The Relationship Between Financial Stress and Academic and Social

Smith ScholarWorks
Theses, Dissertations, and Projects
2013
The relationship between financial stress and academic and

social functioning of undergraduate residential college women
Nathalie A. Vaughn
Smith College
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Vaughn, Nathalie A., "The relationship between financial stress and academic and social functioning of
undergraduate residential college women" (2013). Masters Thesis, Smith College, Northampton, MA.
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Nathalie Vaughn
The Relationship Between Financial
Stress and Academic and Social
Functioning of Undergraduate
Residential College Women
ABSTRACT
The purpose of this study was to examine the relationship between financial stress and
academic and social functioning and satisfaction in a volunteering sample of undergraduate
residential college women in Western Massachusetts, which included students who identified
their enrollment status as either dependent or independent as defined by 2011-2012 federal
financial aid guidelines. The main research question asked to investigate these relationships is
“What is the relationship between financial stress and academic and social functioning and
satisfaction in undergraduate residential college women’s experiences?” The major findings in
the study showed varying degrees of significance from moderate to strong that reflect both
negative and positive correlations between the independent variable financial stress and the
dependent variables, academic and social functioning and satisfaction. However, because of the
limited responses received, and the study’s small sample, these findings are inconclusive in
regards to the research questions asked and the diversity of the population sampled. The
applicability of the findings reported is limited to the respondents in this study and not
generalizable to the target population of undergraduate residential college women attending
schools in Western Massachusetts.

THE RELATIONSHIP BETWEEN FINANCIAL STRESS AND ACADEMIC AND
SOCIAL FUNCTIONING OF UNDERGRADUATE RESIDENTIAL COLLEGE
WOMEN
A project based upon an independent investigation,

submitted in partial fulfillment of the requirements for the
degree of Master of Social Work
Nathalie Vaughn
Smith College School for Social Work

Northampton, Massachusetts 01063
2012
ACKNOWLEDGMENTS
I am deeply grateful to the many people without whom this thesis would not have been
accomplished. I thank my thesis advisor, Stacey Novack, for her patience, understanding, and
the calming presence she brought to this process, which at times seemed impossible. I thank my
research methods professor Gail McCarthy for her help with my initial process of formulating a
thesis topic and becoming familiar with the value of social work research and social work
research processes.
Big thanks to Marjorie Postal the statistician who seem to know exactly what I meant in
my numerous requests for analysis even when I was not exactly sure about what tests I needed
run. To Laurie Wyman, thanks for your email notices and deadline reminders and for your calm
responses to my at times frantic queries about the Human Subjective Review (HSR) process.
I thank all the A12ers who can identify with the conception, growth, and birth of a thesis
in the frame of 9 or less months while juggling all the other areas of our lives, especially our
relationships with partners and family.
Finally yet importantly, I thank my family for being patient with and supportive of me
during this process even when it meant I had to spend countless hours away from home and was
generally preoccupied with research and writing.
ii
TABLE OF CONTENTS
ACKNOWLEDGEMENTS .......................................................................................... ii
TABLE OF CONTENTS .............................................................................................. iii
LIST OF TABLES ........................................................................................................ iv
CHAPTER
I INTRODUCTION ................................................................................................ 1
II LITERATURE REVIEW ..................................................................................... 7
III METHODOLOGY ............................................................................................... 25
IV FINDINGS ........................................................................................................... 34
V DISCUSSION....................................................................................................... 52
REFERENCES ............................................................................................................. 62
APPENDICES
Appendix A: Human Subjects Review Approval Letter ............................................. 66

