Working While in College Brings Happiness? Financial Stress-Coping Resources, Coping Strategies, and Life Satisfaction Among College Students

Abstract

College students often experience financial stress, which can interfere with their educational attainment. By applying the stress-coping theory, this study examined the relationships between financial stress and financial coping resources (self-earned income, financial knowledge, and financial self-efficacy), financial coping strategies (problem-focused and emotion-focused), and life satisfaction in a sample of 313 Korean college students. Data were collected through a questionnaire survey and analyzed using structural equation modeling. The results demonstrated that emotion-focused coping, rather than problem-focused coping, was related to financial stress. College students’ use of problem-focused coping was positively associated with self-earned income but not with financial knowledge and self-efficacy. While self-earned income was linked to reduced life satisfaction, it was also connected to increased utilization of problem-focused coping, potentially enhancing life satisfaction. The findings indicate the importance of providing college students with opportunities to enable them to earn their own income and improve their overall well-being.