Financial Concerns and Financial Stress: Factors Influencing First-Generation College Students' Success

Abstract

Using the Double ABCX model, this dissertation involved two studies that investigated the financial realities of first-generation college students (FGCS) by examining factors influencing the level of financial concern about paying for college, financial stress, financial coping strategies, and low-income status, and how those factors predicted graduation at six years post matriculation. Student Experience in Research University (SERU) data matched with institutional records were used for both studies. Study 1 examined demographic characteristic differences between the sample’s FGCS and non-FGCS and compared factors that contributed to each group’s financial concern using a sample of 4,439 students, 27% of which were FGCS. Results showed that FGCS were statistically different from non-FGCS peers based on age, age when they learned to speak English, race/ethnicity, immigrant status, low-income status, job, financial independence, and whether or not they lived in a residence hall. Using step-wise multiple regression, the model predicted 54% of the variance in the level of financial concern about paying for college. Being a FGCS, low-income, age when one learned to speak English, having an off campus job, and the level of financial stress experienced increased the level of financial concern about paying for college, while not living in a residence hall decreased their financial concern. Study 2 predicted the graduation of FGCS at six years (N=565) using step-wise binominal logistic regression. Approximately 32% of the sample was non-White, and 57% had jobs. The variance (Nagelkerke R2) explained by the model was 18%. Factors that predicted graduation at six years were being Black and GPA. Implications for the findings are discussed.