Factors Predicting Financial Anxiety Among College Students

Written By: Derek Potter, David Jayne, and Sonya Britt

Both financial anxiety and first-generation student status have been linked to negative academic outcomes, mental health issues, and poor social adjustment among college students; however, each factor has been studied in isolation. This paper examines the predictors of financial anxiety, including generational status, using the Roy Adaptation Model and OLS regression analysis on data from a large, Midwestern public university. First-generation student status was positively associated with financial anxiety in multivariate modeling. Proxies for students’ self-concepts, including financial comparisons to peers and perceived mastery, had the largest contribution to the model. Financial counseling programs geared towards first-generation college students may impact their self-concepts and reduce financial anxiety.