IDEAS home Printed from https://ideas.repec.org/a/bla/jconsa/v58y2024i2p692-709.html
   My bibliography  Save this article

Financial stress among college students: New data about student loan debt, lack of emergency savings, social and personal resources

Author

Listed:
  • Rachel Danahy
  • Cäzilia Loibl
  • Catherine P. Montalto
  • Dean Lillard

Abstract

We provide updated results about the link between student loan debt and emergency savings with financial stress, and after conditioning for differences in social and personal resources. We use the stress process model framework and data from the 2020 Study on Collegiate Financial Wellness (N = 25,310) to estimate ordered probit regression models. The 2020 data confirm that students report higher levels of stress if they hold more loan debt and have lower emergency savings. Students with higher levels of financial socialization and financial self‐efficacy experience less financial stress and experience more stress when they report both positive and negative financial management behaviors. Among student‐borrowers, the role of social and personal resources is weakened. The data confirm ongoing financial stress among college students and points to the important role of financial socialization through parents and financial skill in students' ability to cope with financial stress.

Suggested Citation

  • Rachel Danahy & Cäzilia Loibl & Catherine P. Montalto & Dean Lillard, 2024. "Financial stress among college students: New data about student loan debt, lack of emergency savings, social and personal resources," Journal of Consumer Affairs, Wiley Blackwell, vol. 58(2), pages 692-709, June.
    • Handle: RePEc:bla:jconsa:v:58:y:2024:i:2:p:692-709
    DOI: 10.1111/joca.12581
    as

    Download full text from publisher

    File URL: https://doi.org/10.1111/joca.12581
    Download Restriction: no
    File URL: https://libkey.io/10.1111/joca.12581?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bla:jconsa:v:58:y:2024:i:2:p:692-709. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Wiley Content Delivery (email available below). General contact details of provider: http://www.blackwellpublishing.com/journal.asp?ref=0022-0078 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.