•  
  •  
 

Journal of Student Financial Aid

Journal of Student Financial Aid

Short Title

READINESS ROADBLOCKS AND FINANCIAL WELLNESS

Abstract

This paper explores the financial challenges and financial wellness of first-year students from a large, public, urban research university in the Midwest. Utilizing a financial wellness lens, we uncover students’ financial preparation and identify key financial challenges they face in managing college expenses while exploring how institutions can better support students in understanding and planning for the financial costs of higher education. Our findings highlight students were encouraged to attend college but lacked financial preparation and support, limiting their ability to manage their college expenses; the financial advice and resources provided often did not align with students’ actual experiences and needs, undermining their financial self-efficacy and producing financial strain; and financial challenges diminished mental health, connecting financial wellness to academic success. Based on our findings, we offer recommendations for what colleges can do to prepare students to develop a plan to pay for college and enhance their financial wellness, leading to greater academic success. The paper concludes with practical and policy recommendations to promote financial wellness in higher education.

Download

Share

COinS