Money on My Mind: How Does Hardiness Relate to Financial Stress?

The purpose of this study is to examine the role of hardiness in the association between perceived income adequacy (PIA) and financial stress. Hardiness refers to an individual's ability to find meaning and purpose in stressful events. We utilized a sample of 482 college students who completed...

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Bibliographic Details
Published in:Financial counseling and planning 2024-01, Vol.35 (1), p.96-108
Main Authors: Graham, Baylor A., Sears, Lindsay, Cheung, Janelle, Chodavarapu, Shoumika, Sinclair, Robert R.
Format: Article
Language:English
Subjects:
Anxiety
Behavioral Sciences
College students
Coping
Counseling
Debt (Financial)
Definitions
Depression (Psychology)
Factor Analysis
Feedback (Response)
General Counseling
Health Needs
Individual Differences
Learning
Marriage and Family Counselling
Perceptions
Personality Traits
Physical Health
Psychological Characteristics
Resilience (Psychology)
Stimuli
Stress
Stress response
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Summary:The purpose of this study is to examine the role of hardiness in the association between perceived income adequacy (PIA) and financial stress. Hardiness refers to an individual's ability to find meaning and purpose in stressful events. We utilized a sample of 482 college students who completed questionnaires on hardiness, PIA, financial stress, and various objective financial measures. Relative weights analyses, bivariate correlations, and moderated regression indicated support for our hypotheses that PIA is negatively related to financial stress, hardiness is positively related to PIA, and hardiness moderates the PIA and financial stress relationship. Our study highlights the importance of the financial stress process and the role of hardiness. Future directions and practical and theoretical implications are discussed.
ISSN:1052-3073
1947-7910
DOI:10.1891/JFCP-2023-0050