The Impact of Financial Stress on Academic Performance in Tertiary Education: Empirical Evidence from Comilla University

Sharna Mazumder

doi:10.60084/eje.v4i1.391

Authors

Sharna Mazumder Department of Economics, Comilla University, Comilla 3506, Bangladesh

DOI:

https://doi.org/10.60084/eje.v4i1.391

Keywords:

Family income, Students working hour, Class attendance, Academic performance

Abstract

University students commonly struggle with financial stress, which has consequences for both their general well-being and academic achievement. This paper aims to explore the impact of financial stress on academic performance. A quantitative study was conducted at Comilla University, a tertiary institution in Bangladesh. The study included 152 randomly selected students from different departments who are currently enrolled in undergraduate and postgraduate programs. Primary data were used in both descriptive and inferential analyses. Descriptive analysis, including students’ perceptions and opinions regarding financing expenses, unexpected expenses, family financial obligations, tuition fees, living expenses, the cost of books and study materials, and financial support to family, showed that these factors led to financial stress and affected students’ academic performance. From the descriptive analysis, the study found that higher living expenses mostly affected students’ academic performance. The inferential analyses, including t-tests, hypothesis tests, and regression analysis, found different factors that significantly affected students’ academic performance. In the gender analysis using t-tests, it was found that female students reported slightly higher stress levels but performed better academically than males. From the correlation analysis, we found a positive relationship. Family income and class attendance were positively correlated with students’ academic performance, while working hours negatively impacted CGPA. The regression analysis revealed class attendance and family income as statistically positive factors that positively affected students’ academic performance. Working hours negatively affected academic performance and were statistically significant. Based on the results, the study recommends that, in order to mitigate the adverse impacts of financial stress on academic performance, Comilla University, as well as the government, should strengthen financial aid programs, create on-campus employment opportunities, and provide counseling on time management.

Downloads

Download data is not yet available.

