Download or read book The Influences of Financial Self efficacy and Financial Socialization on College Students Financial Stress and Coping written by Randy J. Kemnitz and published by . This book was released on 2018 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: There were 19.8 million college students in the U.S. in the fall of 2017 (NCES, 2017). These students face many challenges and opportunities including new social networks, enhanced academic pressures, new living arrangement and new financial responsibilities. Many of these students have had positive role models who have socialized them through discussion and example (Shim, Barber, Card, Xiao, & Serido, 2010). These role models may have instilled positive self-efficacy in these students as well helping to prepare the students for the many challenges and opportunities in college. Some students have not had those role models. This research seeks to understand the impact of positive socialization and self-efficacy on students' feelings of financial stress and then on their choices of how to cope with that stress. The financial challenges of paying for college are well publicized with 44.2 million Americans currently owing over $1.48 trillion in student loan debt (NCES, 2017). In this study, the impact of these financial challenges is viewed through the lens of the Transactional Model of Stress and Coping Theory which proposes that stress is an individual perception influenced by that individual's sense of threat, vulnerability, and ability to cope (Lazarus & Folkman, 1984). There are two sets of empirical models; the first examines the influences in the appraisal process on perceptions of financial stress using OLS regression with the second empirical model examining the influences on their coping choices using logistic regression. Both models control for influences on stress and coping choices including demographic, socio-economic and academic factors. The results inform how financial self-efficacy and financial socialization influence financial stress as they suggest the importance of enabling financial self-efficacy by parents, educators and other leaders of children.

Download or read book The Influence of Financial Self Efficacy and Financial Socialization on Student s Financial Stress and Coping Choices written by Randy Kemnitz and published by . This book was released on 2018 with total page 3 pages. Available in PDF, EPUB and Kindle. Book excerpt: College is the overwhelming choice for high school graduates in the United States with over 2.2 million 2016 high school graduates enrolled in college (BLS, 2016). Those 2.2 million students represent about 70% of 2016 high school graduates (BLS, 2016). These new undergraduate college students face considerable opportunities and challenges. The many changes facing college students have been termed ecological transitions (Bronfenbrenner, 1979). The ecological transitions facing college students include less parental supervision, more autonomy and new interpersonal relationships (Holinka, 2015). Increased academic expectations, both real and perceived, influence feelings of stress (Holinka, 2015). The rate of increase in college student stress has been described as “alarming” (King, Vidourek, Merianous, & Singh, 2014, p. 133).The initiators of this stress, stressors, take many forms including academic pressures and lifestyle changes (Friedlander, Reid, Shupak, & Cribbie, 2007). It is well documented these academic and lifestyle changes do indeed create a feeling of stress in many college students (King, Vidourek, Merianous, & Singh, 2014). The negative impact of stress on health includes decreased mental acuity, depression, suicide and many physical ailments including musculoskeletal disorders (Bauer, Chesin, & Jeglic, 2014; Ekpenyong, Daniel, & Aribo, 2013; Lester, 2014; Pedersen, 2012; Pelletier, Lytle, & Laska, 2016). Students often choose to cope with their stress with risky lifestyle choices such as binge drinking, drug use and promiscuity (Lester, 2014; Pedersen, 2012; Pelletier, Lytle, & Laska, 2016).Feelings of stress have been shown to be mitigated by high levels of self-efficacy. Self-efficacy is the belief that a person can accomplish what they set out to do (Bandura, 1997). Similarly, feelings of stress can be mitigated by positive socialization by parents, other family members, teachers and social networks. The impact of stress is considerable and well documented. This research seeks to further understand how a student's financial self-efficacy and financial socialization may impact those feelings of financial stress and their coping choices. This deeper understanding may provide insight into the steps parents, educators, counselors and others may take to mitigate a college student's sense of financial stress thus limited their feeling of need to choose adverse coping options.

