If you’re a college student feeling anxious about your finances, you’re not alone. 78% of college students note feeling a toll on their mental health due to financial pressures*.
Financial anxiety is the feeling of being worried about one’s financial situation, and it’s incredibly common among college students. It can include stress about income, job prospects, student loan debt, or the ability to afford necessities like rent or groceries.
What Is Financial Anxiety?
Financial anxiety can be especially common among college students navigating their finances independently for the first time. Signs of financial stress can include:
Financial anxiety can be different for everyone, but these are some of the most common symptoms. It also differs from general stress or anxiety, stemming specifically from worries about one’s financial situation. While general stress or anxiety can be a normal response to uncertain situations, financial anxiety focuses on things like income, debts, or struggles with affording necessities.
Common Financial Stressors For College Students
While anyone can experience financial anxiety, unique pressures make it particularly common among college students. Here are some of the most typical causes of financial anxiety in a college setting:
These are just a few of the most common causes, but everyone’s situation is different. Acknowledging what causes your financial anxiety could be the first step to overcoming it.
Impact Of Financial Anxiety On Students
Financial anxiety can have a bigger impact on your life than you may think. Many students experience decreased academic performance due to heightened stress surrounding working part-time jobs, declining mental health and well-being, fewer relationships or time for social life, and developing negative long-term financial habits. Financial anxiety goes beyond just feeling nervous — it can impact many parts of life for students and create negative money mindsets for years to come.
Luckily, there are things you can do to help alleviate these feelings and make choices to help you overcome financial anxiety.
Coping Strategies
There’s no one correct answer when it comes to managing financial anxiety, but there are a few strategies to help you cope with it.
By opening up to these conversations and building your skills, you can create lasting habits and a positive financial mindset. Although financial anxiety can feel overwhelming, you’re not alone. BCU is here to support you through all your financial needs.
To learn more about positive financial habits and resources to help you tackle financial anxiety, check out BCU’s financial well-being offerings, including free financial coaching.
About BCU: BCU is a not-for-profit, member-owned credit union that is fiercely dedicated to Empowering People To Discover Financial Freedom. With over $6B in assets, BCU is committed to providing a fast, easy, and secure banking experience along with extraordinary service to more than 360,000 members. The BCU field of membership includes employees and their families from Fortune 100 companies across the US and Puerto Rico. Membership is also open to individuals who live or work in Northern Illinois, Southern Wisconsin, and Puerto Rico, as well as subscribers of BCU’s wholly owned Credit Union Service Organization (CUSO), Life. Money. You.®. All BCU members enjoy lifetime access to financial services and well-being programs that inspire confidence through the brand promise “Here Today For Your Tomorrow.”
To learn more about how we can help you realize your financial dreams, visit BCU.org. For media inquiries, visit BCU.org/About-Us/Media-Relations.
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