Financial Wellness of First-Generation College Students
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| Title: | Financial Wellness of First-Generation College Students |
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| Language: | English |
| Authors: | Rehr, Tori I., Regan, Erica P., Abukar, Zayd, Meshelemiah, Jacquelyn C. A. |
| Source: | College Student Affairs Journal. 2022 40(1):90-105. |
| Availability: | Southern Association for College Student Affairs. 11935 Abercorn Street, Savannah, GA 31419; e-mail: CSAJreviews@gmail.com; Web site: https://sacsa.site-ym.com/page/CSAJ |
| Peer Reviewed: | Y |
| Page Count: | 16 |
| Publication Date: | 2022 |
| Document Type: | Journal Articles Reports - Research |
| Education Level: | Higher Education Postsecondary Education |
| Descriptors: | First Generation College Students, Money Management, Paying for College, Costs, Student Attitudes, Student Behavior, Resources, Student Loan Programs, Student Employment, Scholarships, Grants, Credit (Finance), Parent Financial Contribution, Family Income, Stress Variables, Knowledge Level, Self Efficacy, Psychological Patterns, Undergraduate Students, Generational Differences |
| ISSN: | 0888-210X |
| Abstract: | Among many challenges that first-generation college students face, navigating how to balance the financial costs of college with covering monthly expenses can be particularly challenging. The present study uses the lens of person-in-environment theory to conceptualize how the financial attitudes, behaviors, and resources of first-generation college students contribute to their financial wellness. Data from the multi-institutional Study on Collegiate Financial Wellness are used to compare first-generation students and continuing-generation students at four-year public institutions on sources of educational funding, financial knowledge, financial optimism, financial strain, and financial self-efficacy. First-generation students were significantly more likely to use federal student loans, private student loans, money from a job, scholarships/grants, and credit cards to fund their education, whereas continuing-generation students were more likely to use parent and family income. First-generation students had significantly higher scores on average than continuing-generation students on the financial strain measure; this was reversed for the financial knowledge score, the financial self-efficacy measure, and the financial optimism measure. These results support findings from prior literature that first-generation students may experience greater financial hardship and implicate an impact on attitudes and beliefs around finances. |
| Abstractor: | As Provided |
| Entry Date: | 2022 |
| Accession Number: | EJ1336579 |
| Database: | ERIC |
| Abstract: | Among many challenges that first-generation college students face, navigating how to balance the financial costs of college with covering monthly expenses can be particularly challenging. The present study uses the lens of person-in-environment theory to conceptualize how the financial attitudes, behaviors, and resources of first-generation college students contribute to their financial wellness. Data from the multi-institutional Study on Collegiate Financial Wellness are used to compare first-generation students and continuing-generation students at four-year public institutions on sources of educational funding, financial knowledge, financial optimism, financial strain, and financial self-efficacy. First-generation students were significantly more likely to use federal student loans, private student loans, money from a job, scholarships/grants, and credit cards to fund their education, whereas continuing-generation students were more likely to use parent and family income. First-generation students had significantly higher scores on average than continuing-generation students on the financial strain measure; this was reversed for the financial knowledge score, the financial self-efficacy measure, and the financial optimism measure. These results support findings from prior literature that first-generation students may experience greater financial hardship and implicate an impact on attitudes and beliefs around finances. |
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| ISSN: | 0888-210X |