Appendix B: Informed Consent Form ......................................................................... 67
iii
LIST OF TABLES
Table
1. Eligibility and Enrollment Status ......................................................................... 36
2. Demographics Characteristics of Respondents -1 ................................................ 39
5. Group Statistics .................................................................................................... 45
6. Group Correlation 1 .............................................................................................. 46
7. Dependent Correlation.......................................................................................... 47
iv
CHAPTER I
Introduction
residential college women in Western Massachusetts, which included students who identified
financial aid guidelines. To begin investigating the relationship between financial stress and
academic and social functioning and satisfaction I asked the following: What is the relationship
between financial stress and academic and social functioning and satisfaction in undergraduate
residential college women’s experiences? Moreover, what are undergraduate residential colleges
women’s attitudes about seeking professional help with issues related to financial stress and their
academic and social functioning, including help from college counseling centers, financial aid
offices, and other on and off campus resources? Further, do undergraduate residential college
women identify their academic and social functioning and satisfaction as related to financial
stress?
My interest in the relationship between financial stress and undergraduate college
women’s academic and social functioning and satisfaction evolves from my personal and
professional interest in women’s issues and in women’s empowerment. However, directly
related to this study is my second year field placement at an undergraduate residential women’s
1
college counseling center where I worked with several students who presented with depression
and somewhat debilitating anxiety symptoms seemingly related to financial issues, academic
performance, familial issues and feelings of isolation from their campus population. Although
familial dynamics helped to explain some of these students’ struggles, more immediate were
issues related to finances, academic performance, and feelings of isolation, but without any clear,
direct connection between these variables. Further, although not directly related to the
population surveyed in this study my prior experience doing preventative and supportive
intervention work with young women who were primary caregivers for their families also
suggested a connection between financial stress and these women’s somewhat impaired
functioning especially in interpersonal relationships to varying degrees. Social services
considered this population of women “at risk” for child neglect and abuse, for domestic violence
and for chronic psychologically impaired functioning. Observing and working with these women
in different settings and examining similarities in various aspects of their psychosocial dynamics
I saw how stress in general, but particularly financial stress, could be related to these women’s
somewhat impaired functioning and contributed to issues in their interpersonal relationships.
Lastly, my post-graduate work will more than likely primarily be with women and I envision
working with undergraduate college enrolled women as well as with the general population of
women who access community mental health services.
While studies on students’ academic success in college exists (Kitsantas, Winsler, &
Huie, 2008; Mehta et al., 2011) not many have focused on financial stress as a factor in academic
success. My search for published studies on the impact of financial stress on academic
functioning and satisfaction, and social functioning and satisfaction in undergraduate residential
college women did not yield as much as I had hoped existed. Most of the literature I found on
2
financial stress is based on the general population, which has been studied extensively
(Davidson, Robertson, Anderson & Ward, 2011; Garman et al., 2005; Keith, 1993; Kenel, 2010;
Pearlin, 2002; Zimmerman & Katon, 2005). In these studies, researchers sought to link the
impact of financial stress to issues in psychosocial dynamics and identified emotional distress,
low self-esteem, disrupted family dynamics, maladaptive coping including alcohol and drug use,
severe depression, poor physical health, and suicide as some of its indirect major consequences.
However, although this body of literature is not specific to my research question and sub-
question, financial stress in the general population is relevant to financial stress experienced by
undergraduate residential college women in a number of ways and so is applicable to this study.
In addition to literature on financial stress in the general population, a review of studies
on financial related issues and college students (Joo, Durband & Grable, 2008; Kadison &
DiGeronimo, 2004; Robb, 2011) provided some background information on the topic; however,
there seems to be a lack of current research focused on this area of concern. My search for
studies specific to undergraduate residential college women produced results mainly focused on
interpersonal relationship issues and maladaptive coping and so did not yield as much as I had
hoped existed specific to my research question and sub-questions. A few studies specific to non-
white residential college students focused on socioeconomic, acculturation stressors, academic
preparedness and the impact of stress on women in general also informed my research
question(Crockett et al., 2007; Matlin, Molock, and Tebes, 2011).
To answer the research question and sub-questions posed in this study, a mixed method
anonymous survey questionnaire, administered online via the research survey tool “Survey
Monkey,” was researcher-designed to gather data on financial stress, academic and social
functioning, and satisfaction, and other psychosocial information pertinent to understanding
3
participants’ lived experiences. Financial stress was examined as the independent variable
impacting two dependent variables: 1) academic functioning and satisfaction, and 2) social
functioning and satisfaction associated with undergraduate women success in college. As was
operationalized in this study the variable financial Stress referred to the amount of stress a
student had about their financial situation and included a range of stress levels measured from
“zero stress” to “very stressed” as the response choices to questions about personal and family
socioeconomic standing for both dependent and independent participants.
Academic functioning as operationalized in this study, included a range of student
functioning from low to high, which measured a student’s capacity to maintain at least the
minimal overall academic standards, operationalized more broadly by GPA on a 4.0 scale.
Academic satisfaction referred to a student’s satisfaction with their academic performance and
achievement, where academic functioning does not constitute academic satisfaction or
dissatisfaction and vice versa. A few studies on college students’ academic functioning
suggested a significant relationship between levels of financial stress and levels of stress in
general and students’ academic performance while a few others reported no significant
relationship between these variables (Joo et al., 2008; Kadison & DiGeronimo, 2004).
Further, as was operationalized in the current study social functioning, referred to the
degree to which a student engages with sources of support, and included a range of engagement
from zero engagement to high engagement, which measured a student’s capacity to establish,
access and maintain sources of support. Social satisfaction referred to the sense of benefit
derived from engaging in relationships with the potential to evolve to formal and informal
sources of support. Studies on college students’ development noted peer relationships and social
integration as crucial to college students overall success (Brisette et al., 2002; Enochs & Roland,
4
2006; Kadison & DiGeronimo, 2004). Kadison & DiGeronimo (2004) report the “cost of peer
approval” as an isolating factor connected to levels of financial stress and social functioning.
Although the studies in the literature I reviewed vary in the characteristics of the
populations studied, they share the common theme that psychological health and daily
functioning are often severely impacted by financial stress and by stress overall and so need to be
considered in assessing the psychosocial dynamics of individuals and families. College students
have many challenges navigating the expectations of higher education which when intensified by
financial stress leaves some students with the experience of a domino effect of deficits in many
areas, especially academics and social supports.
A study of undergraduate residential college women’s academic and social experiences
from a financial perspective is important to the dissemination of information on financial
management, stress management, coping skills and the availability and access to resources for
this population. It draws attention to and can potentially broaden social workers’ perspectives
about the relationships between psychosocial dynamics and the academic and social functioning
of undergraduate residential college women. This information could also be a resource to
undergraduate residential college women who may be experiencing financial stress but need
support around seeking help and developing adaptive stress management coping skills, and could
also be useful to women in the process of making the decision to enroll in a residential college.
Moreover, the research findings could be a meaningful source of information to college financial
aid and counseling center programs, and other student support services. Findings in such a study
could also be of value to the budgetary and strategic planning decisions college administrators
have to make for the health of the institution and for the social, academic, and psychological
well-being and success of its students. Considering societal emphasis placed on higher
5
education as an important factor in socioeconomic success, the rising cost of attendance, student
retention rates and the fact that my search for relevant literature did not yield studies matching
the specificity of this study’s research question is telling of the need for more current research in
this area.
Chapter II of this thesis presents a review of the relevant literature intended to provide a
basic knowledge base of the context within which financial stress, academic functioning, and
satisfaction, and social functioning and satisfaction are interconnected as possible predictors of
undergraduate residential college women success. The chapter begins with a brief review of
Pearlin’s (2002) conceptual framework for examining stress processes, and Mosher, Prelow,
Chen, and Yackel’s (2006) study on optimism as a predictor of positive outcomes of stressors.
Chapter II then focuses on literature on the impact of financial stress in the general population
with some studies specific to the population of residential college students. Chapter III explains
the methodology used in this study and includes recruiting procedures and sample limitations
and biases. Chapter III also describes the researcher’s data collection procedures, precautions
taken to safeguard participant’s anonymity, the risk and benefits to participating, and the analysis
used to evaluate the data collected. Chapter IV presents the study’s findings, which describes the
demographics of the sample used and notes the relationship between the major findings and the
research question posed. Chapter V synthesizes the various components of this thesis and
discusses the major findings of the study and its implications for clinical social work.
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CHAPTER II
Literature Review
Considering financial stress as a possible predictor of issues in academic and social
functioning and satisfaction among undergraduate residential college women, this chapter
presents a review of literature related to research on financial stress in the general population as
well as literature specific to the undergraduate college population. Studies on issues in college
student’s academic and social functioning and satisfaction, retention rates, and support networks
including familial support, peer support, community, and professional support are also reviewed.
In this study, financial stress was examined as the independent variable impacting two dependent
variables: 1) academic functioning and satisfaction, and 2) social functioning and satisfaction
associated with undergraduate women success in college. To investigate the relationship
between the independent variable and the two dependent variables, I asked the following: What
is the relationship between financial stress and academic and social functioning and satisfaction
in undergraduate residential college women’s experiences? Moreover, what are undergraduate
residential colleges women’s attitudes about seeking professional help with issues related to
financial stress and their academic and social functioning, including help from college
counseling centers, the college’s financial aid office, and other on and off campus resources?
Further, do undergraduate residential college women identify their academic and social
functioning and satisfaction as related to financial stress? Hence, this literature review is
intended to provide a basic knowledge base of the context within which financial stress,
7
academic functioning and satisfaction, and social functioning and satisfaction are interconnected
as possible predictors of undergraduate residential college women success.
As noted in chapter I, financial stress, as was operationalized in this study, refers to the
amount of stress a student had about their financial situation and included a range of stress levels
measured from “zero stress” to “very stressed” as the response choices to questions about
personal and family socioeconomic standing for both dependent and independent participants.
From the early planning stages of this thesis, I knew I wanted to lay some groundwork for
examining the psychosocial dynamics of issues potentially leading to psychological, emotional,
and physical impairments in women’s development and functioning beyond adolescence and into
adulthood. In addition to my personal and professional interest and experience working with
women (discussed in chapter 1), I chose to focus on undergraduate residential college women
because, added to the developmental experiences of adolescence, marriage, and childbirth,
residential college constitutes a major life adjustment and developmental stride for women
(Mehta, Newbold and O'Rourke, 2011). Moreover, a few studies on financial stress in the
general population had identified women as the population most vulnerable to financial stress
and, as a result, impaired functioning (Davidson, et al., 2011; Keith, 1993; Kenel, 2010).
The literature reviewed here is presented in four sections: 1) stress processes, 2) financial
stress, 3) academic functioning and satisfaction, and 4) social functioning and satisfaction. The
first section, “stress processes” is a brief review of Pearlin’s (2002) conceptual framework for
examining stress processes, and Mosher, Prelow, Chen, and Yackel’s (2006) study on optimism
as a predictor of positive outcomes of stressors and are both applicable to this study of college
students and financial stress. The second section, “financial stress” focuses on studies of the
impact of financial stress in the general population with some studies specific to the population
8
of residential college students. The section, “academic functioning and satisfaction” captures
studies specific to college students and academic functioning and notes the severity of the impact
financial stress have on academic performance and thus the success and overall well-being of
college students. The last section reviews studies on the importance of “social functioning and
satisfaction” for establishing and maintaining a support network of family, friends and
professionals as resources for problem solving, for coping with stress and for facilitating positive
outcomes in student academic careers.
Stress Processes
Based on longitudinal studies of older adults and their caregivers in the general
population Pearlin (2002) proposed an interconnected three-part conceptual framework for
understanding stress processes described as “stressors, moderators, and outcomes,” which is
applicable to this study of the relationship between financial stress and academic and social
functioning and satisfaction in undergraduate residential college women. According to Pearlin:
Stressors, of course, refer to the problems, hardships or threats that challenge the adaptive
capacities of people; moderators are the social and personal resources that people can
mobilize to contain, regulate, or otherwise ameliorate the effects of the stressors; and
outcomes refer to the effects of the stressors that are observed after the moderating
resources are taken into account. In the background of the three components, and
potentially influencing the nature of each of them, are the person’s various social and
economic characteristics… indicating an individuals’ placement in systems of inequality
are particularly important. (Pearlin, 2002, p.3)
Although there is extensive social science research and analysis on stress, I chose to review
Pearlin’s analysis in particular because it presented a rather complex topic in a somewhat easy to
9
absorb overview, which I had repeatedly referenced and found helpful in creating my online
survey questionnaire for this thesis. Surveying demographic data including college students’
family dynamics, socioeconomic status, race/ethnicity and environment/ community connections
provides a sense of the psychosocial factors “potentially influencing” the stress processes in
undergraduate student’s financial stress. As Pearlin has stated, this person in environment
framework “supports a dialectic: It helps to guide the research and to organize what information
the research yields; in turn, the research findings help us modify the framework” (p.1).
Stressors and stressful life events
People experience an array of stressors in their lifetime, and although most social science
research refers to stressors as stressful life events, not all stressors are eventful many are chronic
(Pearlin, 2002). In other words, social stress is about person in environment where social status,
defined by race/ethnicity, finances, education, gender, age, and ability, is fixed with little or no
chance of placement status change in enduring systems of inequality (Pearlin, 2002). Therefore,
when researchers examine all stressors as simply event related, measures used may not capture
the “psychosocial causes of distress and ill health which will, in turn, compromise the
effectiveness of any attempt at preventive intervention” (p.4). According to an NIMH definition,
“stressful life events such as trauma, loss of a loved one, a difficult relationship or any stressful
situation-whether welcome or unwelcome-often occur before a depressive episode” (NIMH,
p.1). However, the inference that “any stressful situation” often precipitates a depressive episode
is somewhat misleading in its lack of distinction of types of stressors especially those that are
enduring.
The Holmes & Rahe (1967) Social Readjustment Rating Scale (SRRS), referenced in
numerous studies on social stress, consists of 43 items with assigned values on a scale of 100 to
10
11, as a rough indicator of the amount of readjustment a person have to make because of stressful
life events. This SRRS instrument includes a range of events from death of spouse 100 points, to
minor legal issues 11 points, with “begin or end school/college at 26 points, marriage 50 points,
change in financial state 38 points, change in work hours or conditions 20 points, and change in
social activities 18 points,” as potential stressors. The overall score is interpreted as high risk for
becoming ill with a score of 300 points or more, with moderate risk assessed at 150 - 299 and a
score of less than 150 as indicative of moderate to low risk for becoming ill. Although it is not
an instrument used in this study, the SRRS provided a guide to the types of life events that could
potentially be stressful to college students and to their families. The SRRS contains scheduled
and unexpected, chronic and situational events that individuals may experience as stress
inducing. The SRRS is well known and used with and without modification in many studies.
However, Pearlin (2002) has noted that early research assumed “all eventful experiences are
potentially stressful, with the degree of stressfulness varying with the magnitude of readjustment
required by the specific event” but some researchers have since understood that “change and
readjustment resulting from an event cannot alone explain its stressful effects” (p.4).
In the case of this thesis study, although sudden change in or loss of financial support is
an unexpected, potentially stressful event, not all students may experience stress because of the
amount of change and readjustment they need to make because of the loss of or change in
financial support. For instance, loss of finances could mean, to some students who qualify, an
increase in financial aid or scholarship awards and grants to help alleviate the deficit brought
about by the financial loss. However, in the absence of such alternative resources, a student may
have to cut back on study hours to seek or increase employment hours to help reduce their
financial deficits, which in turn could impact her academic and social functioning (Joo et al.,
11
2008; Kadison & DiGeronimo, 2004). As Pearlin has suggested, in any assessment of stress,
moderating resources need to be assessed within the persons’ “various social and economic
characteristics” (p.3).
Chronic stress
As previously mentioned, Pearlin’s stress processes framework was conceptualized based
on data from longitudinal studies and so was especially focused on the impact of chronic
stressors, (as opposed to stressful events), on functioning, physical, and psychological health
over time. Pearlin named four types of chronic stressors in the stress process, “status strains, role
strains, contextual strains, and quotidian logistical strains” identified as pertinent to any study of
social stress. Pearlin emphasized that all four strains relate to the social domains in which a
person is located “built into the organization of people’s daily existence,” and are “tenacious
because the multiple social domains in which they are rooted are themselves enduring” (p.6).
Although undergraduate college women may experience all four types of chronic
stressors over time, relevant to this study of the impact of financial stress on academic and social
functioning are status strains and role strains, which Pearlin described as interrelated. Status
strains, Pearlin stated “are problems and hardships” people experience as a direct result of their
“placement in stratified social structures,” role strains are lasting stressors that comes from
ascribed roles such as “family and occupational roles.” Hence, financial stress qualifies as “a
problem or hardship,” and is certainly applicable to the current diverse college population, which
includes students who, by virtue of their racial/ethnic, citizenship and other psychosocial
