THE IMPACT OF FINANCIAL STRESS ON STUDENTS ACADEMIC ACHIEVEMENT IN HIGHER INSTITUTIONS

Abstract

Financial stress among undergraduate students in Nigerian higher institutions has emerged as a significant barrier to academic success and overall well-being. This study investigated the impact of financial stress on students' academic achievement at the University of Benin using a descriptive survey design. The study population comprised undergraduates from the University of Benin, with a sample size of 150 students, selected through simple random sampling across five major faculties. Data were collected using a self-administered questionnaire titled "Financial Stress and Students Academic Achievement" (FSASAA) consisting of 25 items. The instrument's validity was established through content validation by experts, and its reliability was determined using the test-retest method, achieving a Pearson Coefficient of 0.78. The findings revealed that financial stress significantly affected students' academic performance, with a substantial proportion struggling to pay tuition fees, afford daily needs, and access required educational resources. Factors contributing to financial stress included budgeting challenges, the need to pay tuition fees independently, supporting family financially, and unexpected expenses. The study further highlighted the detrimental effects of financial stress, including absenteeism, poor concentration, adverse mental and physical health impacts, and the temptation to engage in examination malpractice. Potential solutions identified included providing access to scholarships and financial aid, flexible tuition payment options, financial management workshops, and the availability of part-time jobs on campus. The study underscores the urgent need for comprehensive interventions and support systems to address financial stress among undergraduates, ensuring equitable access to higher education and promoting academic success and overall well-being.