Impact of Financial Stress on Academic Performance of University Students in South East Nigeria

Abstract

Abstract The purpose of this study is to examine how financial stress affects academic performance among university students in South East Nigeria. By using descriptive statistics and the Chi-Square model, we examined the relationship between financial stress and academic outcomes among 250 participants from five South Eastern universities. Several key factors contributing to financial stress were examined such as students’ monthly income, medical bills cost, ability to save, academic materials cost, student borrowing levels, and cost of feeding. The findings indicate that students’ monthly income and the cost of medical bills are the key determinants of financial stress among students. Based on the second objective, the study revealed that inability to pay bills as student, the inability to purchase required academic materials (books, course packs, supplies) due to their high costs, difficulties in paying school fees, and work schedules are the most significant factors that contribute to financial stress which negatively affect academic performance for students. Therefore, we recommend that government should enhance its financial assistance programs to alleviate financial stress among university students as this will improve their academic performance. Also, Collaboration with external stakeholders, can further enhance the resources available to students in need. Finally, this study illustrates the detrimental effects of financial stress on academic performance among university students in southeast Nigeria and should be interpreted with caution as its limited to South-East Nigeria.