Download or read book Financial Counseling written by Dorothy B. Durband and published by Springer. This book was released on 2018-10-16 with total page 244 pages. Available in PDF, EPUB and Kindle. Book excerpt: "This text is a valuable new resource that we recommend for all of our professionals and are proud to incorporate as part of our AFC® certification program. With expertise representing the breadth and depth of the financial counseling profession, the content in this text provides you with a rigorous foundation of knowledge, considers critical theoretical models, and explores foundational skills of communication, self-awareness, and bias. This type of comprehensive approach aligns with our mission and vision—providing you with the foundational knowledge to meet clients where they are across the financial life-cycle and impact long-term financial capability." -Rebecca Wiggins, Executive Director, AFCPE® (Association for Financial Counseling and Planning Education®) This timely volume presents a comprehensive overview of financial counseling skills in accessible, practical detail for readers throughout the career span. Expert financial counselors, educators, and researchers refer to classic and current theories for up-to-date instruction on building long-term client competence, working with clients of diverse backgrounds, addressing problem financial behavior, and approaching sensitive topics. From these core components, readers have a choice of integrated frameworks for guiding clients in critical areas of financial decision-making. This essential work: · Offers an introduction to financial counseling as a practice and profession · Discusses the challenges of working in financial counseling · Explores the elements of the client/counselor relationship · Compares delivery systems and practice models · Features effective tools and resources used in financial counseling · Encourages counselor ethics, preparedness, and self-awareness A standout in professional development references, Financial Counseling equips students and new professionals to better understand this demanding field, and offers seasoned veterans a robust refresher course in current best practices.

Download or read book The Influence of Financial Socialization on Young Adults written by Christina Elaine Glenn and published by . This book was released on 2018 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: College is a time when many young adults are beginning to make financial decisions on their own. The financial behaviors they engage in can have effects on their academic success, life satisfaction, relationship quality, physical and mental well-being, and financial well-being. This dissertation examined the direct and indirect relationships between financial socialization, financial knowledge, financial self-efficacy, and financial behaviors in college students using data from the 2014 National Student Financial Wellness Study (NSFWS). The sample consisted of 12,598 college students from 52 college institutions. Structural Equation Modeling (SEM) was conducted with the tested model guided by Gudmunson and Danes' (2014) Family Financial Socialization (FFS) conceptual framework. Results revealed financial socialization has a direct influence on financial knowledge, financial self-efficacy, and financial behaviors. An indirect association between financial socialization and financial behaviors through its association with financial self-efficacy was also found. Alternative models discovered neither parental financial socialization nor formal financial education alone impacted financial knowledge, but when combined, their influence became significant, suggesting a possible interaction effect between formal financial education and parental financial socialization. Objective financial knowledge was not found to influence financial self-efficacy or financial behaviors in college students. Results showed financial self-efficacy to be the strongest predictor of students engaging in positive financial behaviors. A one standard deviation increase in financial self-efficacy was associated with a 90% increase in the standard deviation of financial behavior. This study provides support and implications for the FFS conceptual framework. Financial counselors, advisors, and therapists can use these findings to educate their clients on the importance of financial socialization of their children. Furthermore, results reinforce the need for mandatory formal financial education and infer the importance of parents and educators working together to cultivate financial knowledge in children.

Download or read book Financial Stress Self Efficacy and Financial Help Seeking Behavior of College Students written by HanNa Lim and published by . This book was released on 2014 with total page 13 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial stress and self-efficacy are examined in relationship to college students' financial help-seeking behavior utilizing Grable and Joo's (1999) framework. A cognitive approach is taken by focusing on the moderating role of financial self-efficacy on the relationship between financial stress and financial help-seeking. Data from the 2010 Ohio Student Financial Wellness Survey are analyzed. Logistic regression results indicate that those who are Black, have had a financial education course, have larger current student loan debt, experience higher levels of financial stress, and have high financial self-efficacy tend to seek help from professionals. A moderating role of financial self-efficacy is observed, although the effect is relatively weak. Implications for financial counselors, educators, and practitioners include attention to strategies for reaching populations that underutilize available services, increased effort to reach populations most in need of services, and optimizing opportunities for the inclusion of financial information as an antecedent to productive service provision.

