AN EXPLORATORY STUDY ON FINANCIAL ANXIETY AMONG PHARMACY STUDENTS IN THE UNIVERSITY OF BENIN: IMPLICATIONS FOR MENTAL HEALTH AND ACADEMIC SUCCESS
Faculty
Year of Publication
upload
Publication Type
Abstract
Background of Study:
Recently, financial mental health has garnered increasing attention from researchers, although practitioners have long been aware of clients whose financial issues affect their cognitive, emotional, and relational well-being. The latest studies in financial mental health have focused on financial disorders and money scripts (Klontz et al., 2012; Klontz et al., 2011; Klontz et al., 2016). Identified financial disorders include: a) financial enabling, b) compulsive buying disorder, c) compulsive hoarding, d) pathological gambling, e) workaholism, f) financial dependence, g) financial infidelity, and h) financial enmeshment (Klontz et al., 2016; Klontz et al., 2011). Financial stress and anxiety are also considered integral aspects of financial mental health. Financial anxiety can be described as the subjective experience of stress and worried thoughts related to one's financial situation. Studies indicate that financial anxiety is distinct from general anxiety, with a correlation of about 0.40 (Shapiro and Burchell, 2012). Additionally, financial anxiety can hinder a person's ability to make effective financial decisions (Ali et al., 2020), decrease the likelihood of seeking financial advice (Gerrans and Hershey, 2017), and adversely affect overall mental health (Greene et al., 2016). Therefore, identifying and understanding the predictors of financial anxiety is considered important. The prevalence of financial anxiety among students is well-documented. Many students struggle with the costs of tuition, living expenses, and student loans (though this is not common in Nigeria). These financial pressures are compounded by the need to balance part-time work with academic responsibilities, exacerbating feelings of stress and anxiety. Pharmacy students, in particular, may experience higher levels of financial anxiety due to the demanding nature of their programs and the associated costs. The implications of financial anxiety therefore extend beyond financial decision-making, impacting overall mental health. Chronic financial stress can lead to conditions such as depression and anxiety, further complicating students' ability to succeed academically. Identifying and addressing the predictors of financial anxiety, therefore, becomes essential in fostering a supportive environment for students.
Recently, financial mental health has garnered increasing attention from researchers, although practitioners have long been aware of clients whose financial issues affect their cognitive, emotional, and relational well-being. The latest studies in financial mental health have focused on financial disorders and money scripts (Klontz et al., 2012; Klontz et al., 2011; Klontz et al., 2016). Identified financial disorders include: a) financial enabling, b) compulsive buying disorder, c) compulsive hoarding, d) pathological gambling, e) workaholism, f) financial dependence, g) financial infidelity, and h) financial enmeshment (Klontz et al., 2016; Klontz et al., 2011). Financial stress and anxiety are also considered integral aspects of financial mental health. Financial anxiety can be described as the subjective experience of stress and worried thoughts related to one's financial situation. Studies indicate that financial anxiety is distinct from general anxiety, with a correlation of about 0.40 (Shapiro and Burchell, 2012). Additionally, financial anxiety can hinder a person's ability to make effective financial decisions (Ali et al., 2020), decrease the likelihood of seeking financial advice (Gerrans and Hershey, 2017), and adversely affect overall mental health (Greene et al., 2016). Therefore, identifying and understanding the predictors of financial anxiety is considered important. The prevalence of financial anxiety among students is well-documented. Many students struggle with the costs of tuition, living expenses, and student loans (though this is not common in Nigeria). These financial pressures are compounded by the need to balance part-time work with academic responsibilities, exacerbating feelings of stress and anxiety. Pharmacy students, in particular, may experience higher levels of financial anxiety due to the demanding nature of their programs and the associated costs. The implications of financial anxiety therefore extend beyond financial decision-making, impacting overall mental health. Chronic financial stress can lead to conditions such as depression and anxiety, further complicating students' ability to succeed academically. Identifying and addressing the predictors of financial anxiety, therefore, becomes essential in fostering a supportive environment for students.
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