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The impact of financial concerns on overall mental health has become a popular topic among researchers and practitioners. In this exploratory study, possible associations of financial anxiety were explored using a sample of 180 college students who sought services at a university peer financial counseling center in a Midwestern state. Of particular interest was the influence of debt on student financial anxiety. To measure financial anxiety, a new scale was developed, the Financial Anxiety Scale (FAS), that can be used as a tool for financial planners, counselors, and educators to identify individuals who are experiencing increased levels of financial distress that may call for a referral to an appropriate professional. Results from two hierarchical regressions indicated that financial satisfaction, student loans, and gender are associated with financial anxiety.
Key Words: financial anxiety, financial counseling, financial satisfaction, financial scale, student debt
Introduction
Financial mental health has recently become a growing topic of interest among researchers. However, practitioners have long been encountering clients who have financial problems that impact their cognitive, emotional, and relational well-being. The most recent research on the topic of financial mental health has been related to financial disorders and money scripts (Klontz, Britt, Archuleta, & Klontz, 2012; Klontz, Britt, Mentzer, & Klontz, 2011; Klontz, Kahler, & Klontz, 2008). Financial disorders that have been identified to date include: a) financial enabling, b) compulsive buying disorder, c) compulsive hoarding, d) pathological gambling, e) workaholism, f) financial dependence, g) financial infidelity, and h) financial enmeshment (Klontz et al., 2008; Klontz et al., 2011). Financial stress and anxiety can also be seen as aspects of financial mental health. Although sparse, research has linked financial stress and anxiety with college student debt (Grable & Joo, 2006; Joo, Grable, & Bagwell, 2003; Norvilitis et al., 2006; Perna, 2008). The current study explained the existing literature related to students' financial mental health. More specifically, the purpose of the study was to explore the associations of students' financial anxiety, in particular the influence of debt.
Literature Review
The period of young adulthood is commonly associated with an increased risk of mental health problems (Hunt & Eisenberg, 2010; Zivin, Eisenberg, Gollust, & Golberstein, 2009). It is also a period of significant life transition typically marked by an increase in financial responsibility....