demographics, experience financial stress related to their status placement in the socioeconomic
realm. Referring to “Extreme economic deprivation” as example of how status placement
operate in the stress process Pearlin pointed out that although status placement indirectly impacts
12
stress “it may also be a stressor directly leading to stress outcomes” (p.6). Pearlin reiterated that
stressful life events in and of itself does not capture the breadth and variety of stressors a person
experiences in their lifetime.
Moderators
Pearlin (2002) described moderators in the stress process as the resources people have
available to them to help reduce, manage or alleviate the sometimes debilitating impact of
stressors and notes “coping repertoires, social support, and mastery (one’s sense of control over
one’s life)” as three major resources that helps to predict outcomes of stressors (p.12). A few
studies specific to college students’ coping strategies and social supports noted that optimism
was a major factor in students’ “adaptive capacities” in their adjustment to college and in
navigating a number of stressors related and unrelated to their college careers (Brissette, Scheier,
and Carver, 2002; Mehta, et al., 2011; Mosher, Prelow, Chen, and Yackel 2006).
Coping, social support, and mastery
In a study of “the relation of optimism to depressive symptoms,” Mosher, et al., (2006)
defined optimism as “the general expectation that good things will occur and bad things will not”
(p.1) which the researchers explained allows for active coping, a skill favorable in regards to
problem solving in stressful situations and ultimately promoting positive outcome. Similar to
Pearlin’s analysis of how the three central moderators in the stress processes operate to influence
outcome, Mosher, et al., (2006) examined “the mechanisms through which optimism may
influence psychological adjustment among 133 Black college students,” (p.1) 42 males and 91
females between the ages of 17 and 26 years. Mosher and colleagues focused on “active coping,
avoidant coping, and social supports as mediators” between optimism and the impact of stressors
on these student’s well-being. The results of the research noted, “Avoidant coping and social
13
support mediated the relation between optimism and depressive symptoms, whereas active
coping did not mediate this relationship” (p.1). Quoting a number of other studies on the topic
these researchers noted that optimism has been associated with “mastery-oriented achievement,
physical well-being and less mood disturbance in response to stressors,” as well as “with
academic, athletic, occupational, military, and political success” (p.3).
Examining social support as a moderator different from coping skills in the stress
process, from a broader context, Pearlin (2002) emphasized the importance of such supports as a
resource and noted that “Although in name and substance social support is a social phenomenon,
it is typically studied a-socially” (p.14). In other words, researchers examine social support as a
positive, welcome intervention only from the perspective of the recipient of support with little or
no consideration of the provider and the relationship that exists between the two. Pearlin
described social support as existing in two forms: “that is, strong ties involving frequent
interaction may be particularly suited to emotional and affectively uplifting support and those
that are weak and intermittent may be more appropriate for specialized instrumental support”
(p.15).
Pearlin described mastery or “one’s sense of control over one’s life” as a significant
moderator in the utilization of resources and outcomes and lends a sense of agency to persons
who fall within the category of experiencing status placement strain and would otherwise be
passive subject in the stress process. A person’s sense of mastery then works to mobilize
resources in their own behalf. In the case of undergraduate college students having a sense of
mastery could facilitate their ability to problem solve and negotiate resources that would
alleviate or reduce the impact of financial stress on their academic and social functioning.
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Outcomes
Lastly, Pearlin referred to outcomes in the stress process as the “black box of the stress
process” and pointed out that outcomes are multiple and dependant on available moderating
resources. For undergraduate college students experiencing financial stress, one outcome could
be impaired academic functioning, another could be impaired social functioning, and yet another
could take a toll on physical and psychological health. Of course, each outcome has the potential
to manifest in additional outcomes with even more severe impacts. On the other hand, as
Mosher, et al., (2006) proposed students with optimism have the greater advantage over students
with pessimism to alter stress outcomes by virtue of their problem solving attitudes in general.
Summary
The mechanisms of stress processes are as complex as the numerous stressors people
experience in their lifetime. However, having a working conceptual understanding of these
mechanisms are useful when planning for further research and interventions. Examining the
relationship between financial stress and academic and social functioning from a stress processes
perspective illuminates the multiple reasons these relationships may exist which could be helpful
to students experiencing impaired functioning. For undergraduate college women, although
coping repertoires, social support, and mastery as moderators are essential to adaptive adjustment
to college and to retention and completion rates, these moderators are not always readily
available or even sought after (Pearlin, 2002) by some students especially when financial stress
is chronic.
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Financial Stress
Financial stress in the general population
In general, the literature defined financial stress as stemming from a persons’
dissatisfaction with their financial situation. Davis and Mantler (2004) described financial stress
as “The subjective, unpleasant feeling that one is unable to meet financial demands, afford the
necessities of life, and have sufficient funds to make ends meet” but noted that people’s
perception of their financial situation “is implicated in the negative outcomes” (p.v). However,
the literature varies on the causation of dissatisfaction. For instance, Davidson et al., (2011)
reported, “financial stress is heavily correlated with poor money management skills, with a very
direct relationship between the degree of financial stress someone faces and their ability to
manage their expenses, control their debt, and pay their bills on time” (p.3) suggesting causation
as directly related to a persons’ money management behaviors. On the other hand, some studies
have identified a persons’ placement in systems of inequality or “social causation” as the
ultimate cause of financial stress for persons of low socioeconomic status (Simmons, Braun,
Charnigo, Havens & Wright, 2008; Pearlin, 2006; Garman et al., 2005; Zimmerman & Katon,
2005; Pearlin, 2002). Although the social causation perspective is favorable to blame the
individual scenarios, I chose to draw on both definitions in my analyses, especially since low
socioeconomic status is not the only determinant of financial dissatisfaction.
In a report on financial stress in the general population, Garman et al. (2005) noted “25%
of working adults—that’s one in four—are seriously financially distressed. This amounts to 30
million workers in America”(p.3) and although low income, unemployment and poverty is in
part a factor in levels of financial stress, consumer debt to income ratio and financial satisfaction
are also significant indicators. Quoting a 2001 Census Bureau report Belle & Doucet (2003)
16
noted that “over 31 million Americans live below the poverty line” (p.1) which is extremely low
and an inadequate marker between making ends meet and poverty which does not consider the
reality of how much income and resources it takes to raise a family. The report pointed out that
the majority of Americans living in poverty are women and single women headed households.
Although this body of literature is not specific to my research question and sub-question,
financial stress in the general population is relevant to financial stress experienced by
undergraduate residential college women in a number of ways and so is applicable to this
literature review. For one, financial stress of parent(s) of dependent residential college students
affects their contribution to the cost of residential college and has implications for academic
functioning, retention and completion rates (Kadison & DiGeronimo, 2004). The economic
well-being of the country is also a factor related to student’s financial stress because it directly
impacts tuition and other educational expenses as well as the level of federal student financial aid
made available to qualifying students (Curran, 2009; Farrell, 2005; The guide to Federal Student
Aid 2001-12).
Financial stress in the college population
Some of the literature suggested, and rightly so, financial stress is not a sole determinant
of academic outcomes, however, when financial hardships present as a significant challenge to
students’ sense of stability and adaptive capacities the socioeconomic status of the general
student body and the ranking of the institution should also be taken into account (Mehta, et al.,
2011; Pryor, Hurtado, DeAngelo, Palucki & Tran, 2010; Kadison & DiGeronimo, 2004) in any
assessment of stress. As Kadison & DiGeronimo (2004) and others have pointed out, the
makeup of the college student population has drastically changed to include many students from
oppressive/ poor households and communities. According to the writers, at elite institutions like
17
Harvard, some students of low socioeconomic status struggle to fit into a life often marked by
excessive spending to match their peers at the cost of credit card debt and reduced course load
and study time to accommodate jobs to support efforts at fitting in with their peers (Kadison &
DiGeronimo 2004). In other words, feeling pressured by the material circumstances that seems
to define most of the population at elite institutions students of low socioeconomic status are
forced to make compromises detrimental to their overall purpose and benefit of being at an elite
institution.
As noted previously, financial stress in the general population is relative to the financial
stress undergraduate residential college women experience in a number of ways. For one,
financial stress of the families of dependent undergraduate residential college women has an
impact on family contribution to the cost of college and so has implications for academic
functioning, retention and completion rates (Mehta, et al., 2011; Kadison & DiGeronimo, 2004;
Pryor, et al., 2010; Robb 2011). In many families prior to enrolling in college some
undergraduate residential college students worked and contributed to family budgets and so
attending college not only increases family expenses, it reduces family income (Giancola,
Grawitch & Borchert, 2009; Greer & Brown, 2011; Joo et al., 2008; Pryor et al., 2010; Robb,
2011). Considering the inadequate threshold of the federal poverty line a family’s income may
not be high enough to make ends meet, but may be too high for their student to qualify for
federal assistance, which uses household income standards to determine eligibility for financial
aid (Robb, 2011). Financial aid packages are usually a combination of grants, work-study
benefit, and loans that enter repayment six months after graduation.
Further, the literature also suggests that the U.S. economic wellness as a whole has an
impact on the level of federal financial assistance, need based and merit scholarships available to
18
students. However, allotted funds for federal financial aid does not match the rising cost of a
college education, and does not cover expenses beyond the direct cost of attendance (Curran,
2009; Farrell, 2005; Joo et al., 2008; Pryor et al., 2010; Robb, 2011). Some students have had to
find jobs beyond the limited scope of the federal work-study program to supplement financial aid
and or family contribution (Joo et al., 2008; Pryor et al., 2010; Robb, 2011; Scott-Clayton,
2011). In their 2010 report on college freshman norms Pryor, et al. surveyed 201,818 first-time,
full-time, first-year students at 279 four-year colleges where more than half of the respondents
reported having financial concerns about funding their college education. These respondents
also report that their choice of schools to attend was influenced by the “current economic
downturn” (p.).
In a spring 2007 survey of two large universities, one in the Southeast and one in the
Midwest, Robb (2011) asked students “83 questions dealing with personal and financial
characteristics” (p.2) results and analysis of which was published as advice from current students
to incoming freshman about paying for college and financial management. The survey was
mainly quantitative with one qualitative question “about financial management, paying for
college, and advice they would offer to incoming freshmen” (p.1). Of the combined 6,577
responses to the survey, 45% responded to the qualitative question. Robb noted 6 broad themes
which emerged from these responses: 1)the cost of attending college and methods of payment, 2)
spending, 3) credit card use, 4) time management, 5) financial knowledge and education and 6)
personal feelings and family impact (p.5-7). Some respondents acknowledge the issue of rising
costs of a college education and limited means of payment, insufficient federal financial aid, and
the burden of debt repayment on both federal and private loans post graduation. Most
respondents suggested budgeting of time and money and reducing or eliminating impulsive,
19
unnecessary spending like eating out, giving into peer pressure to spend, as well as not using
credit cards altogether or at least paying in full monthly instead of making minimum payments,
which incur excessive interest rates. Robb stated that overall students in their senior year
suggested a mandatory financial management class for incoming students and that most students’
advice followed standard financial management guidelines.
The literature on financial stress overall indicate a link between levels of financial stress
in the general population and levels of financial stress that undergraduate residential college
women may be experience. These studies note that consequently, undergraduate residential
college students have had to seek employment in addition to their academic course load and thus
affect academic performance as well as restrict and limit opportunities for social networking and
building friendships. The extensive use of credit cards by first year residential college students is
also noted as a major factor in levels of financials stress (Joo et al., 2008; Kadison &
DiGeronimo, 2004; Mehta, et al., 2011).
Academic functioning and satisfaction
Academic functioning, as operationalized in this study, refers to a student’s capacity to
maintain the minimal overall academic standards, which for most institutions of higher education
is measured by a student’s grade point average of at least 2.0 on a 4.0 scale. Academic
satisfaction refers to a student’s satisfaction with their academic performance and achievement,
where academic functioning does not constitute academic satisfaction or dissatisfaction and vice
versa.
Studies on college students’ academic functioning suggested a significant relationship to
levels of financial stress and to levels of stress in general, and in some findings there was no
significant relationship found (Joo et al., 2008; Mehta, et al., 2011). Joo et al. (2008) examined
20
the impact of financial stress on college students academic functioning in a sample of 540
university students of which 53% were women and more than half of the respondents were very
stressed or somewhat stressed by their financial situation. Many of the respondents had heavy
credit card debt, which exacerbated their financial stress while for others the cost of college and
family income was the main cause of financial stress. However, overall, the findings did not
indicate a significant relationship between levels of financial stress and academic functioning
and academic satisfaction with less than half of the participants being somewhat worried about
academic functioning and only 5% reported impaired academic functioning.
Social functioning and satisfaction
Social functioning, as operationalized in the current study, refers to an individual’s
capacity to engage with and maintain sources of support in their environment. Social
satisfaction refers to an individual’s sense of benefit derived from engaging in relationships,
which becomes formal and informal sources of support. Studies on college students’
development note that peer relationships and social integration is crucial to college students
overall success (Brisette et al., 2002; Enochs & Roland, 2006; Kadison & DiGeronimo, 2004).
In an analysis of first generation college students’ (FGS) academic success Mehta, et al., 2011
surveyed 496 students from a large southern university to gauge their coping and social skills
and support. The researchers found that FGS “are less involved, have less social and financial
support, and do not show a preference for active coping strategies” and they reported “less social
and academic satisfaction as well as lower grade point average” (p.1). The study also stated that
FGS account for more than “50%” of college students today and of the student population FGS
have a high rate of academic failure and have a low retention and completion rate (Mehta, et al.,
2011).
21
Kadison & DiGeronimo (2004) report the “cost of peer approval” as an isolating factor
connected to levels of financial stress and social functioning. They note the many assumptions
made about student’s financial resources in elite institutions like Harvard University. One
assumption was that although about “50 percent of the students at Harvard receive an average
college scholarship of over half the cost of attendance” (p.73) students on financial aid felt
pressured to match the excessive spending in which their peers with less college expense
engaged. Some students felt isolated and even withdrew from school while others signed up for
the numerous credit cards banks offer to college students during orientation, creating greater
financial stress in order to reduce the rich student, poor student perceived difference between
their peers and themselves. In attempts to remedy this seemingly disparaging financial status
difference in addition to their full academic course loads students have to find employment to
pay credit card debt and/or to keep up with the social scene of their peers. Consequently, such
overburdened schedules take a toll on their academic functioning, ultimately jeopardizing their
chances at successful completion of their undergraduate education, and for those who do
graduate the financial burden of student loan repayment becomes a barrier to pursuing graduate
studies (Kadison & DiGeronimo, 2004).
Summary
Although the studies in this literature review vary in the characteristics of the populations
studied, they share a common theme that psychological health and daily functioning are often
severely impacted by financial stress and by stress in general and need to be considered in
assessing the psychosocial dynamics of individuals and families. The literature on financial
stress overall indicate a strong relationship between financial stress and psychological
functioning, academic performance and social functioning. The literature in this review was not
22
entirely specific to my research question and sub-question however, it provided enough feedback
that levels of stressors, moderating resources and outcomes all intersect to help define possible
explanations for how individuals navigate their circumstances in light of psychological, social
and physical challenges that comes with everyday living. College students have many
challenges, especially the challenge of fulfilling academic expectations and overall success in
college. When these challenges are intensified by financial stress many students experience a
domino effect of deficits in many areas of their lives including psychological and social
emotional functioning. An essential part of college success for most students is social supports
which consist of a number of different types of supports including relationship with professors,
peers, social organizations, health services, counseling service and student affairs just to name a
few. The fact that my search did not yield much in regards to levels of financial stress in
undergraduate residential college women is telling of the need for more research in this area.
The perspectives in these studies offer an understanding of the numerous factors that
need to be considered in any assessment of stress and outcomes of stress from a psychodynamic
perspective. Examining the ways in which moderators could be direct predictors of outcomes of
stress is important when considering prevention or intervention plans / programs. This type of
information will inform and ideally influence public health care policies and practices about
mental health service availability, service delivery and service accessibility for college women.
Findings in such a study will also be of value to the budgetary and strategic planning decisions
college administrators have to make for the health of the institution and for the social, academic
and psychological well-being and success of its students. This information could be a resource
to residential college enrolled women who may be experiencing financial stress but need support
around seeking help and developing adaptive stress management coping skills, and to women in
23
the process of making the decision to enroll in a residential college. In addition, with awareness,
peers will become more informed about the symptomology and the impact of stress on academic
and social functioning, which can manifest in adverse functioning, and be able to identify such
symptoms when they encounter or experience them. Further, a study of levels of stress and its
impact on women’s functioning have implications for the practice of clinical social work in most
settings, especially college counseling services, and outpatient and social services settings that
women access.
The next chapter presents the methodology used in this study. The chapter explains the
mixed methodology and includes recruiting procedures and sample limitations and biases.
Chapter III also describes the researcher’s data collection procedures, precautions taken to
safeguard participant’s anonymity, the risk and benefits to participating, and the analysis used to
evaluate the data collected
24
CHAPTER III
Methodology
Research Purpose and Question
The purpose of this study was to explore the relationship between financial stress and
residential college women in Western Massachusetts. To begin exploring the relationship
between financial stress and academic and social functioning and satisfaction I asked the
following: What is the relationship between financial stress and academic and social functioning
and satisfaction in undergraduate residential college women’s experiences? Moreover, what are
undergraduate residential colleges women’s attitudes about seeking professional help with issues
related to financial stress and their academic and social functioning, including help from college
functioning and satisfaction as related to financial stress?
