Financial Stress, Self-Efficacy, and Financial Help-Seeking Behavior of College Students

13 Pages Posted: 14 Dec 2014  

HanNa Lim

Samsung Life Insurance - Retirement Research Center

Stuart J. Heckman

Kansas State University

Catherine Phillips Montalto

Ohio State University (OSU) - Department of Human Sciences

Jodi Letkiewicz

York University

Date Written: 2014

Abstract

Financial stress and self-efficacy are examined in relationship to college students’ financial help-seeking behavior utilizing Grable and Joo’s (1999) framework. A cognitive approach is taken by focusing on the moderating role of financial self-efficacy on the relationship between financial stress and financial help-seeking. Data from the 2010 Ohio Student Financial Wellness Survey are analyzed. Logistic regression results indicate that those who are Black, have had a financial education course, have larger current student loan debt, experience higher levels of financial stress, and have high financial self-efficacy tend to seek help from professionals. A moderating role of financial self-efficacy is observed, although the effect is relatively weak. Implications for financial counselors, educators, and practitioners include attention to strategies for reaching populations that underutilize available services, increased effort to reach populations most in need of services, and optimizing opportunities for the inclusion of financial information as an antecedent to productive service provision.

Keywords: college students, financial stress, help-seeking, self-efficacy

Suggested Citation

Lim, HanNa and Heckman, Stuart J. and Montalto, Catherine Phillips and Letkiewicz, Jodi, Financial Stress, Self-Efficacy, and Financial Help-Seeking Behavior of College Students (2014). Journal of Financial Counseling and Planning, Vol. 25, No. 2, 2014, 148-160. Available at SSRN: https://ssrn.com/abstract=2537579

HanNa Lim

Samsung Life Insurance - Retirement Research Center ( email )

Seoul
Korea, Republic of (South Korea)

Stuart J. Heckman (Contact Author)

Kansas State University ( email )

319 Justin Hall
Manhattan, KS 66506-4001
United States

Catherine Phillips Montalto

Ohio State University (OSU) - Department of Human Sciences ( email )

United States
614-292-4571 (Phone)
614-292-7536 (Fax)

Jodi Letkiewicz

York University ( email )

4700 Keele Street
Toronto, Ontario M3J 1P3
Canada

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