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The Role of Economizing and Financial Strain in Australian University Students’ Psychological Well-Being

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  • Stuart Watson
  • Bonnie Barber
  • Suzanne Dziurawiec

Abstract

University students have reported that they engage increasingly in more financial economizing behaviors to cope with limited resources, often to the detriment of their well-being. The objectives of this study were to investigate the mediating role of perceived financial strain between economizing behaviors and depressed mood and life satisfaction, and to compare this mediator model to the prevailing direct effects model currently reflected in the literature. Using structural equation modelling, latent-variable mediation analysis supported the notion that economizing behaviors significantly, but indirectly, predict greater depressed mood and lower life satisfaction through perceived financial strain. When examined using non-hierarchical model comparison indices, the mediation model was a superior fit to the data, compared to the direct effects model. Copyright Springer Science+Business Media New York 2015

Suggested Citation

  • Stuart Watson & Bonnie Barber & Suzanne Dziurawiec, 2015. "The Role of Economizing and Financial Strain in Australian University Students’ Psychological Well-Being," Journal of Family and Economic Issues, Springer, vol. 36(3), pages 421-433, September.
    • Handle: RePEc:kap:jfamec:v:36:y:2015:i:3:p:421-433
    DOI: 10.1007/s10834-014-9404-5
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    References listed on IDEAS

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    1. Hilary Metcalf, 2005. "Paying for University: The Impact of Increasing Costs on Student Employment, Debt and Satisfaction," National Institute Economic Review, National Institute of Economic and Social Research, vol. 191(1), pages 106-117, January.
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    4. Frederick J. Zimmerman & Wayne Katon, 2005. "Socioeconomic status, depression disparities, and financial strain: what lies behind the income‐depression relationship?," Health Economics, John Wiley & Sons, Ltd., vol. 14(12), pages 1197-1215, December.
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    Cited by:

    1. Xiaozi Gao & Kerry Lee & Kannika Permpoonputtana & Adisak Plitponkarnpim, 2023. "Earning Too Little And Worrying Too Much: The Role Of Income And Financial Worries On Parents’ Well-Being In Hong Kong And Bangkok," Journal of Family and Economic Issues, Springer, vol. 44(3), pages 743-756, September.
    2. Stuart J. Watson & Bonnie L. Barber, 2017. "University Attendance Moderates the Link between Financial Norms and Healthy Financial Behavior for Australian Young Adults," Journal of Family and Economic Issues, Springer, vol. 38(2), pages 238-248, June.
    3. Suzanne Bartholomae & Jonathan J. Fox, 2021. "A Decade Review of Research on College Student Financial Behavior and Well-Being," Journal of Family and Economic Issues, Springer, vol. 42(1), pages 154-177, July.

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