Research Design
To answer my research question and sub-questions I used a mixed method anonymous
survey questionnaire, administered online via the research tool “Survey Monkey” to gather data
on financial stress, academic and social functioning, and satisfaction, and other psychosocial
information pertinent to understanding participants’ lived experiences. Although primarily
quantitative, the survey instrument constitutes a mixed method design because of the semi-open-
25
ended comment boxes provided for participants to elaborate on their answers to closed-ended
questions; comment box responses were content theme analyzed using a qualitative
methodology.
I chose a mixed method design for a number of reasons. For one, a quantitative approach
increases the feasibility of obtaining a large and diverse sample size, which could yield a sample
representative of the identified population (Rubin & Babbie, 2007) of undergraduate residential
college women from schools in Western Massachusetts. In addition, the quantitative aspect of
the survey allowed for the use of structured mostly closed-ended questions and because the
survey was administered online and did not require any unique identifying information from
participants it was ideal for providing and for preserving participants’ anonymity. On the other
hand, the qualitative aspect of the survey design was useful for illuminating data, for capturing
lived experiences unique to, and shared by participants. The comment boxes provided
participants with the opportunity to elaborate on or explain their answers to the closed-ended
questions. Hence, a mix of quantitative and qualitative approaches captures both the statistical
and the narrative significance of financial stress on academic and social functioning and
satisfaction in the target population.
Recruitment, Sample and Limitations
Participants in this study were from a volunteering sample of 18 undergraduate
residential college women, which included 6 independent students and 12 dependent students as
defined by 2011-2012 federal financial aid guidelines. Twenty-nine responses were collected
but only 18 met the eligibility criteria to participate in the study. The 18 respondents were all
women. To be eligible for this study a participant had to be an undergraduate college woman 18
years or older, be able to read and respond to the survey questions in English, be attending a
26
residential college in Western Massachusetts with on-campus or off-campus living arrangements,
and had to have had access to a computer and to the internet. Women who were under 18 years
old, who were not attending a residential college in Western Massachusetts, who were unable to
read and respond to the survey questions in English, and men, were ineligible to complete the
online survey. Further cleanup of the collected data occurred after preliminary frequencies were
generated. It was found that 2 respondents in the dependent group and 2 respondents in the
independent group did not answer about 75% of the survey questions and so results shown are
mostly from data from the 14 completed surveys out of the 18 eligible responses presented in
tables 1. However, the data from the 4 incomplete surveys are utilized in the frequencies and
correlations that include questions answered by the 4 respondents.
The catchment area for this study was Western Massachusetts. The desired sample size
was 100, however, for several reasons the survey did not yield enough responses representative
of the target population. For one, the Human Subjects Review (HSR) application approval (see
appendix A) process was much longer than I had anticipated and although my research advisor
granted an extension on data collection, recruitment and data gathering was limited to less than
four weeks in order to meet the mandatory extended data collection deadline. Moreover, the
recruitment and data gathering period was toward the end of the school year for most Western
Massachusetts residential colleges and so more than likely recruitment efforts competed with
final exams, with students’ summer planning, with seniors’ preparation for graduation and other
end of year college activities. In addition to the short data gathering and recruitment period, I
was unaware that permission to recruit on college campuses had to be obtained in writing from
individual colleges prior to submitting my HSR application and so HSR reviewers did not
approve direct recruitment on campuses and college listservs as proposed in my original
27
application. HSR reviewers also advised me that, by history, some schools in the area do not
give permission to recruit on their campuses.
Given the limited time between my application approval (see appendix A), and the
extended deadline, recruitment was limited to flyer postings in public areas college students
frequent, including the local shopping malls, coffee houses and other such public spaces within
the vicinity of several college campuses in Western Massachusetts. I also sent emails with a
recruitment flyer to colleagues, friends, and my SSW classmates asking their help in distributing
my survey information by word of mouth and/or by email. In addition, I posted my recruitment
flyer on Face book and Craigslist to capture the population of students who use these forums.
No direct recruitment took place on any college campuses.
By the data gathering extended deadline I had received 29 responses to my survey of
which 18, from two colleges, were eligible for inclusion in the study and so recruitment efforts
did not yield a representative sample of women attending undergraduate residential colleges in
Western Massachusetts. In hindsight, to resolve this turnaround time conflict I would have
planned to submit my HSR application much earlier than I did, perhaps before the end of the fall
semester. An earlier start would have allowed me time to respond to HSR concerns about the
recruitment methods by securing permission from individual colleges to recruit on their
campuses, which would have provided direct, wider access to my target population. In addition,
considering the short turnaround time between HSR approval and the data gathering deadline as
well as students’ competing end of the year priorities, if more funding was available for this
study, I could have offered incentives such as bookstore discount coupons and café gift
certificates to encourage more responses.
28
Data Collection
Data was collected electronically using Survey Monkey, a convenient and economical
internet survey program widely used by researchers, educators, employers and businesses. For a
minimal monthly fee, survey monkey was used to design, and administer the survey
questionnaire, and to export data in aggregate to excel spreadsheets for analysis. This electronic
form of data collection provided a level of anonymity and confidentiality reassuring to survey
participants.
As was discussed in the previous section, participation in this study was voluntary and
respondents were recruited through flyer postings in public areas college students frequent, by
word of mouth and/or by email to colleagues, friends and my SSW classmates. I also posted my
recruitment flyer to Face book and to Craigslist. The recruiting materials directed participants to
the survey on Survey Monkey. The first page welcomed participants and restated a brief
description of the study. Participants were asked to respond to four eligibility-screening
questions. Based on their responses to the eligibility screening questions participants were either
directed to an end page, which thanked them for their time and interest in the study and informed
them that they were not eligible to take the survey; or participants were advanced to the informed
consent form (see appendix B).
After reading the informed consent form, participants who selected the “I disagree” link
at the end of the form were directed to another ineligibility page, which thanked and informed
them that because they did not agree with the terms outlined in the informed consent form they
were ineligible to take the study at that time. Participants who click the “I agree” link were
advanced to the first page of survey questions. A message placed right before the “I agree” and
“I disagree” options on the informed consent form explained to participants that by clicking the
29
“I agree” button, they were electronically agreeing to participate in this study and that they were
giving their consent for the researcher to use their information according to the informed consent
form (see appendix B). A list of referral resources was provided at the end of the informed
consent form and participants were instructed to print both the informed consent form and the
referral list before clicking “I agree” and advancing to the survey questions.
After electronically agreeing to the conditions outlined in the informed consent form
participants were advanced to the first page of the survey questions where they were asked to
identify their student enrollment status as either dependent or independent. The enrollment
status page provided a description of 2011-2012 federal financial aid guidelines used to
determine if a student is independent or dependent. Participants then advanced to either 46
survey questions specific to dependent students or to 50 survey questions specific to independent
students based on their response to the enrollment status question. All questions were based on
participants’ experiences during the fall 2011 semester. The survey was designed to be
completed in less than 25 minutes.
Researcher-designed scales, Level of Financial Stress Scale (LFSS), Academic
Functioning and Satisfaction (AFSS), and Social Functioning and Satisfaction scale (SFSS),
were used to measure the independent variable, financial stress and the two dependent variables,
academic functioning and satisfaction and social functioning and social satisfaction. Dialogue
boxes were provided after each question in the researcher-designed measures, LFSS, AFSS and
SFSS, for participants to elaborate on their responses.
The Financial Stress Scale (LFSS) is a 0 to 4 point scale, which measured participants’
responses to four questions about the independent variable financial stress, and was assessed in
conjunction with the socioeconomic information reported in the demographic section of the
30
questionnaire. An example of questions to which the LFSS applied is “how stressed or worried
are you about tuition and other educational expenses? (e.g. travel, books, computer expenses,
fees)” and (0) not at all stressed (1) rarely stressed (2) somewhat stressed (3) stressed (4) very
stressed, indicated the level of stress participants had about financial obligations. Using the same
scale of measurement, participants who identified their enrollment status as dependent were also
asked, “How stressed or worried are you about your parent(s) financial ability to pay for your
educational expenses?”
The Academic Functioning and Satisfaction Scale (AFSS) is a 0 to 3 point scale used in
conjunction with participants’ reported grade point average (GPA) to measure the dependent
variable academic functioning and satisfaction based on four questions including an open
response question about participants GPA. Participants’ reported GPA was assessed using the
standard minimum and maximum GPA of 2.0 to 4.0 for undergraduate students. An example of
the questions to which the AFSS applied is “how satisfied are you with your academic
performance?” and satisfaction was measured as (0) not at all satisfied, (1) somewhat satisfied,
(2) satisfied (3) very satisfied. “
The Social Functioning and Satisfaction Scale (SFFS) is a 0 to 4 point scale used to
measure the dependent variable social functioning and satisfaction based on three questions
about participants’ social interactions with peers in formal and informal campus encounters,
interactions with family members and interactions with on-campus professionals including
college counselors, faculty and staff. An example of the questions to which the SFSS applied is
“how often did you get together socially with peers?” measured by (0) never (1) rarely (2)
sometimes (3) often (4) very often.
31
The survey concluded with demographic questions including age, gender, race/ ethnicity/
culture, religion, and marital status, level of income, support network and name of college. The
last two questions on the survey asked participants “How could the student financial experience
at your college be improved” and “Are you the first in your family to attend college?”
Risks of participation
The informed consent (see appendix B) form explained to participants that a potential
risk to participating in this study is that they may experience emotional distress while reflecting
on and writing about their experiences. A list of referral resources of college counseling centers,
financial aid offices, private and community mental health providers and national crises hotline
was provided at the end of the informed consent form as a follow-up resource, for if they had
experienced any emotional distress during or after completing the survey or if they are interested
in mental health services in general. The informed consent form also recommended that
participants contact the counseling center and/or financial aid office on their college campuses
for follow-up.
Benefits of participation
Participation in this study was voluntary. There was no material compensation for
participating. However, completing the survey questionnaire provided participants with the
opportunity to gain insight to how their financial stress may be affecting their academic and
social functioning and satisfaction as they reflected on and answered questions about these
experiences. In addition, participants’ contribution to this study is potentially helpful to other
undergraduate residential college women who may be experiencing financial stress and academic
and social functioning issues and are in need of support around seeking help.
32
Precautions taken to safeguard confidentiality and identifiable information
Participation in this study was anonymous. The online survey questionnaire did not ask
participants to provide their names or any other unique identifying information. The informed
consent form (see appendix B) asked participants to make sure they did not include any
identifying information in their answers to open ended questions in order to preserve anonymity.
Data gathered in the study is being stored electronically in a protected file for the next three
years and will be destroyed thereafter. Data was used for the purpose of this thesis requirement
and so was presented in aggregate to my research advisor and it will be catalogued in the Smith
College library system and used for presentation and publication. In addition to my Master’s
thesis, the data may be used in other educational activities, professional and popular publications.
If I need the data beyond the three-year period, I will continue to keep them secure and will
destroy them when no longer needed.
Data Analysis
Descriptive and inferential statistics were used to analyze the data collected for this
thesis. Content analysis was used to analyze qualitative portions of the data for emerging
themes, which were coded and integrated throughout the findings chapter (next chapter) to
illuminate the story behind the statistics. In addition, correlations were performed to measure the
relationship between financial stress and the two dependent variables, academic functioning and
satisfaction, and social functioning and satisfaction.
33
CHAPTER IV
Findings
This mixed-method primarily quantitative study was an examination of the relationship
between financial stress and academic and social functioning based on the following questions:
What is the relationship between financial stress and academic and social functioning and
satisfaction in undergraduate residential college women’s experiences? Moreover, what are
undergraduate residential colleges women’s attitudes about seeking professional help with issues
related to financial stress and their academic and social functioning, including help from college
functioning and satisfaction as related to financial stress?
The major findings are presented here in two sections defined by research type: 1)
quantitative results which includes four sub-sections of findings: a) demographics, b) financial
stress c) academic functioning and satisfaction d) social functioning and satisfaction, and 2)
qualitative results which, although few, includes qualitative responses collected from the
dialogue boxes included in the survey questionnaire. The sub-section demographics present
descriptions of the demographic characteristics of the sample. The next three sub-sections in the
quantitative results present correlations between the variables financial stress, and academic
functioning and satisfaction, financial stress and social functioning and satisfaction.
34
The study’s data collection resulted in 29 responses of which 18 respondents met the
eligibility criteria to be included in this study (show in table 1). Ineligible responses included 3
respondents who answered “2=male” in response to the first eligibility question “Are you “(1)
female or (2) male?” In response to the third eligibility question, “Do you attend a residential
college in Western, Massachusetts,” 7 respondents answered “2=No.” One respondent who was
eligible to participate in the study selected “I Disagree” to the terms outlined in the informed
consent form (see informed consent form in appendix B) and so did not advance to the main
survey questions in the study. Data collected on the 11 ineligible respondents were removed
from the data set prior to generating preliminary frequencies and correlations.
Further cleanup of the collected data occurred after preliminary frequencies were
generated. It was found that 2 respondents in the dependent group and 2 respondents in the
independent group did not answer about 75% of the survey questions and so results shown are
mostly from data from the 14 completed surveys out of the 18 eligible responses presented in
tables 1. However, the data from the 4 incomplete surveys are utilized in the frequencies and
correlations that include questions answered by the 4 respondents.
Quantitative Findings
Demographics
The findings presented in this section are the demographic data collected from the
remaining 18 respondents who answered “1=female,” and “1=Yes” to all four eligibility
questions (see table 1) and had agreed to the terms outlined in the informed consent agreement
used in this study (see informed consent form in appendix B). Eligibility questions included,
gender, age, ability to read and to respond in English, and location of school criteria.
35
Eligible respondents included 12 students who identified their enrollment status as
dependent and 6 students who identified as independent (shown in table 1). The 18 Eligible
respondents were from 2 residential schools, a private liberal arts college and a large public
university in Western Massachusetts.
Table 1
Eligibility and Enrollment Status
Valid
Are you: Frequency Percent
Female or Male? 18 100.0
18 years or older? 18 100.0
Able to read and respond in English? 18 100.0
Attending college in Western Massachusetts? 18 100.0
Total 18 100.0
Respondents by Student Enrollment Status
Valid
Student Enrollment Status Frequency Percent
Dependent 12 66.7
Independent 6 33.3
Total 18 100.0
Percentages reported here were calculated based on the total number of respondents in
the study. Of the 18 eligible respondents, 66.7% identified their student enrollment status as
dependent, and 33.3% identified as independent (shown in table 1 above). Of the 12 eligible
dependent students, only 9 responded to the question on age: 11.1% or 2 were 20 years old,
27.87% or 5 were 21 years old, 5.6% or 1 was 22 years old, and 5.6% or 1 was 23 years old. The
median age for the dependent group of 9 reported ages was 21 years. The minimum age for the
dependent group was 20 years and the maximum was 23 years. Of the 6 eligible independent
students only 4 responded to the question on age: 22.2% or 4 were 21, 22, 42, and 43 years old.
36
The median age for the independent group was 32 years, the maximum age was 43, and the
minimum age was 21 years (shown in table 2). In regards to marital status, of the 6 respondents
in the independent group 11.1% or 2 were single, 5.6% or 1 was divorced, and 5.6% or 1 had a
partner but not married. Respondents were asked if they had children who lived with or received
more than half their financial support from them, 5.6% or 1 respondent had 2 children, 10 and 13
years old living with her, and 5.6% or 1 respondent had 1 child who was 20 years old and also
living with her.
Table 2 presents demographic characteristics on age, race/ethnicity and the importance of
religion for the 13 respondents who answered these questions. In regards to questions on
race/ethnicity, 10 dependent students responded: 33.3% or 6 were African American/Black,
5.6% or 1 was biracial, 5.6% or 1 was Latino/Hispanic and 11.1% or 2 were White/Caucasian.
For the independent group 16.7% or 3 were African American/ Black and 5.6% or 1 was White/
Caucasian.
As shown in table 2, 10 dependent students responded to question on the importance of
religion: 11.1% or 2 respondents reported that religion was “not at all important,” for 11.1% or 2
respondents it was “rarely important,” for 5.6% or 1 respondent religion was “somewhat
important.” For 16.7% or 3 respondents religion “important,” and 11.1% or 2 respondents
reported that religion was “very important” to them. For the 4 respondents in the independent
group: 11.1% or 2 reported that religion was “somewhat important,” and for 11.1% or 2
respondents religion was “very important.” Table 3 shows respondents employment status,
income, household size, and financial aid status.
Table 4, shows the remaining demographic characteristics of the sample. Of the 10
dependent respondents, based on reported expected graduation year it was found that 44.4% or 8
37
were in their senior year, and 11.1% or 2 were sophomores. In the independent group 11.1% or
2 were in their senior year, 5.6% or 1 was a junior and 5.6% or 1 was a sophomore. On the
question about their GPA 13 respondents answered, and reported GPAs included a range from
2.7 to 3.7. For the dependent group the median GPA was 3.4, the minimum GPA was 2.7 and
the maximum was 3.7. For the independent group the median GPA was 3.0, the minimum was
2.8 and the maximum was 3.4. In a total 4 responses of “1=yes” 2 respondents from the
dependent group and 2 from the independent group reported that they were the first in their
family to attend college.
38
Table 2
Demographics Characteristics of Respondents -1
Dependent Independent
Statistics on age Status Status
N Valid 9 4
Missing 9 14
Mean 21.1 32.0
Median 21.0 32.0
Minimum 20 21
Maximum 23 43
Dependent Status Independent Status
Valid Valid
Age Frequency Percent Percent Frequency Percent Percent
20 2 11.1 22.2 n/a n/a n/a
21 5 27.8 55.6 1 5.6 25.0
22 1 5.6 11.1 1 5.6 25.0
23 1 5.6 11.1 n/a n/a n/a
42 n/a n/a n/a 1 5.6 25.0
43 n/a n/a n/a 1 5.6 25.0
Total 9 50.0 100.0 4 22.2 100.0
Missing 9 50.0 14 77.8
Total eligible responses 18 100.0 18 100.0
Valid Valid
Race/ Ethnicity Frequency Percent Percent Frequency Percent Percent
African
American/Black 6 33.3 60.0 3 16.7 75.0
Asian/Pacific Islander n/a n/a n/a n/a n/a n/a
Biracial 1 5.6 10.0 n/a n/a n/a
Latino/Hispanic 1 5.6 10.0 n/a n/a n/a
Native American n/a n/a n/a n/a n/a n/a
White/Caucasian 2 11.1 20.0 1 5.6 25.0
Other (please specify) n/a n/a n/a n/a n/a n/a
Total 10 55.6 100.0 4 22.2 100.0
Missing 8 44.4 14 77.8
39
Table 2
How important is Valid Valid