Download or read book First Generation College Student Financial Literacy written by Chio Flores and published by . This book was released on 2014 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The findings provide a greater understanding of the components that influence the financial literacy level of first generation, low-income college students. Based on the study results, recommendations are made for the development of financial literacy education programs for students that address their stage in college, demographic and behavioral patterns.

Download or read book An Examination of the Financial Literacy of California College Students written by Heidi Linn Gilligan and published by . This book was released on 2012 with total page 460 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: The rising costs in tuition and changes in financial aid resources place California Community College (CCC) and California State University (CSU) students in a precarious situation. As students take on more debt in the form ofloans to finance their college education, it is concerning that many may not have a solid understanding of personal financial management strategies or skills. Now, more than ever, it is important that educational leaders take proactive steps to understand the components of financial literacy of California college students. The interplay of financial literacy and increases in tuition are of particular concern at the CCC and CSU as these large public university systems serve many first generation, low income, and minority college students. The purpose of this quantitative study was to refine current knowledge of the financial literacy levels and the potential influences on financial literacy levels of California college students. A conceptual framework was developed utilizing the theories of social capital, self-efficacy, consideration of future consequences and financial stress. This framework guided the development of a survey instrument that included modified or adopted measures of demographic characteristics, financial literacy, financial self-efficacy, consideration of future consequences, and financial stress. The sample included 691 students, approximately 80% California Community College students and nearly 20% California State University college students. The findings revealed that socioeconomic status, race, parental education, and class level influenced the financial literacy scores of California college students. A factor analysis on the modified scales of financial self-efficacy, consideration of future consequences, and financial stress indicated that these instruments are appropriate for use with California college students. A hierarchical regression revealed that race, class level, and consideration of future consequences influenced the financial literacy scores of California college students. The findings provide a greater understanding of the components that influence the financial literacy of California's college students. Based on the results, recommendations are made for the development of financial education programs for college students that address their stage of life, cultural factors, family influence, economic conditions, and behavioral patterns.

Download or read book Influence of Generational Status and Financial Stress on Academic and Career Self efficacy written by Aarika B. Vannatter and published by . This book was released on 2012 with total page 97 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Student Financial Literacy written by Dorothy B. Durband and published by Springer Science & Business Media. This book was released on 2012-03-31 with total page 203 pages. Available in PDF, EPUB and Kindle. Book excerpt: College students are particularly vulnerable to making poor financial decisions. One method of addressing personal finances and financial stress among students of higher education is through university based financial education programs. Student Financial Literacy: Program Development presents effective strategies to assist in the implementation or the enhancement of a program as a tool to improve students’ educational experience and financial well-being. It presents the key components of financial education programs designed to address the growing concerns associated with high levels of debt and low levels of financial literacy among college students. “Student Financial Literacy: Campus-Based Program Development is packed with financial education and counseling information and guidance. It was very difficult to write this review as I wanted to share ALL the excellent direction this book provides... The editors and contributing authors have developed an excellent resource for not only those interested in developing or enhancing a campus-based financial education program but also for anyone involved in financial education, counseling, and planning.” -Rebecca J. Travnichek, Family Financial Education Specialist, University of Missouri Extension Journal of Financial Counseling and Planning

