Page 19 - Payne Research Center ~ Money Matters

P A YN E C E N T E R . OR G
Some struggle to afford essentials, access safe and affordable financial resources, or maintain financial stability, potentially impacting their academic performance and persistence and reducing their chances of completing college (Falcon, 2015; Yakoboski, Lusardi, & Sticha, 2024). One study showed that first-generation students aresignificantlymorelikelytopaytheirbillslate, overdraw their bank accounts, and make impulsive buying decisions compared to their counterparts. In addition, they are significantly less likely to have savings to cover a $400 emergency or unexpected expenses (Ohio State University, 2023).
First-generation college students often navigate a complex set of financial challenges that can significantly impact their academic journey and overall well-being. These students may lack the financial safety net and guidance that students from college-educated families often take for granted. As a result, they may struggle to manage the costs of tuition, fees, books, and living expenses, often relying heavily on student loans and working part-time jobs to make ends meet.
The added stress of balancing academic responsibilities with financial concerns can take a toll on their mental and physical health, potentially affecting their academic performance and persistence.
Furthermore, first-generation students may face unique challenges in accessing and understanding financial resources and support services. They may be less aware of available scholarships, grants, and other forms of financial aid, and they may have difficulty navigating the complex processes of applying for and managing these resources. Additionally, they may lack access to a network of family members or mentors who can provide guidance and support on financial matters. These challenges can create significant barriers to their academic success and limit their ability to build a secure financial future.
The findings of this research underscore the importance of providing targeted financial education and support services to first-generation college students. These interventions should address their specific needs and challenges, including helping them to develop budgeting and money management skills, navigate the financial aid process, and access resources and support networks. By equipping first-generation students with the tools and knowledge they need to manage their finances effectively, we can help them to overcome these barriers and achieve their academic and financial goals.
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