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November 16, 2021

Money troubles add to students’ burden well before graduation: study

As if big school wasn't hard enough.

Money troubles interfere with the academic performance of about one-third of all college students, according to a recent study of colleges and universities in both the United States and Canada.

And it's not just mounting student debt that has them worried. Aside from tuition, many admit that they regularly skip buying required academic materials because of the costs.

About three-fifths of students surveyed reported that they often worry about having enough money to cover ordinary costs, and those holding down jobs are the most stressed.

Among those who work more than 20 hours a week, about three-fifths said that their jobs got in the way of school work. Yet just as many had considered working more hours to ease financial pressures.

Not that this is anything new.

Earlier this year, Inceptia, a division of the U.S. National Student Loan Program, found that the cost of pursuing a degree, the need to repay loans and find a job after graduation were all major stressors, all of which had a negative impact on academic performance.

“There is a clear link between financial stressors and academic progress and performance,” said Kate Trombitas, Inceptia’s vice president of financial education.

“The media consistently reports about mounting student debt, increased college costs and high unemployment rates. Our study reveals how those stressors, in some cases, are hurting students’ performance and progress.”

As a student, do money worries wear you down? If you're a parent, are you adding to that stress?

By Gordon Powers, MSN Money



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Gordon PowersGordon Powers

A long-time fund company executive, Gordon Powers now heads up the Affinity Group, a financial services consulting firm. Gordon was a personal finance columnist for the Globe & Mail for many years, has taught retirement planning...

Jason BucklandJason Buckland

The modern-day MC Hammer of money, Jason can often be seen spending cash that isn’t his with the efficiency of a Wilt Chamberlain first date. After cutting his teeth as a reporter for the Toronto Sun, he joined the MSN Money team with...