Financial Stress and Academic Achievement among Undergraduates at the University of Benin
Idorenyin Bassey Ituen
*1Department of Educational Foundations, Faculty of Education, University of Benin, Benin City, Edo State, Nigeria. Email: idorenyin.ituen.edu@gmail.com
Abstract
This study investigated the impact of financial stress on the academic achievement of undergraduate students at the University of Benin, Nigeria. A descriptive survey research design was adopted, with data collected from 150 randomly selected undergraduates across five major faculties using a validated questionnaire. Findings revealed that finance is crucial for academic success, with 85.33% of students having considered dropping out due to financial constraints. Key stressors identified include accommodation costs (93.33%), affording daily needs (84%), and purchasing required textbooks (81.33%). Financial stress significantly impacts performance, leading to missed classes (90.66%), poor concentration (92%), and adverse effects on physical and mental health (95.33%). The study concludes that financial stress is a pervasive barrier to academic achievement. It recommends increased access to financial aid, flexible tuition payment systems, financial literacy programmes, and on-campus employment opportunities to alleviate financial burdens and promote equitable access to higher education in Nigeria.
Keywords
Financial stress, Academic achievement, Undergraduate students, Coping strategies, University of Benin
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