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Financial Anxiety among International Students in Higher Education: A Comparative Analysis between International Students in the United States of America and China

Author

Listed:
  • Frank Okai Larbi

    (School of Education, South China Normal University, Guangzhou 510631, China)

  • Zaoming Ma

    (Research Center for Hong Kong & Macau Youth Education, South China Normal University, Guangzhou 510631, China)

  • Zheng Fang

    (School of Education, South China Normal University, Guangzhou 510631, China)

  • Florina Oana Virlanuta

    (Department of Economics, Economic and Business Administration Faculty, Dunarea de Jos University of Galati, 800008 Galati, Romania)

  • Nicoleta Bărbuță-Mișu

    (Department of Business Administration, Economic and Business Administration Faculty, Dunarea de Jos University of Galati, 800008 Galati, Romania)

  • Görkem Deniz

    (The Institute of Social Sciences, Istanbul Aydın University, Istanbul 34295, Turkey)

Abstract

Financial anxiety is one of the most stress-causing factors, destabilizing students’ academic activities and performance. This study investigated whether there was any financial anxiety in international students in higher education institutions by comparing students in the USA and mainland China. The study employed a random-effect ordered probit model that utilised a sample size of 3953 international students during the academic years 2017–2019. The findings showed a significantly low rate of financial anxiety among international students in the United States, while international students in China experienced a highly significant financial anxiety as far as academic life was concerned. Additionally, a robustness check using marginal effects in probit showed a positive life satisfaction towards financial behaviour after the study period in the USA, while a negative life satisfaction towards financial behaviour existed in mainland China. Nevertheless, the study put forward vital recommendations to help address this phenomenon and strengthen the relationship between international students and administrators of higher education institutions in both countries.

Suggested Citation

  • Frank Okai Larbi & Zaoming Ma & Zheng Fang & Florina Oana Virlanuta & Nicoleta Bărbuță-Mișu & Görkem Deniz, 2022. "Financial Anxiety among International Students in Higher Education: A Comparative Analysis between International Students in the United States of America and China," Sustainability, MDPI, vol. 14(7), pages 1-14, March.
    • Handle: RePEc:gam:jsusta:v:14:y:2022:i:7:p:3743-:d:776994
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    References listed on IDEAS

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    2. Mundlak, Yair, 1978. "On the Pooling of Time Series and Cross Section Data," Econometrica, Econometric Society, vol. 46(1), pages 69-85, January.
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