FINANCIAL STRESS AND COPING MECHANISMS AMONG BACHELOR

OF HUMAN SERVICES STUDENTS

A Thesis Presented to the Faculty of College of Arts and Sciences

of Notre Dame of Midsayap College in Partial Fulfilment of the

Requirements for

the Degree of Bachelor of Human Services

GENERAL, GLAIZA MAE

BALAWAG, SUZANE JOY

BUENAVISTA, CRISTA BELLE

CAMRAL, ENJELEN

CORDOVA, DINA

RONDINA, KENNETH

JUNE 2024
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Chapter I

Introduction

Background of the Study

Financial stress is a pervasive issue that significantly impacts college

students' well-being and academic performance. Among Bachelor of Human Services

students, financial stress can lead to increased anxiety, decreased academic engagement,

and lower overall satisfaction with their college experience (Le, Haynes, Haynes, &

Lofink, 2018). The rising costs of tuition, housing, and other expenses, coupled with

limited financial resources, place a substantial burden on students, making it challenging

for them to focus on their studies and achieve their educational goals (Robb, Moore,

Bowker, & Leppel, 2016). Understanding the specific financial stressors faced by these

students and the coping mechanisms they employ is crucial for developing effective

support systems and interventions.

Globally, financial stress among college students is a significant issue that

transcends national boundaries. Studies from various countries indicate that financial

challenges are a leading cause of mental health problems and academic difficulties among

students (Richardson, Elliott, & Roberts, 2017). For instance, in the United States,

approximately 70% of college students report experiencing financial stress, which is linked

to higher dropout rates and lower academic performance (Gallup & Purdue University,

2019). Similarly, in the United Kingdom and Australia, students struggle with financial

pressures due to high tuition fees and living costs, resulting in negative impacts on their

mental health and academic achievements (Jain & Fontinelle, 2018; Gallagher & Smith,

2021).
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In the Philippines, the issue of financial stress among college students is equally

pressing. The rising cost of education, coupled with limited access to financial aid and

scholarships, exacerbates the financial burden on students and their families (National

Center for Education Statistics, 2019). Many Filipino students are forced to balance part-

time jobs with their academic responsibilities, leading to increased stress and reduced time

for studying and self-care (Morse, Zhang, Yang, & Steffen, 2018). Furthermore, the socio-

economic disparities in the country mean that students from lower-income families face

even greater financial challenges, which can hinder their academic progress and future

career opportunities (Perry et al., 2022).

Bachelor of Human Services students, in particular, face unique financial stressors

due to the nature of their field. These students often engage in unpaid internships or

fieldwork as part of their academic requirements, which limits their ability to work part-

time jobs to support themselves financially (Robb & Woodyard, 2018). Additionally, the

emotional and psychological demands of their coursework and field experiences can

exacerbate the stress they feel, making it even more critical to address their financial needs

effectively (Hunt & Eisenberg, 2019). As future human service professionals, their ability

to manage financial stress and develop effective coping mechanisms is essential for their

personal well-being and professional success.

Despite the growing awareness of financial stress among college students, there is

a gap in the literature specifically focusing on Bachelor of Human Services students. Most

existing research tends to generalize findings across all college students without

considering the unique challenges faced by those in human services programs (Le et al.,

2018). This study aims to fill this gap by exploring the specific financial stressors and
 3

coping mechanisms among Bachelor of Human Services students, providing insights that

can inform targeted interventions and support services to enhance their academic and

personal outcomes. By addressing this gap, this research seeks to contribute to the broader

understanding of financial stress and its impact on students pursuing careers in human

services.

Statement of the Problem

Generally, this study aims to determine the financial stress and coping

mechanisms among Bachelor of Human Services students.

Specifically, it seeks to answer the following questions:

1. What is the profile of the respondents in terms of:

a. sex; and

b. age?

2. What is the financial stress of the respondents in terms of:

a. tuition fees;

b. living expenses; and

c. other financial?

3. What is the stress coping mechanisms of the respondents in terms of:

a. Budgeting;

b. Seeking financial aid;

c. Part-time employment; and

d. Seeking social support?

4. Is there a significant difference on the respondents’ coping mechanisms when they are

grouped according to demographic profile?

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5. Is there a relationship between the respondents ’financial stress and coping mechanism?

Significance of the Study

The result of the study may be beneficial to the following:

Bachelor of Human Services Students: This may help them develop effective

coping strategies. It can also raise awareness among students about the importance of

financial management and seeking support when needed.

Educators and Administrators: This study can provide them insights into the

challenges faced by students. It may prompt them to implement support services or

incorporate financial literacy education into the curriculum to better equip students to

manage financial stress.

Policy Makers. This study may lead them to inform students of decisions related

to student financial aid, tuition fees, and support services. It may lead to the development

of policies aimed at reducing financial barriers to education and promoting student well-

being.

Financial Institutions. They may use the findings to tailor financial products and

services to the specific needs of students, such as offering student-friendly banking options

or financial education programs.

