Financial Hardship and Strain Predict Student Well-being: The Importance of Socialisation, Social Support and Young Adult Roles

Abstract

For most tertiary students, participation in higher education occurs directly after high school, when they are navigating a dynamic, and potentially stressful, pathway to adulthood. The years spent studying are often the most cash-strapped for young adults, when economising heavily and sometimes going without are normative experiences. Australian university students report substantial hardship, regularly cutting back their spending on basic necessities and simple life pleasures (Bexley, Daroesman, Arkoudis & James, 2013). A limited income and having to economise in many areas of life can take a toll on health and well-being. This dissertation examines the associations between experiences of financial hardship, perceived strain and psychological well-being for young adults at university. How these associations differ for student young adults with and without supportive resources is then examined. Finally, the associations between financial normative socialisation and young adults’ financial behaviours are explored between students and full-time workers. Two samples of Australian young adults were surveyed. The first two studies include 614 Western Australian university students (67% female, Mage = 20.83, SDage = 2.02) drawn from a single tertiary institution as part of the Australian Pathways to Life Success for University Students (AusPLUS) survey. The third study includes a sample of 301 Western Australians (68% female, Mage = 18.15, SDage = 1.04) surveyed as part of the Post-High School follow up to the Youth Activity Participation Study (YAPS). In both samples, respondents completed a web-based survey.