The Impact of College Student Financial Health on Other Dimensions of Health

Abstract

Purpose: Researchers examined college students’ financial health and other health indicators to determine whether the integration of financial health into undergraduate health courses is justified and justify financial health as the newest dimension of health within the field of health promotion. Design: The study utilized a cross-sectional design. Setting: The study was conducted at a large public university located in the western region of the United States. Participants completed the survey from any computer with Internet access. Subjects: A sample of 3000 undergraduate students was selected. A total of 686 surveys were completed (22.9% response rate). Data were collected from college students ages 18 to 30 during the first 2 weeks of June 2013. Measures: Participants completed an online survey regarding their financial health and other dimensions of health. Analysis: SPSS version 19.0 was used to examine the relationships between financial health and individual health variables using χ2, independent t-test, analysis of variance, Pearson R, point-biserial correlation, and nonparametric analyses. Results: Every dimension of health was impacted significantly by lower levels of financial health. Participants’ emotional health was impacted far more than any other dimension, with significant impacts on concentration ( p = .005), usefulness ( p = .006), decision making ( p = .014), and happiness ( p < .001) by the mere presence of a budget. Conclusion: Findings indicate an apparent relationship between financial health and other health indicators and support the need for financial education by parents and middle/high schools and the incorporation of financial health into undergraduate health courses.