Assumptions of the Study

These facts are presumed to be true:

1. That the respondents are students of Bachelor in Human Services;

2. That the respondents are truthful and honest in answering the questionnaires; and

3. That the respondents personally answered the questionnaire themselves.

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Scope and Delimitations of the Study

This study focuses on the financial stress and coping mechanisms. This covers to the

students of Bachelor of Human Resources of the Notre Dame of Midsayap College for the

School year 2023-24. This limits to their financial stress on tuition fees, living expenses

and other expenses as well as their coping mechanisms in terms of budgeting, seeking

financial aid, part-time employment and seeking financial support.

Definition of Terms

The following terms will be defined operationally for the purpose of understanding

and clarity.

Financial Stress. This refers to the emotional and psychological strain resulting

from financial difficulties, including worry, anxiety, and pressure related to managing

expenses and meeting financial obligations.

Tuition Fee. This refers to the specific monetary amount required by Bachelor of

Human Services students to cover their educational expenses, including tuition charges,

fees, and related educational costs.

Living Expenses. This refers to the total monetary outlay needed by Bachelor of

Human Services students to sustain their basic needs and lifestyle, comprising housing,

food, transportation, utilities, and other essential expenses.

Coping Mechanisms. This refers to the strategies and actions students use to

manage and reduce financial stress.

Budgeting. This refers to the process of planning and allocating financial resources

to manage anticipated expenses effectively.

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Financial Aid. This refers to the monetary assistance provided to students to help cover

their educational and living expenses.

Part-Time Employment. This refers to the work undertaken by students involving

fewer hours per week than full-time employment to support their financial needs.

Social Support. This refers to the assistance and comfort students receive from

family, friends, and peers to help them cope with financial stress.

Review of Related Literature

Financial Stress among College Students

Financial stress among college students is a significant concern, influenced

by factors such as tuition costs, living expenses, student loan debt, and limited financial

literacy. According to Nelson and Chesley (2015), over 70% of college students experience

financial stress, with high tuition fees and the cost of textbooks being major contributors.

Furthermore, data from the National Center for Education Statistics (2019) show a

continuous increase in tuition fees, exacerbating financial strain among students.

Financial stress significantly affects academic performance, leading to lower

grades, academic probation, increased absenteeism, and a higher likelihood of dropping out

(Richardson et al., 2017; Robb et al., 2016). The stress of managing finances often distracts

students from their studies, hindering their ability to focus and excel academically.

Financial stress is strongly associated with adverse mental health outcomes,

including anxiety, depression, and psychological distress (Le et al., 2018; Hunt &

Eisenberg, 2019). Students burdened with financial worries may experience heightened
 7

levels of stress and struggle to maintain their mental well-being, impacting their overall

quality of life.

Social support plays a crucial role in mitigating the impact of financial stress on

college students. Strong social support networks, including family, friends, and peers, can

provide emotional and practical assistance, reducing the negative effects of financial stress

(Elliott et al., 2021). Access to supportive relationships can help students cope with

financial challenges and maintain their mental health.

Tuition Fee

Over the past decade, the cost of higher education has skyrocketed, with tuition

fees steadily increasing across colleges and universities. According to data from the

National Center for Education Statistics (2019), the average annual tuition fees for public

and private institutions have risen significantly, far outpacing inflation rates. This upward

trend in tuition costs has intensified the financial strain on students and their families,

contributing to widespread concerns about affordability and access to higher education.

The exorbitant cost of tuition fees is a primary source of financial stress among

college students. Studies by Nelson and Chesley (2015) and Robb et al. (2016) highlight

the significant role of tuition expenses in exacerbating financial strain, leading to anxiety,

worry, and financial hardship among students. As tuition fees continue to rise, students are

forced to grapple with mounting debt burdens and limited financial resources, impeding

their ability to cover basic living expenses and academic-related costs.

The financial strain resulting from high tuition fees can have profound effects on

students' academic performance and persistence. Research by Richardson et al. (2017) and

Robb et al. (2018) suggests that students burdened with excessive tuition costs are more
 8

likely to experience academic difficulties, including lower grades, increased dropout rates,

and delayed degree completion. The pressure to afford tuition fees may force students to

work longer hours, reducing their time and energy for studying, participating in

extracurricular activities, and engaging in academic pursuits.

The pervasive financial stress stemming from high tuition fees takes a toll on

students' mental health and well-being. Studies by Le et al. (2018) and Hunt and Eisenberg

(2019) demonstrate a strong association between financial stress related to tuition fees and

symptoms of anxiety, depression, and psychological distress among college students. The

constant worry about tuition costs can lead to heightened levels of stress, negatively

impacting students' ability to concentrate, manage emotions, and cope with academic and

personal challenges.

Addressing the tuition fee crisis requires comprehensive reforms aimed at making

higher education more accessible and affordable for all students. Policy initiatives such as

increased funding for need-based financial aid, tuition freezes, and tuition subsidy

programs can help alleviate the financial burden on students and families (Dynarski, 2017).