Download or read book Exploring the Effects of Financial Socialization and Trust as it Relates to Financial Well being and Marital Satisfaction Through Stress and Communication Privacy Theories written by Emily Koochel and published by . This book was released on 2020 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial socialization, the formal and informal process of developing values, norms, knowledge, and financial behaviors (Danes, 1994), is an influential agent for how individuals interpret, compute, and communicate about finances. Using Lazarus and Folkman's (1987) Stress and Coping theory and data from the Consumer Financial Protection Bureau's (CFPB) National Financial Well-Being Survey, study one found evidence that stress mediates the relationship of financial skill and socialization on financial well-being, lessening the perceived threat during financial stress. Informed by Petronio's (1991), Communication Privacy Management (CPM) theory, study two collected data on 231 individuals to explore the role of financial socialization in the development of trust. The second study found that the relationship between financial socialization and trust was mediated by financial communication. Study three explored the effect of power and trust on marital satisfaction as individuals engage in financial transparency. Findings suggest that partners' engagement in positive financial behaviors had an effect on their perception of trust and power, which had a direct effect on marital satisfaction. Overall, these studies examined the relationship between financial socialization, communication, and finances. Findings suggest that financial socialization, a lifelong process, has an informative role when processing financial stress and attempting to harmonize financial communication. Further, findings contend that financial partnership plays a critical role in how individuals perceive power when engaging in financial transparency. Continued research to identify factors that influence communication dynamics related to finances will provide additional evidence to inform best practices for financial practitioners and educators.

Download or read book The Relationship Between Financial Knowledge Financial Management and Financial Self Efficacy Among African American Students written by Kenneth White and published by . This book was released on 2019 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The personal finance literature has documented the positive effects of financial knowledge, financial management, and financial self-efficacy on the lives of college students. However, there is a need for a more nuanced examination of how these factors shape financial decision making among African American college students. Using data obtained from the 2014 National Student Financial Wellness Study and structural equation modeling, results indicated that financial knowledge is not directly or indirectly associated with financial self-efficacy for African American students. Only financial management is significantly associated with increased financial self-efficacy. Findings indicate that financial education based on experiential learning may be effective for the well-being of African American students. Further, as the personal finance profession seeks to increase diversity in the field, experiential learning may be the vehicle to attract more African American professionals pursuing financial counseling, planning, and education professions in the future.

Download or read book Emerging Adulthood in a European Context written by Rita Žukauskienė and published by Psychology Press. This book was released on 2015-12-07 with total page 242 pages. Available in PDF, EPUB and Kindle. Book excerpt: Emerging adulthood has been identified as an important developmental stage, characterised by identity exploration, instability and open possibilities, in which young people are no longer adolescents but have not yet attained full adult status. This ground-breaking edited collection is the first book to offer a comprehensive overview of emerging adulthood in a European context, which includes a comparison of findings in 9 different European countries and the USA. Each chapter, written by a leading European researcher, describes the socio-demographic characteristics of emerging adults, reviews the state of the field, synthesises new findings, and provides suggestions for how to move forward in research, interventions, and policy. The book examines how the traditional domain markers of adulthood, such as finishing education and caring for children, have changed. It also highlights how different factors such as gender, working status, living arrangements, romantic status and parental educational background affect the importance assigned to each set of adulthood criteria. The theory of emerging adulthood is further developed by considering how Arnett’s emerging adulthood, Erikson’s early adulthood, and Robinson’s theory of early adult crisis fit together, and data is provided to support the new framework given. The book will be of great interest to researchers interested in these developmental transitions, and to advanced students of Emerging Adulthood on developmental psychology and lifespan courses, and related disciplines.

Download or read book Debt Self efficacy and the Doctoral Psychology Journey written by Kaseem Patrick Foster (Psy.D. candidate at the University of Hartford) and published by . This book was released on 2024 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Although higher education offers a wide degree of benefits, significant disparities exist in doctoral degree attainment for underrepresented minorities. A key contributor to these disparities is the financial demands of pursuing higher education and the stress that is associated with these financial demands. Despite the broad impact that finances have on the doctoral psychology journey little is known about the role that these factors have on academic self-efficacy. This is concerning due to the impact that academic self-efficacy has on academic performance. With the literature and theoretical framework of Social Cognitive Career Theory (SCCT) in mind the following hypothesis were made: Financial stress, debt stress, and perception of socioeconomic status has a significant contribution to academic self-efficacy and that these variables would have a unique impact on academic self-efficacy. Consistent with the hypothesis, financial stress, debt stress, and perceptions of socioeconomic status had a significant impact on academic self-efficacy, however no unique contribution of these variables were found. The implications and future directions of research are discussed.

