The Conquer of Deficit: A Phenomenological Study on Financial Stressed Students

Abstract

INTRODUCTION

In the field of education, many students are encountering financial struggles that may lead to financial stress. In this study, we found out deeply about the effect of financial stress on the life of the students. For that reason, conducting this study made sense as to reveal the experiences and insights of the participants regarding the phenomenon. Moreover, this study of students' financial stress was essential to contribute knowledge that can be applied for further practices, as it was mentioned by the participants and supported by various authors, and was also anchored to strong theories.

METHODS

This qualitative study uses the phenomenological approach to discover the experiences of the participants regarding the phenomenon. We interpreted the personal statements of 12 financially stressed participants, six from the in-depth interview and six from the focus group discussion. We assured the trustworthiness and the ethical considerations upon conducting the study, and our upright roles as researchers are implemented.

RESULTS

Based on the data gathered from 12 participants, we come up with a total of five major ideas, three core ideas from their experiences, and two core ideas for the insights. From the experiences of the participants, the major ideas that have emerged are the insufficiency of the budget to satisfy the wants, failure to comply with academic requirements, and the weakening of self-determination. Moreover, the two core ideas from the insights of the participants are to be economic and wise and to be optimistic. Most of the participants from both in-depth interview and FGD stated that encountering financial stress is a very difficult situation. Yet, they also shared their perspectives that economic and optimistic personalities are the instruments to overcome financial stress.

DISCUSSIONS

Various authors supported the major ideas that we have gathered, which contributes the ideas of how difficult the financial stress upon encountering it and also supports the idea of having an economic and optimistic personality as a weapon to overcome financial stress. The results demonstrate the need for implementing any kinds of programs that will help to reduce the risk of financial stress phenomenon. The programs can be any orientations or seminars that will give an additional knowledge for the students in integrating financial stress, or it may be any government programs that would help address the financial difficulties/problems