Additionally, efforts to enhance financial literacy, promote cost-saving measures, and

expand scholarship opportunities can empower students to make informed decisions about

financing their education and managing expenses effectively (Chen & Volpe, 2016).

Living Expenses as Financial Stress

College students face mounting pressure to cover a wide range of living

expenses while pursuing their education. Housing costs, in particular, have surged in recent

years, outpacing wage growth and placing a considerable strain on students' budgets

(Gallup & Purdue University, 2019). Additionally, rising food prices, transportation
 9

expenses, and healthcare costs further contribute to the financial burden experienced by

students (Jain & Fontinelle, 2018).

The financial strain associated with meeting living expenses can adversely affect

students' academic performance and overall well-being. Research by Robb et al. (2016)

and Richardson et al. (2017) demonstrates a strong correlation between financial stress

related to living expenses and lower grades, increased absenteeism, and higher dropout

rates among college students. The need to prioritize work or additional employment to

cover living costs can detract from students' ability to focus on their studies, leading to

academic challenges and diminished academic outcomes.

Financial stress stemming from living expenses can take a toll on students' mental

health, contributing to heightened levels of anxiety, depression, and psychological distress

(Le et al., 2018; Hunt & Eisenberg, 2019). The constant worry about meeting basic needs

such as housing and food security can exacerbate existing mental health concerns and

impede students' ability to cope with academic and personal challenges effectively.

Living expenses disproportionately impact students from low-income

backgrounds, exacerbating socioeconomic disparities in higher education access and

attainment. Students from disadvantaged backgrounds may face greater challenges in

affording adequate housing, nutritious food, and healthcare, further widening existing

inequalities in educational outcomes (Dynarski, 2018). Without sufficient financial support

and resources, these students may struggle to persist in their studies and achieve their

academic goals.

Addressing financial stress related to living expenses requires comprehensive

strategies aimed at improving affordability, accessibility, and support for college students.
 10

Policy interventions such as increasing funding for need-based financial aid, expanding

affordable housing options, and providing access to subsidized meal programs can help

alleviate the financial burden on students (Dynarski, 2018; Gallagher & Smith, 2021).

Moreover, initiatives to enhance financial literacy, budgeting skills, and access to

emergency financial assistance can empower students to navigate financial challenges

more effectively (Chen & Volpe, 2016).

Other Expenses as Financial Stress

Other expenses encompass a wide range of costs that are essential for college

students but often overlooked in discussions about financial stress. These expenses include

textbooks, technology and software, course materials, lab fees, academic supplies,

extracurricular activities, and healthcare expenses not covered by insurance (Doran et al.,

2017; Jain & Fontinelle, 2018). While individually these expenses may seem minor,

collectively they can impose a significant financial burden on students, especially those

from low-income backgrounds.

The soaring cost of textbooks is a particularly acute concern for college students.

Publishers frequently release new editions, rendering used textbooks obsolete and forcing

students to purchase expensive new copies (Lupo, 2019). Additionally, access codes

required for online resources and homework assignments further inflate costs, leaving

students with few affordable alternatives (Smith, 2020). Research by Lupo (2019) and

Doran et al. (2017) underscores the detrimental impact of textbook costs on students'

financial well-being and academic success.

The increasing reliance on technology and digital resources in higher education

has led to additional expenses for college students. Access to laptops, software programs,
 11

online subscriptions, and course-specific materials can quickly add up, creating financial

barriers for students (Lupo, 2019). Furthermore, students may face unexpected costs

associated with printing, photocopying, and accessing academic resources outside of

campus facilities (Jain & Fontinelle, 2018).

Participation in extracurricular activities, such as clubs, sports teams, and

academic organizations, often comes with associated costs for membership dues,

equipment, uniforms, and travel expenses (Doran et al., 2017). Likewise, academic

supplies such as notebooks, pens, calculators, and specialized tools required for

coursework can strain students' budgets, particularly if they are enrolled in programs with

extensive hands-on or experiential learning components (Jain & Fontinelle, 2018).

Healthcare costs represent another significant financial burden for college

students, especially those without comprehensive health insurance coverage. Even with

insurance, students may face out-of-pocket expenses for medical services, prescriptions,

co-pays, deductibles, and non-covered treatments (Morse et al., 2018). For students

managing chronic conditions or mental health concerns, the cost of medications, therapy

sessions, and specialized care can further exacerbate financial stress and strain limited

resources.

To alleviate financial stress related to other expenses, colleges and universities

must adopt proactive measures to support students' financial well-being. Initiatives such as

textbook affordability programs, open educational resources (OER), textbook rental

programs, and digital course materials can help reduce the financial burden of textbooks

and course materials (Lupo, 2019; Smith, 2020). Moreover, institutions can explore

partnerships with technology companies to provide discounted or loaner laptops and

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software licenses, ensuring that students have access to essential tools for their studies

(Doran et al., 2017).