religion? Frequency Percent Percent Frequency Percent Percent
Not at all important 2 11.1 20.0 n/a n/a n/a
Rarely Important 2 11.1 20.0 n/a n/a n/a
Somewhat important 1 5.6 10.0 2 11.1 50.0
Important 3 16.7 30.0 n/a n/a n/a
Very important 2 11.1 20.0 2 11.1 50.0
Total 10 55.6 100.0 4 22.2 100.0
Missing/ Not
Applicable 8 44.4 14 77.8
40
Table 3
Demographics Characteristics of Respondents - 2
Dependent Independe
Status nt Status
Valid
Perce Valid
Is student employed Frequency Percent nt Frequency Percent Percent
yes 8 44.4 80.0 3 16.7 75.0
no 2 11.1 20.0 1 5.6 25.0
Total 10 55.6 100.0 4 22.2 100.0
Missing/ Not Applicable 8 44.4 14 77.8
Dependent Student (Parent’s) Independent Student
Valid Valid
Income levels Frequency Percent Percent Frequency Percent Percent
less than 14998 n/a n/a n/a 1 5.6 25.0
25,000-34,999 1 5.6 11.1 1 5.6 25.0
35,000-49,999 5 27.8 55.6 1 5.6 25.0
50,000-74,999 1 5.6 11.1 n/a n/a n/a
75,000-99,999 2 11.1 22.2 n/a n/a n/a
More than 100,000 n/a n/a n/a 1 5.6 25.0
Total 9 50.0 100.0 4 22.2 100.0
Student’s monthly Valid Valid

