P. G., & Raturomon, L. T. (2012). Analisis Stres Finansial Pada Gender. Jurnal Ekonomi & Pendidikan, 9.

Taber, K. S. (2018). The Use of Cronbach’s Alpha When Developing and Reporting Research Instruments in Science Education. Research in Science Education, 48(6), 1273–1296. https://doi.org/10.1007/S11165-016-9602-2/TABLES/1

Tesfaw, A. A., & Yitayih, T. T. (2018). A Study on Financial Stress and Coping Strategies among Students in Rift Valley University, Ethiopia National Disaster Risk Management Commission, Ethiopia 2. Humanity & Social Sciences Journal, 13(1), 1–10. https://doi.org/10.5829/idosi.hssj.2018.01.10

Tran, A. G. T. T., Lam, C. K., & Legg, E. (2018). Financial Stress, Social Supports, Gender, and Anxiety During College: A Stress-Buffering Perspective. The Counseling Psychologist, 46(7), 846–869. https://doi.org/10.1177/0011000018806687

Trombitas, K. (2012). Financial Stress: An Everyday Reality for College Students. https://www.inceptia.org/PDF/Inceptia_FinancialStress_whitepaper.pdf

Wang, C., Pan, R., Wan, X., Tan, Y., Xu, L., Ho, C. S., & Ho, R. C. (2020). Immediate psychological responses and associated factors during the initial stage of the 2019 coronavirus disease (COVID-19) epidemic among the general population in China. International Journal of Environmental Research and Public Health, 17(5). https://doi.org/10.3390/IJERPH17051729




DOI: https://doi.org/10.35794/jmbi.v9i1.40983

Refbacks

  • There are currently no refbacks.


View My Stats

 

 Creative Commons License
This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.