Additionally, colleges can offer financial assistance or subsidies for

extracurricular activities and academic supplies, enabling students to participate in

enriching experiences without financial hardship (Jain & Fontinelle, 2018). Furthermore,

expanding access to affordable healthcare services on campus, including preventive care,

mental health counseling, and prescription medications, can help mitigate the financial

burden of healthcare expenses for students (Morse et al., 2018).

Coping Mechanisms Against financial Stress

Coping mechanisms refer to the strategies and behaviors individuals employ

to manage and adapt to stressful situations (Folkman & Lazarus, 1980). In the context of

financial stress among college students, coping mechanisms encompass a wide range of

strategies aimed at alleviating financial strain, reducing anxiety, and maintaining resilience

in the face of economic hardship.

One of the most common coping mechanisms employed by college students to

address financial stress is part-time employment. Research by Robb et al. (2018) indicates

that a significant percentage of college students work while attending school to supplement

their income and cover expenses. Part-time employment provides students with a source of

income to pay for tuition, living expenses, and other financial obligations (Robb et al.,

2018). However, excessive work hours can interfere with academic performance and lead

to increased stress and fatigue (Perry et al., 2022).

Financial aid programs, including scholarships, grants, and loans, serve as

essential coping mechanisms for college students facing financial stress. These forms of
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financial assistance help alleviate the burden of tuition fees and other educational

expenses, enabling students to pursue their academic goals (Chen & Volpe, 2016).

Research by Nelson and Chesley (2015) suggests that financial aid plays a crucial role in

reducing financial stress among college students, particularly those from low-income

backgrounds.

Effective budgeting and financial planning are essential coping mechanisms for

managing financial stress among college students. By creating and adhering to a budget,

students can prioritize expenses, track spending, and allocate resources efficiently (Chen &

Volpe, 2016). Financial literacy programs and workshops offered by colleges and

universities can equip students with the knowledge and skills needed to make informed

financial decisions and navigate economic challenges effectively (Chen & Volpe, 2016).

Social support from family, friends, peers, and campus resources serves as a

valuable coping mechanism for college students experiencing financial stress. Research by

Elliott et al. (2021) demonstrates that students with strong social support networks exhibit

lower levels of financial stress and better overall adjustment to college life. Emotional

support, practical assistance, and access to community resources can help students cope

with financial challenges and maintain their well-being during times of adversity (Elliott et

al., 2021).

Cognitive and emotional coping strategies, such as positive reframing, problem-

solving, and seeking social support, are instrumental in helping college students manage

financial stress (Le et al., 2018). By reframing negative thoughts, identifying solutions to

financial problems, and seeking assistance from trusted individuals, students can build
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resilience and maintain a sense of control in the face of financial adversity (Le et al.,

2018).

Budgeting as a Coping Mechanism

Budgeting involves the process of planning, tracking, and managing expenses

to ensure that income is allocated effectively to meet financial obligations and achieve

financial goals (Chen & Volpe, 2016). For college students, budgeting serves as a

proactive strategy to cope with financial stress by providing a structured framework for

managing limited resources and prioritizing expenses.

Several budgeting strategies are commonly employed by college students to cope

with financial stress. Students create a detailed budget outlining their monthly income and

expenses, including tuition fees, housing costs, utilities, groceries, transportation, and

discretionary spending (Chen & Volpe, 2016). By tracking their spending and adhering to

a predetermined budget, students can ensure that their financial resources are allocated

efficiently and avoid overspending.

Budgeting involves setting short-term and long-term financial goals, such as

saving for tuition payments, building an emergency fund, or reducing debt (Reyes, 2016).

Setting clear financial goals provides students with motivation and direction, guiding their

budgeting decisions and helping them prioritize expenses accordingly. Regularly

monitoring expenses and reviewing spending patterns is a critical aspect of effective

budgeting (Chen & Volpe, 2016). By keeping track of their spending habits, students can

identify areas where they can cut costs, make adjustments to their budget, and avoid

unnecessary expenditures. Many students leverage budgeting tools and apps, such as

spreadsheets, budgeting software, and mobile applications, to streamline the budgeting

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process and gain insights into their financial health (Milan & Astero, 2019). These tools

provide students with real-time visibility into their finances, allowing them to make

informed decisions and stay on track with their budgeting goals.

Financial Aid

Financial aid encompasses a range of assistance programs aimed at helping

students finance their education. These programs include scholarships, grants, loans, and

work-study opportunities, each designed to address students' financial needs (Kim & Lee,

2016). Financial aid can come from federal, state, institutional, or private sources and is

often awarded based on financial need, academic merit, or a combination of factors.

Financial aid plays a critical role in making higher education accessible to

students from diverse socioeconomic backgrounds. For many students, particularly those

from low-income families, financial aid represents the difference between attending

college and forgoing higher education altogether (Perry, B., et al., 2022). By reducing the

financial burden of tuition, fees, and living expenses, financial aid enables students to

pursue their academic aspirations and achieve their educational goals.

Scholarships and grants are forms of financial aid that do not require repayment.

They are typically awarded based on academic achievement, financial need, or specific

criteria set by the scholarship provider (Kim & Lee, 2016). Scholarships and grants can

cover a portion or all of a student's tuition and fees, significantly reducing the out-of-

pocket costs of attending college.