income Frequency Percent Percent Frequency Percent Percent
300 n/a n/a n/a 1 5.6 33.3
300-400 1 5.6 5.6 n/a n/a n/a
400 1 5.6 5.6 1 5.6 33.3
475 n/a n/a n/a 1 5.6 33.3
2500 1 5.6 5.6 n/a n/a n/a
300 1 5.6 5.6 n/a n/a n/a
400 1 5.6 5.6 n/a n/a n/a
500 1 5.6 5.6 n/a n/a n/a
675 1 5.6 5.6 n/a n/a n/a
Total 7 38.9 100.0 3 16.7 100.0
Do you have a Valid Valid

budget? Frequency Percent Percent Frequency Percent Percent
yes 2 11.1 20.0 3 16.7 75.0
no 8 44.4 80.0 1 5.6 25.0
Total 10 55.6 100.0 4 22.2 100.0
41
Table 3
Demographics Characteristics of Respondents - 2
Dependent Independe
Status nt Status
Do you spend less Valid Valid

than you earn? Frequency Percent Percent Frequency Percent Percent
yes 6 33.3 60.0 1 5.6 25.0
no 4 22.2 40.0 3 16.7 75.0
Total 10 55.6 100.0 4 22.2 100.0
Size of students’ Valid Valid

household Frequency Percent Percent Frequency Percent Percent
2 1 5.6 5.6 n/a n/a n/a
3 n/a n/a n/a 2 11.1 50.0
4 3 16.7 16.7 n/a n/a n/a
5 2 11.1 11.1 2 11.1 50.0
6 1 5.6 5.6 n/a n/a n/a
8 1 5.6 5.6 n/a n/a n/a
4 bedroom house 1 5.6 5.6 n/a n/a n/a
I don’t know 1 5.6 5.6 n/a n/a n/a
Total 10 55.6 100.0 4 22.2 100.0
Missing 8 44.4 14 77.8
Do you receive
financial aid for Valid Valid
educational expenses? Frequency Percent Percent Frequency Percent Percent
yes 9 50.0 90.0 4 22.2 100.0
no 1 5.6 10.0 n/a n/a n/a
Total 10 55.6 100.0 4 22.2 100.0
Do you live on or off Valid Valid

campus? Frequency Percent Percent Frequency Percent Percent
On campus 10 55.6 100.0 n/a n/a n/a
On campus alone n/a n/a n/a 2 11.1 50.0
Within walking distance
w/ children n/a n/a n/a 1 5.6 25.0
Alone more than 10 miles
from campus n/a n/a n/a 1 5.6 25.0
Total 10 55.6 100 4 22.2 100.0
Missing 8 44.4 14 77.8
42
Table 4
First in family to attend Valid Valid
college? Frequency Percent Percent Frequency Percent Percent
yes 2 11.1 20.0 2 11.1 50.0
no 8 44.4 80.0 2 11.1 50.0
Total 10 55.6 100.0 4 22.2 100.0
Missing 8 44.4 14 77.8
Valid Valid
Expected year of graduation Frequency Percent Percent Frequency Percent Percent
2012 8 44.4 80.0 2 11.1 50.0
2013 n/a n/a n/a 1 5.6 25.0
2014 2 11.1 20.0 1 5.6 25.0
Total 10 55.6 100.0 4 22.2 100.0
Missing 8 44.4 14 77.8
How many classes taken last Valid Valid

semester? Frequency Percent Percent Frequency Percent Percent
3 n/a n/a n/a 1 5.6 25.0
4 4 22.2 40.0 3 16.7 75.0
5 2 11.1 20.0 n/a n/a n/a
6 3 16.7 30.0 n/a n/a n/a
43 1 5.6 10.0 n/a n/a n/a
Total 10 55.6 100.0 4 22.2 100.0
Missing 8 44.4 14 77.8
Valid Valid
GPA Frequency Percent Percent Frequency Percent Percent
2.7 1 5.6 11.1 n/a n/a n/a
2.8 1 5.6 11.1 1 5.6 25.0
2.9 1 5.6 11.1 1 5.6 25.0
3.1 1 5.6 11.1 1 5.6 25.0
3.4 2 11.1 22.2 1 5.6 25.0
3.5 1 5.6 11.1 n/a n/a n/a
3.6 1 5.6 11.1 n/a n/a n/a
3.7 1 5.6 11.1 n/a n/a n/a
Total 9 50.0 100.0 4 22.2 100.0
Missing 9 50.0 14 77.8
43
Table 4
Valid Valid
Major Declared Frequency Percent Percent Frequency Percent Percent
American Studies 1 5.6 5.6 n/a n/a n/a
Communication, minor in
Education 1 5.6 5.6 n/a n/a n/a
Economics 3 16.7 16.7 n/a n/a n/a
Engineering 1 5.6 5.6 n/a n/a n/a
Environmental Science 1 5.6 5.6 n/a n/a n/a
English Lit/ African
American studies n/a n/a n/a 1 5.6 5.6
Neuroscience n/a n/a n/a 2 11.1 11.1
I think Sociology 1 5.6 5.6 n/a n/a n/a
Sociology 1 5.6 5.6 n/a n/a n/a
Sociology 1 5.6 5.6 n/a n/a n/a
Total 10 55.5 100.0 3 16.7 100.0
44
Correlations
Except for questions that were only applicable to either dependent or independent
respondents, the data analyzed in the following correlations were a combination of both
dependent and independent student responses to questions specific to the three variables
investigated, financial stress about tuition and living expenses, and academic functioning and
satisfaction, and social functioning and satisfaction. A t-test was run to see if there was a
difference in the mean response to how worried students were about tuition and living expenses,
by whether they were independent or dependent students. No significant difference was found.
The independent students did have a higher mean response to that question (m=3.33) than the
dependent students (m=3.0) but the difference was not significant (see table 5).
Table 5 Group Statistics

Student
enrolment Std. Std. Error
status N Mean Deviation Mean
Financial stress about Dependent 11 3.00 1.000 .302
tuition and living Independent 6 3.33 1.033 .422
expenses
Pearson’s r correlation tests were run to investigate relationships between the three
variables and results are presented below as follows: Financial stress is shown as the independent
variable in correlation findings between question #7, “How stressed or worried are you about
tuition and other living expenses,” on the survey and the main financial related questions (see
appendix). Results on the two dependent variables are correlations between the independent
variable, financial stress, and the main questions, investigating academic functioning and
satisfaction and social functioning and satisfaction. Pearson’s correlations were also run on
questions only applicable to dependent respondents.
45
Independent variable financial stress
The first test run was a Pearson correlation to determine if there was a relationship
between stress about personal income and stress about tuition and other living expenses, and a
significant, moderate, positive correlation was found (r=.566 p=.018, two-tailed) shown in table
6 below. A positive correlation means as respondents express more stress about their income
they express more stress about tuition.
Table 6 Group Correlation 1

Financial
Stress about stress about
personal tuition and
finances living expenses
Pearson Correlation 1 .566*
Stress about personal finances
Sig. (2-tailed) .018
N 17 17
Financial stress about tuition Pearson Correlation .566* 1
and living expenses Sig. (2-tailed) .018
N 17 17
*. Correlation is significant at the 0.05 level (2-tailed).
Next, Pearson’s correlations were run to see if there was a relationship between stress
about student income and how stressed respondents were about credit card debt. No significant
correlation was found.
For the dependent group, a Pearson correlation was run to determine if there was a
relationship between students’ stress about their parents’ ability to pay their tuition and
educational expenses and the independent variable financial stress, and a significant, moderate,
positive correlation was found (r=.642, p=.033, two-tailed) shown in table 7 below. A positive
correlation means as students express more stress about their parents’ ability to pay their tuition
and educational expenses, they express more stress about tuition and living expenses.
46
Table 7 Dependent Correlation
Stress about Financial stress
parents' about tuition and
ability to pay living expenses
Stress about parents' ability to Pearson Correlation 1 .642*
pay
N 11 11
Financial stress about tuition and Pearson Correlation .642* 1
living expenses
N 11 11
Financial stress and academic functioning and satisfaction
A Pearson correlation was run to determine if there was a relationship between
respondents “financial stress about tuition and living expenses” and “how often a student meet
w/ professors outside class” and a significant, negative, strong correlation was found ( r=-.603,
p=.022, two-tailed) shown in table 8 below. This suggests that as financial stress about tuition
and living expenses increases students report meeting with professors outside class less often.

How often
Financial stress
student meet
about tuition and
w/professors
living expenses
outside class
How often student meet
w/professors outside class Pearson Correlation -.603* 1
N 14 14
Financial stress about tuition
and living expenses Pearson Correlation 1 -.603*
N 17 14
*. Correlation is significant at the 0.05 level (2-tailed)
47
In regards to financial stress and academic function, a Pearson correlation was run to
determine if there was a relationship between stress about tuition and living expenses and how
often respondents missed class, and a significant, moderate, positive correlation was found
(r=.636, p=.016, two-tailed) shown in table 9. A positive correlation means as respondents
express more stress about tuition and living expenses, they miss classes more frequently.

Financial stress How often
about tuition and students miss
living expenses class
Financial stress about tuition
Pearson Correlation 1 .630*
and living expenses
N 17 14
Pearson Correlation .630* 1
How often students miss class
N 14 14
Pearson’s correlations were run to determine if there were relationships between financial
stress about tuition and living expense, and 1) students’ GPA, 2) students’ need for extensions on
assignments, and 3) students’ academic satisfaction. No significant correlations were found.
Another Pearson correlation was run to see if there was a relationship between the variables GPA
and academic satisfaction. No significant correlations were found. Although too small a
response rate to run a correlation with financial stress about tuition and living expenses, four
people did report dropping a course, related to financial stress about tuition and living expenses.
Financial stress and social functioning and satisfaction
A Pearson correlation was run to see if there was a correlation between financial stress
about tuition and living expense, and how much of support respondents thought professors were
to them, and a significant, moderate, negative correlation was found (r=556, p=.039) shown in
48
table 10 below. This suggests that as stress about tuition increases respondents reported feeling
less supported by professors.

