Effects Of Financial Difficulties On Students

Financial difficulties are the situations in which a person is not able to meet their bills on time or afford essential basic needs. It has been reported that financial difficulties and situations are a major issue within society as well as a source of stress for many tertiary students. In fact, there are many kinds of financial difficulties that can strongly affect students. According to (Masuo, et al., 2004), money is a powerful tool, not only because it is an instrument of commerce and a medium of exchange for products and services, but also because it is one that can cause happiness or dependency. Thus, if one doesn’t want to be a student having financial difficulties, they should always have at least few ways of their own to create a better

Financial difficulties will strongly damage student’s psychology in many negative ways and lead them to be stressful, tired, depressed and decline in academic life. According to (Andrews & Wilding, 2004), “ this is the first study to confirm empirically that financial difficulties can increase British students’ levels of anxiety and depression and that financial difficulties and depression can affect academic performance, mental health”. Besides, (Oswalt & Riddock, 2007), states that as well as academic achievement related stress, homework, time management and financial troubles also caused stress (Ross, Niebling & Heckert, 1999). As well as this students showed a tendency towards not exercising regularly and eating and drinking unhealthily (Hudd, et al., 2000) and scored lower on a health reported quality of life scale (Damush, Hays, & DiMatteo, 1997)”. Moreover, they may have to refuse invitations to parties or to meet friends, and also not be able to participate in extracurricular activities. Humans have an inherent need for sociality in their daily lives to maintain their overall happiness. Financial difficulties also make them neglect learning to focus more on earning money. On the other hand, financial difficulties also involve many positive benefits for students. According to (Chan, et al., 2012), “802 university students in Hong Kong has been surveyed to confirm the hypothesis that

Students should have for their own financial security some ways such as: looking for a part-time job, establishing a detailed plan for daily expenses and setting goals, or expenditure savings. Having a part-time job not only gives one necessary workplace experiences, but also provides a new source of income. For example if a student looks for a part time job they will gain research and interpersonal skills. Students would cherish money if they could make it by their own hand instead of excessive spending. In addition, students should make a detailed plan for daily expenses to make sure they will be fine at the end of month. For example, one will know how much they can spend in the next few days as well as how much they have left to spend if they are using a detailed plan for daily spending. From there, they will have the facility to tighten their own spending. Students also need to spend their money logically by smart spending or expenditure savings. It means money will be properly used which will reduce unnecessary waste or avoid wasting. For example, if one wants to go from A to B and they have 2 choices that are the bus or the train, but the train is more expensive than the bus because its faster, they can use the