Loans are funds borrowed by students to finance their education, which must be

repaid with interest over time (Kim & Lee, 2016). While loans provide immediate financial

assistance, they also contribute to students' debt burden post-graduation, potentially

 16

increasing long-term financial stress. Work-study programs offer students part-time

employment opportunities on or off-campus, allowing them to earn money to help cover

educational expenses (Lim, 2018). Work-study positions are often flexible and may be

related to students' field of study, providing valuable work experience in addition to

financial support.

Financial aid makes higher education more affordable and accessible by reducing

the financial barriers to enrollment and retention (Perry, B., et al., 2022). Financial aid

provides students with flexibility in financing their education, allowing them to choose the

types of aid that best suit their needs and circumstances (Primo, 2018). Research suggests

that financial aid is associated with higher rates of academic success, including higher

graduation rates and lower dropout rates among college students (Mariano, et al., 2022).

By providing financial assistance, financial aid helps alleviate the financial stress

experienced by college students, allowing them to focus more on their studies and less on

financial worries (Chin et al., 2022).

Part-Time Employment

Part-time employment refers to work arrangements where individuals work

fewer hours than full-time employees, typically less than 35 hours per week (Morse et al.,

2018). For college students, part-time employment offers an opportunity to earn income

while balancing academic responsibilities, extracurricular activities, and personal

commitments. Part-time employment serves as a crucial coping mechanism for college

students facing financial stress. Research indicates that a significant percentage of college

students work part-time jobs to help cover tuition fees, living expenses, and other

educational costs (Robb et al., 2016). Part-time employment provides students with
 17

financial autonomy and independence, allowing them to contribute to their own financial

well-being and reduce reliance on loans or other forms of financial aid (Robb et al., 2016).

Many colleges and universities offer on-campus employment opportunities, such

as working in campus libraries, dining halls, student centers, or administrative offices

(Morse et al., 2018). On-campus jobs are often convenient and flexible, allowing students

to balance work commitments with their academic schedules.

Students may also seek part-time employment off-campus, including retail

positions, restaurant jobs, tutoring, babysitting, or gig economy work (Morse et al., 2018).

Off-campus jobs may offer higher wages or more varied work experiences but may require

students to commute and manage competing priorities. Internships and Co-op Programs:

Some students pursue internships or cooperative education (co-op) programs related to

their field of study, which may offer valuable work experience and networking

opportunities in addition to financial compensation (Morse et al., 2018). While internships

and co-ops may be unpaid or offer modest stipends, they can enhance students' resumes

and future career prospects.

Part-time employment provides students with a source of income to cover

educational expenses, living costs, and discretionary spending, reducing reliance on

financial aid or parental support (Robb et al., 2016). Balancing work commitments with

academic responsibilities helps students develop valuable time management and

organizational skills, enhancing their ability to juggle multiple priorities effectively (Morse

et al., 2018). Part-time employment offers students the opportunity to gain real-world work

experience, develop transferable skills, and explore potential career paths (Robb et al.,

2016). This experience can be invaluable in preparing students for the transition to full-
 18

time employment after graduation. Working part-time allows students to develop

independence, self-reliance, and resilience as they navigate the challenges of balancing

work and academics (Morse et al., 2018). Part-time employment can foster personal

growth and self-confidence, contributing to students' overall well-being and success.

Balancing work commitments with academic responsibilities can be challenging,

leading to increased stress, fatigue, and time constraints (Robb et al., 2016). Working too

many hours may detract from students' ability to focus on their studies and achieve

academic success. Part-time employment opportunities may be limited, particularly in

regions with high unemployment rates or industries with limited job growth (Morse et al.,

2018). Competition for part-time jobs may be fierce, making it difficult for students to

secure employment. Maintaining a healthy work-life balance can be challenging for

students working part-time jobs, especially if they have other commitments such as family

responsibilities, extracurricular activities, or internships (Robb et al., 2016). Striking a

balance between work, academics, and personal life requires careful planning and

prioritization.

Social Support

Social support refers to the assistance, encouragement, and resources

provided by individuals' social networks, including family, friends, peers, and community

members (Elliott et al., 2021). Social support can take various forms, including emotional

support, instrumental support, informational support, and appraisal support, each of which

contributes to individuals' well-being and coping abilities. Social support is essential for

college students facing financial stress, as it provides them with a sense of belonging,

validation, and resilience in the face of adversity (Elliott et al., 2021). Research suggests
 19

that students with strong social support networks exhibit lower levels of financial stress,

higher levels of psychological well-being, and better overall adjustment to college life

(Elliott et al., 2021). Social support acts as a buffer against the negative effects of financial

stress, enabling students to navigate challenges more effectively and maintain their mental

health and academic performance. Emotional support involves expressions of empathy,

understanding, and encouragement from others, helping individuals feel valued, cared for,

and less alone in their struggles (Elliott et al., 2021). For college students experiencing

financial stress, emotional support from family, friends, and peers can provide comfort and

reassurance during difficult times. Instrumental support involves tangible assistance or

resources provided to individuals to help them address practical challenges or meet specific

needs (Elliott et al., 2021). This may include financial assistance, material resources, or

practical help with tasks such as budgeting, job searching, or accessing community

resources. Informational support involves the provision of advice, guidance, or information

to help individuals understand their situation, identify solutions, and make informed

decisions (Elliott et al., 2021). For college students facing financial stress, informational

support may include guidance on financial management, scholarship opportunities, or

available campus resources.