Financial stress How supportive
about tuition and professors are to
living expenses students
Financial stress about tuition Pearson Correlation 1 -.556*
and living expenses Sig. (2-tailed) .039
N 14 14
How supportive professors are Pearson Correlation -.556* 1
to students Sig. (2-tailed) .039
N 14 14
* Correlation is significant at the 0.05 level (2-tailed)
Pearson correlations were run to determine if there were relationships between financial
stress about tuition and living expense, and 1) how often student socialized w/peers, 2) how often
students’ connected with off-campus friends and family, and 3) if students belonged to any
student clubs and/or student organizations. No significant correlations were found. In addition
Pearson correlations were run to see if there were relationships between the independent
variable, financial stress, and 1) the level of support students received from peers, and family
members, and, 3) the level of support students received from campus counseling centers,
financial aid offices and community mental health providers. No significant correlations were
found.
Qualitative Findings
This study was designed with dialogue boxes, for each question asked, which invited
respondents to explain or elaborate on closed-response questions. Qualitative results were too
few to need thematic coding. However, responses included those quoted below.
In response to the question on stress about parents’ financial ability to pay dependent
students’ tuition and living expenses one respondent explained: “I will be paying for my
49
education so it will be my responsibility, and another stated, “I personally pay for anything that
is not covered by my financial aid and loans.” Then in response to the question about who pay
students’ credit card debt if they had any, one respondent from the dependent group paid her own
credit card debt and another explained, “Mother but with my money.” Some respondents
reported that they received stress management information from their colleges, which included
“workshops on stress management, budget workshops through credit union” and “academic
stress” management. Another respondent wrote, “There are the women in finance workshops but
I never attended them.” Most of these respondents found stress management information and
workshops helpful, but one explained, “Standard reports of loans, created more stress.”
On the question “What is your GPA one respondent explained, “I feel as though my GPA
does not reflect my capabilities as a person.” On the employment and income questions one
respondent reported that her parents are retired but were employed,” another explained, “My
mother recently quit her job.” One respondent explained, “A large part of my work study goes
towards tuition.”
In response to satisfaction with the level of financial aid received one respondent stated,
“I am quite satisfied. I have had to take out loans however.” Another wrote, “It is not enough.
My father don't make that much money but I don't get enough financial aid to cover my expenses
because they said his is income too high.” The survey questionnaire ended with an open-ended,
“How could the student financial experience at your college be improved?” and 9 respondents
wrote:
“Communicating better with students and creating a more friendly environment for
students and parents,”
“Give more money to students who need it”
50
“Give out more grant money.”
“More money for the students”
“More work study”
“They are pretty accommodating, but can try to be more understanding towards family
situations in which despite the parent's income they cannot or will not pay the expected
family contribution.”
“I have always had a great experience with them.”
“Make more funds available to women with children”
“More financial aid to individuals whose parents have lost their jobs while the student is
in college.”
Although the qualitative response are few the information respondents provided adds to
the understanding of the quantitative responses that would not have otherwise been known. The
next chapter synthesizes the various components of this thesis and discusses the major findings
of the study and its implications for clinical social work. It also discusses the limitations and bias
of the study especially the generalizability of the sample size to the target population of
undergraduate residential college women attending school in Western
51
CHAPTER V
Discussion
residential college women in Western Massachusetts, which included students’ who identified
financial aid guidelines. What is the relationship between financial stress and academic and
social functioning and satisfaction in undergraduate residential college women’s experiences?
Moreover, what are undergraduate residential colleges women’s attitudes about seeking
professional help with issues related to financial stress and their academic and social functioning,
including help from college counseling centers, financial aid offices, and other on and off
campus resources? Further, do undergraduate residential college women identify their academic
and social functioning and satisfaction as related to financial stress? These are the questions
posed to investigate the relationship between financial stress and academic functioning and
satisfaction and social functioning and satisfaction.
The overall findings in this study show, and as some of the literature reviewed in chapter
II have suggested (Joo et al., 2008; Pryor et al., 2010; Robb, 2011), that financial stress is
associated with academic and social functioning for the respondents in this study. However,
except for a few correlations of moderate to strong significance where there was sufficient data
to run tests, overall the findings do not indicate strong significant correlations as was expected
52
between the variables in this study. The major findings shows varying degrees of significance
from moderate to strong that reflect both negative and positive correlations between the
independent variable financial stress and specific questions on the dependent variables, academic
and social functioning and satisfaction. However, because of the limited responses received, and
the small size of the study’s sample, these findings are inconclusive in regards to the research
questions asked and not representative of the diversity of the target population sampled. The
applicability of the findings is limited to the respondents in this study and not generalizable to
the target population of undergraduate residential college women attending schools in Western
Massachusetts.
Findings
Descriptive Data
Frequency tables were generated and used to describe the demographic characteristics of
the respondents and to assess responses to the survey questions mainly on a 0 – 4 scale
measuring most responses on a range of “not at all” to “very often.” All respondents are female.
The Findings on age shows 11.1% or 2 respondents are 20 years old, 27.87% or 5 respondents
are 21 years old, 5.6% or 1 respondent is 22 years old, and 5.6% or 1 is 23 years old. The
median age for the dependent group of 9 reported ages is 21 years. The minimum age for the
dependent group is 20 years and the maximum is 23 years. Of the 6 eligible independent
students only 4 responded to the question on age: 22.2% or 4 respondents are 21, 22, 42, and 43
years old. The median age for the independent group is 32 years, the maximum age is 43, and
the minimum age is 21 years (shown in table 2). Although ages 42 and 43 are outliers in the
range, it was expected that ages of respondents would vary with some extremes because the
study’s eligibility criteria only specified being over 18 years old and the undergraduate
53
population includes older adults returning to college to complete their undergraduate education
that may have been interrupted or they may be attending college for the first time (Giancola,
Grawitch & Borchert, 2009). The groups were structured by the 2011-2012 federal financial aid
guidelines and so a student of independent status could be 18 years or older. In addition, it is
also noted that 2 respondents in the independent group are younger than the oldest respondent in
the dependent group. Participants in a web-based quantitative study by Joo et al., (2008) about
the impact of financial stress on college students academic functioning in a sample of 540
university students had an age range of “17-34” (p.294) which is similar to the range in this study
with a 9-year difference. Unlike the young adult college population of the past the current
demographics of college students varies in age and life experience.
In regards to marital status, in the independent group, 11.1% or 2 are single, 5.6% or 1 is
divorced, and 5.6% or 1 has a partner but is not married. Respondents were asked if they had
children who lived with or received more than half their financial support from them, 5.6% or 1
respondent has 2 children, 10 and 13 years old living with her, and 5.6% or 1 respondent has 1
child who was 20 years old and also living with her. These general characteristics of the
respondents in this study compares to literature describing similar characteristics in the current
generation of college students (Giancola, Grawitch & Borchert, 2009; Mehta, et al., 2011; Pryor,
Hurtado, DeAngelo, Palucki & Tran, 2010; Kadison & DiGeronimo, 2004) many of whom are
working and raising families while in school.
In regards to questions on race/ethnicity, 10 dependent students responded: 33.3% or 6
are African American/Black, 5.6% or 1 is biracial, 5.6% or 1 is Latino/Hispanic and 11.1% or 2
are White/Caucasian. For the independent group 16.7% or 3 are African American/ Black and
5.6% or 1 is White/ Caucasian. Again, this lack of diversity in race and ethnicity is biased in
54
regards to the 6 race/ethnicities and other categories listed on the survey response list. Four
responses of “1=yes,” 2 from the dependent group and 2 from the independent group, reported
that they are the first in their family to attend college.
Of the 10 dependent respondents, based on reported expected graduation year, 44.4% or 8
are in their senior year, and 11.1% or 2 are sophomores. In the independent group, 11.1% or 2
are in their senior year, 5.6% or 1 is a junior, and 5.6% or 1 is a sophomore. On the question
about their GPA 13 respondents answered. Reported GPAs include a range from 2.7 to 3.7 on
the 4.0 GPA scale. For the dependent group the median GPA is 3.4, the minimum GPA is 2.7
and the maximum was 3.7. For the independent group the median GPA is 3.0, the minimum is
2.8 and the maximum is 3.4. A Pearson’s correlation was run to determine the relationship
between financial stress and GPA and between GPA and academic satisfaction and no
significance is found. Again, the small sample size could account for these findings, which were
expected to be significant. Other correlations of significance are reported in the next section.
Correlations
Pearson’s r correlations were generated for a number of the variables used to measure
financial stress, academic functioning, and social functioning to test the significance of these
relationships. Moderate to strong, positive and negative significance were found in 5 of the
Pearson’s correlation testes run. Results on the relationship between stress about personal
income and stress about tuition and other living expenses shows a significant, moderate, positive
correlation (r=.566 p=.018). This positive correlation indicates that as students express more
stress about their income they express more stress about tuition.
For the dependent group, a Pearson correlation was run to determine if there is a
relationship of significance between students’ stress about their parents’ ability to pay their
55
tuition and educational expenses and the independent variable financial stress, and a significant,
moderate, positive correlation was found (r=.642, p=.033, two-tailed). A positive correlation
means as students express more stress about their parents’ ability to pay their tuition and
educational expenses, they express more stress about tuition and living expenses. This finding
compares to the literature on first generation college students from low-income families where
financial resources are inadequate for meeting the high and rising cost of education (Mehta, et
al., 2011).
A Pearson correlation was run to determine if there is a relationship between respondents
“financial stress about tuition and living expenses” and “how often a student meet w/ professors
outside class” and a significant, negative, strong correlation was found ( r=-.603, p=.022, two-
tailed). This suggests that as financial stress about tuition and living expenses increases students
report meeting with professors outside class less often. This finding compares with the literature
on optimism as a predictor of problem solving outcomes where active coping and avoidant
coping were assessed in college students’ response to stress (Mosher, et al., 2006). In addition,
this significant, strong correlation suggesting these respondents avoidance of meeting with
professors in times of high stress is noted in the literature on FGSs and adjustment to college
where the lack of cultural capital is obvious in the failing rates of FGS of concern in the Mehta,
et al., 2011 results.
Another Pearson correlation was run to see if there was a correlation between financial
stress about tuition and living expense, and how much of a support respondents thought
professors were to them, and a significant, moderate, negative correlation is found (r=556,
p=.039) shown in table 10 below. This suggests that as stress about tuition increases respondents
56
reported feeling less supported by professors. This result is also indicative of avoidant coping in
response to stress.
The fifth Pearson’s r correlation test with significant findings was run to determine if
there is a relationship between stress about tuition and living expenses and how often
respondents missed class, and a significant, moderate, positive correlation is found (r=.636,
p=.016, two-tailed). A positive correlation means as respondents express more stress about
tuition and living expenses, they miss classes more frequently. Again the literature connects to
this finding especially the literature on students juggling extra work hours with study time, class
attendance and socializing with peers (Kadison & DiGeronimo, 2004; Mehta, et al., 2011; Pryor,
Hurtado, DeAngelo, Palucki & Tran, 2010; Robb, 2011). Although too small a response rate to
run a correlation with financial stress about tuition and living expenses, four people did report
dropping a course, related to financial stress about tuition and living expenses.
Further, Pearson’s correlations were run to determine if there were relationships between
financial stress about tuition and living expense, and 1) students’ GPA, 2) students’ need for
extensions on assignments, and 3) students’ academic satisfaction. No significant correlations
are found. Another Pearson correlation was run to see if there was a relationship between the
variables GPA and academic satisfaction. No significant correlations were found. Pearson
correlations were also run to determine the relationships between financial stress about tuition
and living expense, and 1) how often student socialized w/peers, 2) how often students’
connected with off-campus friends and family, and 3) if students belonged to any student clubs
and/or student organizations, and no significant correlations were found. No significant
correlations are found in Pearson correlations between the independent variable, financial stress,
and 1) the level of support students received from peers, and family members, and, 3) the level of
57
support students received from campus counseling centers, financial aid offices and community
mental health providers. Significant correlations were expected between the above variables,
however, I assess these findings as inclusive because of the small sample size which is also
limited in the diversity of race/ethnicity, age, and experiences.
Lastly, a t-test was run to see if there was a difference in the mean response to how
worried students were about tuition and living expenses, by whether they were independent or
dependent students. No significant difference was found. The independent students did have a
higher mean response to that question (m=3.33) than the dependent students (m=3.0) but the
difference was not significant. This finding is consistent with the small sample size used in the
study.
Limitations and Biases
Twenty-nine responses were collected of which 18 respondents met the eligibility criteria
to be included (shown in table 1). Data collected on the ineligible respondents were removed
from the data set prior to generating preliminary frequencies and correlations. After the initial
clean up and preliminary frequencies were generated, however, it was found that 2 respondents
in the dependent group and 2 in the independent group did not answer approximately 75% of the
survey questions and so findings are mostly from data on 14 completed surveys. The data from
the 4 incomplete surveys are utilized in the frequencies and correlations that include questions
answered by these 4 respondents.
The catchment area for this study is Western Massachusetts. The desired sample size
was 100, however as explained in chapter III, for several reasons the survey did not yield enough
responses representative of the target population. For one, the Human Subjects Review (HSR)
application approval (see appendix A) process was much longer than I had anticipated and
58
although my research advisor granted an extension on data collection, recruitment and data
gathering was limited to less than four weeks in order to meet the mandatory extended data
collection deadline. Moreover, the recruitment and data gathering period was toward the end of
the school year for most Western Massachusetts residential colleges and so more than likely
recruitment efforts competed with final exams, with students’ summer planning, with seniors’
preparation for graduation and other end of year college activities. In addition to the short data
gathering and recruitment period, I was unaware that permission to recruit on college campuses
had to be obtained in writing from individual colleges prior to submitting my HSR application
and so HSR reviewers did not approve direct recruitment on campuses and college listservs as
proposed in my original application. HSR reviewers also advised me that, by history, some
schools in the area do not give permission to recruit on their campuses.
Given the limited time between my application approval (see appendix A), and the
extended deadline, recruitment was limited to flyer postings in public areas college students
frequent, including the local shopping malls, coffee houses and other such public spaces within
the vicinity of several college campuses in Western Massachusetts. I also sent emails with a
recruitment flyer to colleagues, friends and my SSW classmates asking their help in distributing
my survey information by word of mouth and/or by email. In addition, I posted my recruitment
flyer on Face book and Craigslist to capture the population of students who use these forums.
No direct recruitment took place on any college campuses.
In hindsight, to resolve this turnaround time conflict I would have planned to submit my
HSR application much earlier than I did, perhaps before the end of the fall semester. An earlier
start would have allowed me time to respond to HSR concerns about the recruitment methods by
securing permission from individual colleges to recruit on their campuses, which would have
59
provided direct, wider access to my target population. In addition, considering the short
turnaround time between HSR approval and the data gathering deadline as well as students’
competing end of the year priorities, if more funding was available for this study, I could have
offered incentives such as bookstore discount coupons and café gift certificates to encourage
more responses. The small percentage of participants in this research limits the generalizability
of these findings to the target population of undergraduate residential college women attending
schools in Western Massachusetts. In addition, the limited diversity of schools in the sample as
well as the racial/ethnic diversity of respondents creates sampling biases in this regard.
Implications of this study to social work practice
A study of residential college women’s academic and social experiences from a financial
perspective is important to the dissemination of information on financial management, stress
management, coping skills and the availability and access to resources for this population. It
draws attention to and can potentially broaden social workers’ perspectives about the
relationships between psychosocial dynamics and the academic and social functioning of
undergraduate residential college women. This information could be a resource to undergraduate
residential college women who may be experiencing financial stress but need support around
seeking help and developing adaptive stress management coping skills, and could also be useful
to women in the process of making the decision to enroll in a residential college. Moreover, the
research if replicated could be a meaningful source of information to college financial aid and
counseling center programs, and other student support services. Findings in such a study could
be of value to the budgetary and strategic planning decisions college administrators have to make
for the health of the institution and for the social, academic, and psychological well-being and
success of its students. Considering societal emphasis placed on higher education as an
60
important factor in socioeconomic success, the rising cost of attendance, student retention rates
and the fact that my search for relevant literature did not yield studies matching the specificity of
this study’s research question is telling of the need for more current research in this area.
Because of these somewhat avoidable constraints on the limited response rate and sample
size, with some modification to the survey questionnaire to elicit more open response, I plan to
repeat this study in the future. I also encourage others to consider the value of this type of
information in psychosocial and other assessments of undergraduate college student functioning,
retention and completion rates.
61
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Appendix A
Human Subject Review Board Approval
School for Social Work