Download or read book The Effects of Financial Socialization and Financial Literacy on Saving Behaviour of Young Working Adults with Self efficacy as Moderator written by Nur'Amalyna binti Eddrus and published by . This book was released on 2016 with total page 86 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Financial Knowledge is Power written by Alexis Duckett Faison and published by . This book was released on 2019 with total page 65 pages. Available in PDF, EPUB and Kindle. Book excerpt: Personal finances are an essential part of adulthood, yet we find that many Americans have low financial literacy (Financial Industry Regulatory Authority Investor Education Foundation, 2016). This phenomenon is especially true for young adults (18-25 years old) (Lusardi, 2019). Lusardi, Mitchell, and Curto (2009) found that fewer than one-third of young adults possess basic financial knowledge. The present study examined whether financial self-efficacy and financial hardship were moderators between financial literacy and financial anxiety among a young adult sample (18-25 years old; Arnett, 2000). The current study utilized moderated moderation analyses to explore the associations between financial literacy, financial anxiety (i.e., the concern and worry about finances), financial self-efficacy, and financial hardship for young adults( N = 549, 71.6% female, Mage = 20.49). Based on survey data from the Financial and Social Stress Study (Tran & Mintert, n.d.), moderated moderation results show (a) an inverse association between financial literacy and financial anxiety (direct effects) and (b) financial self-efficacy and financial hardship moderate this relationship. Specifically, for young adults experiencing high financial hardship with high financial self-efficacy, there was a strong inverse association between financial literacy and financial anxiety. This study contributes to our knowledge of the vital role of financial literacy and its association with financial anxiety for young adults. Further, these findings highlight financial self-efficacy as a potential factor for mental health providers to consider when working with young adults experiencing high financial hardship.

Download or read book Identifying Self Efficacy and Financial Behaviors as Predictors of Undergraduate College Students Financial Literacy at a Land Grant University in North Carolina written by Donna Terese Hucul and published by . This book was released on 2015 with total page 192 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Financial Stress And Mental Health written by Movis Steele and published by Geinwo Enterprise. This book was released on 2023-03-04 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: The topic "Financial Stress and Mental Health" explores the intricate connection between financial struggles and mental well-being. This comprehensive guide covers the link between financial stress and mental health, including the causes and effects of financial stress on mental health, and coping strategies to mitigate the negative impact of financial stress on mental health. The introduction provides an overview of the topic, emphasizing the importance of understanding the connection between financial stress and mental health. It defines financial stress and sets the stage for the discussion that follows. The second section explores the research linking financial stress and mental health, explaining how financial stress can negatively affect mental health and how mental health can impact financial stress. The third section delves into the causes of financial stress, including financial instability, unemployment, low income, high debt, and lack of financial literacy. This section also includes relevant statistics to highlight the impact of financial stress on individuals and society as a whole. In the fourth section, the effects of financial stress on mental health are examined. This includes a discussion of the ways in which financial stress can lead to anxiety, depression, insomnia, substance abuse, and eating disorders, among other mental health issues. The fifth section provides practical coping strategies for dealing with financial stress and maintaining good mental health. It includes tips on building a budget, seeking financial advice, seeking mental health treatment, practicing self-care, and relying on support from family and friends. The conclusion recaps the key points of the guide and emphasizes the importance of seeking help and support when facing financial stress and mental health challenges. It also provides final thoughts and recommendations for readers looking to manage their financial stress and protect their mental health.