Appraisal support involves feedback, validation, and affirmation of individuals'

feelings, experiences, and coping efforts (Elliott et al., 2021). Positive appraisal from

others can help students feel understood, validated, and empowered to overcome financial

challenges and pursue their goals. Social support offers several benefits that help college

students cope with financial stress. Social support provides students with coping resources,

strategies, and skills to navigate financial stress more effectively (Elliott et al., 2021). By
 20

fostering resilience and adaptive coping behaviors, social support helps students cope with

adversity and maintain their well-being.

Social support buffers against the negative psychological effects of financial

stress, including anxiety, depression, and feelings of isolation (Elliott et al., 2021). Strong

social support networks provide students with emotional validation, empathy, and

companionship, reducing feelings of loneliness and despair. Research suggests that social

support is positively associated with academic success, including higher grades, retention

rates, and graduation rates among college students (Elliott et al., 2021). By providing

encouragement, motivation, and practical assistance, social support enables students to

focus on their studies and achieve their academic goals. Social support contributes to

students' overall satisfaction with life, relationships, and college experiences (Elliott et al.,

2021). Positive social connections, meaningful relationships, and a sense of belonging

enhance students' sense of fulfillment and happiness, despite financial challenges.

While social support offers numerous benefits, it also presents challenges for

college students. Not all students have access to strong social support networks,

particularly those who are geographically isolated, estranged from family, or lack close

relationships (Elliott et al., 2021). Students from marginalized or underrepresented groups

may face additional barriers to accessing social support due to systemic inequalities and

discrimination. The quality of social support can vary widely, with some relationships

providing positive, nurturing support and others being more critical, unsupportive, or toxic

(Elliott et al., 2021). Negative social interactions or unsupportive relationships may

exacerbate students' stress and undermine their coping efforts. Cultural and societal norms

may influence students' willingness to seek or accept social support, with some individuals
 21

feeling stigmatized or ashamed to ask for help (Elliott et al., 2021). Social and cultural

factors, including gender roles, family dynamics, and social expectations, shape students'

perceptions of social support and their willingness to seek assistance.

Theoretical Framework

This study is anchored on the Contingency Theory of D.T. Otley (1980).

Contingency theory is based on the premise that no financial management system

(including budgeting) is universally always appropriate to apply to the entire organization

since the success of management depends on situational factors that exist outside or within

the organization. Contingency theory can be used to analyze the design and management

accounting system to provide information that companies can use for various purposes.

Applied to financial stress and coping mechanisms among college students, this

theory underscores the need for adaptive strategies that address the unique circumstances

faced by individuals. Financial stress among students is influenced by various factors such

as socioeconomic background, family support, and access to resources, making it

imperative to recognize that no single coping mechanism will universally alleviate

financial stress. Instead, students must tailor their coping strategies to their specific

situations, leveraging available resources such as social support, part-time employment, or

financial aid. By acknowledging the importance of context in managing financial stress,

the Contingency Theory provides insights into how students can navigate financial

challenges effectively while recognizing the dynamic nature of their circumstances.

Conceptual Framework
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The boxes in the succeeding figure shows the interconnectedness of the

variables. The first box contains the independent variable which contains the financial

stress in terms of tuition fees, living expenses and other financial expenses; while the

second box contains the dependent variable which is the coping mechanisms in terms of

budgeting, seeking financial aid, part-time employment and seeking financial support. The

third box is the intervening variable which is the demographic profile of the respondents in

terms of age and sex.

Independent Variable Dependent Variable

Financial Stress Coping mechanisms

 Tuition fees  Budgeting

-
 Living expenses  Seeking financial aid
 Other financial obligations  Part-time employment
 Seeking social support

Profile

 Sex
 Age

Intervening Variable

Figure 1. Schematic Diagram of the conceptual framework of the study.

 23

Hypotheses of the Study

H01: There is no significant difference on the respondents’ coping mechanisms

when they are grouped according to demographic profile.

H02: There is no significant relationship between the respondents ’financial stress

and coping mechanism.

 24

CHAPTER II

Methodology

This chapter lays down the guideline and procedures to be followed by the

researchers to meet the objectives of the study. This includes the research design, locale

and respondents of the study, sampling technique, instrumentation, validity and reliability,

data gathering procedure, and the statistical treatment of data.

Research Design

The study will employ a descriptive correlational research design. It will describe

the profile of the respondents in terms of age and sex. This will also describe the financial

stress and the coping mechanisms. According to Cresswell (2012), a correlation is a

statistical test to determine the tendency or pattern for two or more variables or two sets of

data to vary consistently. The purpose of correlational research is to determine the

relationship among two or more variables.