Smith College
Northampton, Massachusetts 01063
T (413) 585-7950 F (413) 585-7994
April 3, 2012
Nathalie Vaughn
Dear Nathalie,
Your project is now approved by the Human Subjects Review Committee and you can proceed. I wish you the best
of luck with your research.
Please note the following requirements:
Consent Forms: All subjects should be given a copy of the consent form.
Maintaining Data: You must retain all data and other documents for at least three (3) years past
completion of the research activity.
In addition, these requirements may also be applicable:
Amendments: If you wish to change any aspect of the study (such as design, procedures, consent forms
or subject population), please submit these changes to the Committee.
Renewal: You are required to apply for renewal of approval every year for as long as the study is active.
Completion: You are required to notify the Chair of the Human Subjects Review Committee when your
study is completed (data collection finished). This requirement is met by completion of the thesis project
during the Third Summer.
Sincerely,
David L. Burton, M.S.W., Ph.D.

Chair, Human Subjects Review Committee
CC: Stacey Novack, Research Advisor
66
Appendix B
Informed Consent Form
Dear Participant:
My name is Nathalie Vaughn and I am a graduate student in the Smith College School for
Social Work MSW program. As part of my master’s thesis requirement, I am conducting this
study on financial stress in undergraduate residential college women. The purpose of the study is
to explore the relationship between financial stress and undergraduate residential college
women’s level of academic and social functioning and satisfaction. Information gathered in this
study will be used for my thesis and so the research findings will be presented as a whole to my
research advisor; it will be catalogued in the Smith College library system and it may be used for
presentation and publication.
I am asking your participation in this study based on the following criteria: You are an
undergraduate residential college woman 18 years or older in Western Massachusetts. You have
access to a computer and the internet and can read and respond to the survey questions in
English. As a volunteer participant in this study, you will complete an anonymous online survey
questionnaire. The online questionnaire items include questions about your personal information
including age, race/ethnicity/culture, religion, marital status, and about your income and your
parent(s) income if your student enrollment status is dependent. The questionnaire also asks
about your level of financial stress and about your academic and social functioning and
satisfaction, and asks you to comment on your overall college experience from a financial
perspective including suggestions for supports/interventions that could make your experience
different. The survey should take no more than 25 minutes to complete.
67
The potential risk to participating in this study is that you might experience emotional
distress while reflecting on and answering questions about your experiences. Should this be the
case, and you feel that you need support I have included a list of referral resources including
college counseling centers, student financial aid offices and some private and community mental
health providers.. In addition, you could also contact the counseling center and financial aid
office on your college campus. Your participation in this study is voluntary. There is no material
compensation for participation in this study. However, your contribution to the study could be
helpful to other undergraduate residential college enrolled women who may be experiencing
financial stress and academic and social functioning issues and who may need support around
seeking help and managing stress. In addition the survey questions helps you reflect on your
experience and current situation with financial stress and your academic and social functioning
and perhaps inspire you to seek help and make suggestions about what would make your overall
college experience different. It could also inform and ideally influence financial aid and
counseling center programs and other campus resources about mental health service availability,
service delivery and service accessibility for college women.
This is an anonymous study. Once you have completed and submitted the questionnaire
it will not be possible for you to withdraw from the study. To preserve anonymity please make
sure you do not provide any identifying information with your answers. Data gathered in the
study will be stored electronically in a protected file for a minimum of three years as required by
Federal guidelines. If I need the materials beyond the three-year period, I will continue to keep
them secure and will destroy them when no longer needed.
Participation in this study is voluntary and so you are free to skip any of the survey
questions or withdraw from this study prior to hitting the submit button. If you have questions
68
about your rights and about any aspect of this study, please do not hesitate to contact me. You
may also contact the Chair of the Human Subjects Review at Smith College
BEFORE CLICKING ON “I AGREE” BELOW PLEASE PRINT AND KEEP A COPY

OF THIS FORM AND THE LIST OF REFERRAL SOURCES FOR YOUR RECORDS
BY CLICKING ON “I AGREE” BELOW YOU ARE INDICATING THAT YOU HAVE

READ AND UNDERSTAND THE INFORMATION ABOVE AND THAT YOU HAVE
HAD AN OPPORTUNITY TO ASK QUESTIONS ABOUT THE STUDY, YOUR
PARTICIPATION, AND YOUR RIGHTS AND THAT YOU AGREE TO PARTICIPATE
IN THE STUDY.
I Agree I Disagree
69

The Relationship Between Financial Stress and Academic and Social

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Smith ScholarWorks

Theses, Dissertations, and Projects

The relationship between financial stress and academic and

Follow this and additional works at: https://scholarworks.smith.edu/theses

Part of the Social and Behavioral Sciences Commons

academic and social functioning and satisfaction in a volunteering sample of undergraduate

their enrollment status as either dependent or independent as defined by 2011-2012 federal

satisfaction in undergraduate residential college women’s experiences?” The major findings in

generalizable to the target population of undergraduate residential college women attending

schools in Western Massachusetts.

SOCIAL FUNCTIONING OF UNDERGRADUATE RESIDENTIAL COLLEGE

A project based upon an independent investigation,

Smith College School for Social Work

TABLE OF CONTENTS .............................................................................................. iii

LIST OF TABLES ........................................................................................................ iv

II LITERATURE REVIEW ..................................................................................... 7

III METHODOLOGY ............................................................................................... 25

Appendix A: Human Subjects Review Approval Letter ............................................. 66

1. Eligibility and Enrollment Status ......................................................................... 36

2. Demographics Characteristics of Respondents -1 ................................................ 39

3. Demographics Characteristics of Respondents -2 ................................................ 41

4. Demographics Characteristics of Respondents -3 ................................................ 43

5. Group Statistics .................................................................................................... 45

6. Group Correlation 1 .............................................................................................. 46

8. Group Correlation 2 .............................................................................................. 47

9. Group Correlation 3 .............................................................................................. 48

10. Group Correlation 4 .............................................................................................. 49

academic and social functioning and satisfaction in a volunteering sample of undergraduate

their enrollment status as either dependent or independent as defined by 2011-2012 federal

My interest in the relationship between financial stress and undergraduate college

professional interest in women’s issues and in women’s empowerment. However, directly

functioning especially in interpersonal relationships to varying degrees. Social services

somewhat impaired functioning and contributed to issues in their interpersonal relationships.

women who access community mental health services.

In addition to literature on financial stress in the general population, a review of studies

white residential college students focused on socioeconomic, acculturation stressors, academic

question(Crockett et al., 2007; Matlin, Molock, and Tebes, 2011).

functioning, and satisfaction, and other psychosocial information pertinent to understanding

socioeconomic standing for both dependent and independent participants.

Academic functioning as operationalized in this study, included a range of student

achievement, where academic functioning does not constitute academic satisfaction or

areas, especially academics and social supports.

A study of undergraduate residential college women’s academic and social experiences

from a financial perspective is important to the dissemination of information on financial

of undergraduate residential college women. This information could also be a resource to

Considering financial stress as a possible predictor of issues in academic and social

associated with undergraduate women success in college. To investigate the relationship

in undergraduate residential college women’s experiences? Moreover, what are undergraduate

as possible predictors of undergraduate residential college women success.

examining the psychosocial dynamics of issues potentially leading to psychological, emotional,

because, added to the developmental experiences of adolescence, marriage, and childbirth,

outcomes in student academic careers.

population Pearlin (2002) proposed an interconnected three-part conceptual framework for

understanding stress processes described as “stressors, moderators, and outcomes,” which is

functioning and satisfaction in undergraduate residential college women. According to Pearlin:

economic characteristics… indicating an individuals’ placement in systems of inequality

are particularly important. (Pearlin, 2002, p.3)

family dynamics, socioeconomic status, race/ethnicity and environment/ community connections

Stressors and stressful life events