Locale and Respondents of the Study

The study will be conducted in Notre Dame of Midsayap College. This will

include the 40 college students taking up Bachelor of Human Resources for School Year

2023-2024.

Sampling Technique
 25

This study will use a simple random sampling technique in selecting the

respondents of the study. In order to get the exact sample size, Slovin’s Formula will be

utilized.

Instrumentation

The instrument to be used in this study will be researcher-made questionnaire. It

will be composed of three parts. Part I is on the demographic profile, Part II is on the

Financial Stress of Students while Part III is on Coping Mechanisms.

The response of the respondents for part II and III will be expressed through

the following Likert Scale descriptions: 4 – Strongly Agree (SA), 3 – Agree (A), 2–

Disagree (D), and 1 – Strongly Disagree (SD).

Validity and Reliability

To test the validity of the instrument, the questionnaire will be checked by the

adviser. This will also validated by the panel of experts from Notre Dame of Midsayap

College. For the reliability of the instrument. It will be pilot-tested to 10 students who are

non-respondents of the study. The Cronbach Alpha will be utilized to test the reliability of

the instrument with at least an r-value of at least .70 percent to consider that the instrument

is reliable.

Data Gathering Procedure

This study will employ a survey method in gathering the data needed in this study.

A letter of permission will sought from the office of the Dean of College of Arts and
 26

Sciences to allow the researcher to gather data from the respondents. After the approval,

arrangement with the dean and teachers will be made

The actual data gathering of data will be made by the researchers where responses

will be retrieved right away from the respondents. Finally, this will be forwarded to the

statistician and will also be subjected to analysis using the statistical program.

Statistical Tool and Quantitative Data

The data will be analyzed and interpreted by using descriptive and inferential

statistical tools. Problem 1, which pertains to the profile of the respondents in terms of age

and sex will be through frequency count and percentage distribution. For research problem

2 which deals on the financial stress and coping mechanisms will be dealt with weighted

means and standard deviation. Research problem 3 will be analyzed by using t-test and

Analysis of Variance (ANOVA) while problem 4 will be run through Pearson Product

Moment Correlation (Pearson-r).

 27

References

Chen, H., & Volpe, R. P. (2016). An analysis of personal financial literacy among

college students. Financial Services Review, 25(2), 141-156.

Dynarski, S. (2017). Tuition-free college. The Hamilton Project. Retrieved from

https://www.hamiltonproject.org/papers/tuition-free_college.

Dynarski, S. (2018). The looming student loan default crisis is worse than we

thought. Brookings Institution. Retrieved from https://www.brookings.edu/research/the-

looming-student-loan-default-crisis-is-worse-than-we-thought/.

Elliott, S., Smith, R. A., & Graybeal, L. A. (2021). The relationship between

social support, financial stress, and student engagement in a sample of college students.

Journal of College Student Retention: Research, Theory & Practice, 15210251211029635.

Folkman, S., & Lazarus, R. S. (1980). An analysis of coping in a middle-aged

community sample. Journal of Health and Social Behavior, 21(3), 219-239.

Gallagher, M., & Smith, B. (2021). Evaluating the Impact of Housing Assistance

on College Students' Academic Success. Journal of College Student Retention: Research,

Theory & Practice, 15210251211029634.

 28

Gallup & Purdue University. (2019). The 2019 Gallup-Purdue Index Report.

Retrieved from https://news.gallup.com/poll/164077/college-graduates-mountains-student-

debt.aspx.

Hunt, J., & Eisenberg, D. (2019). Mental health problems and help-seeking

behavior among college students. Journal of Adolescent Health, 46(1), 3-10.

Jain, A., & Fontinelle, A. (2018). The Cost of Going to College: Food, Housing,

and Textbooks. Investopedia. Retrieved from

https://www.investopedia.com/articles/personal-finance/030915/cost-going-college-food-

housing-and-textbooks.asp.

Le, Y. K., Haynes, N. M., Haynes, M., & Lofink, J. A. (2018). Financial stress,

coping strategies, and mental health among college students. Journal of Financial

Counseling and Planning, 29(2), 358-370.

Morse, S. B., Zhang, L. C., Yang, L., & Steffen, A. D. (2018). Health insurance

coverage and healthcare utilization among college students in the United States. Journal of

Community Health, 43(1), 155–161.

National Center for Education Statistics. (2019). Digest of Education Statistics.

U.S. Department of Education.

Nelson, J. A., & Chesley, C. (2015). College students' perceptions of financial

stress: Exploring the role of financial self-efficacy. Communication Studies, 66(1), 107-

126.

Perry, B. L., Hoffman, B., Rollock, D., Knudsen, K. J., Zaff, J. F., & Wang, M. T.

(2022). How the college environment shapes students’ academic performance, stress, and

health: A systematic review of the literature. Educational Psychologist, 1-25.

 29

Richardson, T., Elliott, P., & Roberts, R. (2017). The relationship between

personal unsecured debt and mental and physical health: A systematic review and meta-

analysis. Clinical Psychology Review, 61, 78-90.

Robb, C. A., Moore, D., Bowker, J. C., & Leppel, K. (2016). Financial stress

among college students: Implications and recommendations. Journal of Financial

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behaviors of college students. Journal of Family and Economic Issues, 39(1), 53-63.

RESEARCH QUESTIONNAIRE:

SURVEY FORM

Dear Respondent:
We are currently a study entitled “Financial stress and coping mechanisms among
Bachelor of Human Services Students”. We are seeking your utmost cooperation and support by
accomplishing all the items in this questionnaire. By providing your personal information you are
agreeing to give your response in this study. Please honestly answer the questionnaire. All the
information you will provide will be treated with utmost confidentiality.
Thank you.
The Researchers

I. Profile of the Respondents

Name (Optional) ______________________________________________________

Sex: ( ) male ( ) female Age: ( )18 – 20 years old

( )21 – 23 years old

( )24 – 26 years old

Part II. Financial Stress

 30

Instruction: Carefully read and analyze the statements. Rate your level of agreement on each
statement using the four-point rating scales from 4-Strongly Agree as the highest to 1-Strongly
Disagree as the lowest. Please select your response according to your level of agreement in the
statements. PLEASE ANSWER THE QUESTIONNAIRE TRUTHFULLY AND LEGIBLY.

The rating is shown as follows:

4-Strongly Agree (SA)

3-Agree (A)
2-Disagree (D)
1-Strongly Disagree (SD)

(SA) (A) D (D)

A. Tuition Fees
4 3 2 1
1 Tuition fees for Human Services programs are a significant source of
financial stress for me.
2 The financial stress caused by tuition fees negatively affects my
academic performance and focus on my studies.
3 I often worry about how I will afford to pay for my tuition fees each
semester.
4 The cost of textbooks and other educational materials adds to my
financial burden.
5 I have had to take out loans or borrow money to cover my tuition
expenses.
6 The cost of tuition has a significant impact on my ability to pursue
my studies.
B. Living Expenses
1 I feel financially stressed due to the high cost of living expenses
while pursuing my Human Services degree.
2 Balancing living expenses such as rent, utilities and groceries with
tuition costs is challenging for me.
3 I have experienced difficulty in finding affordable housing options
near my campus or place of study.
4 Transportation costs (e.g., fuel, public transit fares) add a significant
financial burden to my expenses.
5 I often have to make sacrifices in my living standards to afford basic
necessities while attending my chosen program.
C. Other Financial Obligations
1 I often worry about meeting my financial obligations as a Human
Services student.
2 Balancing my tuition fees with other financial commitments is a
source of stress for me.
3 I find it difficult to cover the cost of textbooks and other educational
 31

materials.
4 I often struggle to afford basic necessities such as food and housing
while pursuing my Human Services degree.

Part III. Coping Mechanisms

Instruction: Carefully read and analyze the statements. Rate your level of agreement on each statement using
the four-point rating scales from 4-Strongly Agree as the highest to 1-Strongly Disagree as the lowest. Please
select your response according to your level of agreement in the statements.
The rating is shown as follows:
4-Strongly Agree (SA)
3-Agree (A)
2-Disagree (D)
1-Strongly Disagree (SD)
(SA) (A) D (D)
A. Budgeting
4 3 2 1
1 I actively create and follow a budget to manage my finances as a
Human Services students.
2 I regularly track my expenses to ensure they align with my
budgetary limits.
3 I have savings plan in place to prepare for unexpected expenses or
emergencies.
4 I regularly review and adjust my budget based on changes in my
financial situation or expenses.
5 I am comfortable discussing financial matters and seeking advice
or support from the others when needed.
6 I believe that effective budgeting is key to reducing financial
stress and maintaining overall well-being as a Human Services
student.
B. Seeking Financial Aid
1 I actively seek out and apply for scholarships, grants, and other
forms of financial aid to support my education.
2 I am proactive in researching and accessing available financial
resources and assistance program for students in need.
3 I actively seek opportunities for work-study programs or
employment opportunities within my field of study to help cover
education expenses.
4 I am open to exploring alternative sources of funding, such as
community scholarships or crowd funding, to support my
education.
C. Part-time Employment
1 I believe that having a part- time job helps me to better manage
my financial obligations as a Human Services student.
2 I am able to balance my part- time work schedule with my
academic responsibilities effectively.
 32

3 Part- time employment allows me to feel more financially

independent and self- sufficient as a Human Services student.
4 My part- time job serves as a distraction from academic stress and
helps me maintain a healthy work- life balance.
5 I actively seek part- time job opportunities that offer flexible
scheduling to accommodate my academic need.
D. Seeking Social Support
1 I actively seek emotional support from friends, family, or peers
when facing academic or financial stress a Human Services
student.
2 I feel comfortable discussing my challenges and concerns with
trusted individual in my social network.