References

Amanvermez, Y., Rahmadiana, M., Karyotaki, E., de Wit, L., Ebert, D. D., Kessler, R. C., and Cuijpers, P. (2023). Stress Management Interventions for College Students: A Systematic Review and Meta-Analysis., Clinical Psychology: Science and Practice, Vol. 30, No. 4, 423–444. doi:10.1111/cpsp.12342.
Reid, M., Jessop, D. C., and Miles, E. (2020). Explaining the Negative Impact of Financial Concern on Undergraduates’ Academic Outcomes: Evidence for Stress and Belonging as Mediators, Journal of Further and Higher Education, Vol. 44, No. 9, 1157–1187. doi:10.1080/0309877X.2019.1664732.
Robb, C. A. (2017). College Student Financial Stress: Are the Kids Alright?, Journal of Family and Economic Issues, Vol. 38, No. 4, 514–527. doi:10.1007/s10834-017-9527-6.
Deng, Y., Cherian, J., Khan, N. U. N., Kumari, K., Sial, M. S., Comite, U., Gavurova, B., and Popp, J. (2022). Family and Academic Stress and Their Impact on Students’ Depression Level and Academic Performance, Frontiers in Psychiatry, Vol. 13. doi:10.3389/fpsyt.2022.869337.
Hidayat, R., Dawood, T. C., and Abrar, M. (2026). Sociodemographic Determinants of Youth NEET in Indonesia, Grimsa Journal of Business and Economics Studies, Vol. 3, No. 1, 57–71. doi:10.61975/gjbes.v3i1.110.
Benos, N., and Karagiannis, S. (2016). Do Education Quality and Spillovers Matter? Evidence on Human Capital and Productivity in Greece, Economic Modelling, Vol. 54, 563–573. doi:10.1016/j.econmod.2016.01.015.
Kim, H. B., Choi, S., Kim, B., and Pop-Eleches, C. (2018). The Role of Education Interventions in Improving Economic Rationality, Science, Vol. 362, No. 6410, 83–86. doi:10.1126/science.aar6987.
Baker, A. R., and Montalto, C. P. (2019). Student Loan Debt and Financial Stress: Implications for Academic Performance, Journal of College Student Development, Vol. 60, No. 1, 115–120. doi:10.1353/csd.2019.0008.
Islam, T., and Moonajilin, M. S. (2018). A Study on Stress among University Students, Bangladesh, International Journal of Academic Health and Medical Research, Vol. 2, No. 10, 10–17.
Hossain, M. K., Mahfuz, T., Latif, S., and Hossain, M. E. (2023). Determinants of Financial Stress among University Students and Its Impact on Their Performance, Journal of Applied Research in Higher Education, Vol. 15, No. 1, 226–237. doi:10.1108/JARHE-02-2021-0082.
Smith, S., Smith, C., and Caddell, M. (2015). Can Pay, Should Pay? Exploring Employer and Student Perceptions of Paid and Unpaid Placements, Active Learning in Higher Education, Vol. 16, No. 2, 149–164. doi:10.1177/1469787415574049.
Mahdavi, P., Valibeygi, A., Moradi, M., and Sadeghi, S. (2023). Relationship Between Achievement Motivation, Mental Health and Academic Success in University Students, Community Health Equity Research & Policy, Vol. 43, No. 3, 311–317. doi:10.1177/0272684X211025932.
Brown, J. S. L. (2018). Student Mental Health: Some Answers and More Questions, Journal of Mental Health, Vol. 27, No. 3, 193–196. doi:10.1080/09638237.2018.1470319.
Mamun, M. A., Misti, J. M., and Griffiths, M. D. (2020). Suicide of Bangladeshi Medical Students: Risk Factor Trends Based on Bangladeshi Press Reports, Asian Journal of Psychiatry, Vol. 48, 101905. doi:10.1016/j.ajp.2019.101905.
Ogbuagu, A. R., Ohalete, P. I., Nwaoga, C. T., Uroko, F. C., and Onyeanuna, A. K. (2025). Impact of Financial Stress on Academic Performance of University Students in South East Nigeria, Human Affairs, Vol. 35, No. 1, 119–136. doi:10.1515/humaff-2024-0002.
Joo, S.-H., Durband, D. B., and Grable, J. (2008). The Academic Impact of Financial Stress on College Students, Journal of College Student Retention: Research, Theory & Practice, Vol. 10, No. 3, 287–305. doi:10.2190/CS.10.3.c.
Maunder, R. E. (2018). Students’ Peer Relationships and Their Contribution to University Adjustment: The Need to Belong in the University Community, Journal of Further and Higher Education, Vol. 42, No. 6, 756–768. doi:10.1080/0309877X.2017.1311996.
Raychaudhuri, A., Debnath, M., Sen, S., and Majumder, B. G. (2010). Factors Affecting Students’ Academic Performance: A Case Study in Agartala Municipal Council Area., Bangladesh E-Journal of Sociology, Vol. 7, No. 2.
Lacour, M., and Tissington, L. D. (2011). The Effects of Poverty on Academic Achievement, Educational Research and Reviews, Vol. 6, No. 7, 522–527.
Ali, S., Haider, Z., Munir, F., Khan, H., and Ahmed, A. (2013). Factors Contributing to the Students Academic Performance: A Case Study of Islamia University Sub-Campus, American Journal of Educational Research, Vol. 1, No. 8, 283–289. doi:10.12691/education-1-8-3.
Ntirandekura, M., and Christopher, F. (2022). Human Resource Recruitment and Labour Turnover in Local Government: A Case Study of Kabale Municipality, International Journal of Academic Management Science Research, Vol. 6, No. 7, 154–159.
Oladunjoye, G. T., Mamman, J. S., Adeoluwa, A. D., Ishola, O. A., and Ahmed, M. B. (2022). Parental Income Influence on Academic Performance of Business Education Students in Kwara State University, International Journal of Academic Pedagogical Research, Vol. 6, No. 9, 152–156.
Lukkarinen, A., Koivukangas, P., and Seppälä, T. (2016). Relationship between Class Attendance and Student Performance, Procedia - Social and Behavioral Sciences, Vol. 228, 341–347. doi:10.1016/j.sbspro.2016.07.051.
Sarker, B. K. (2025). The Impact of Class Attendance on Academic Performance of BBA Professional Students: An Observational Study, SSRN Electronic Journal. doi:10.2139/ssrn.5255407.
Ancheta, R. F., Daniel, D., and Ahmad, R. (2021). Effect of Class Attendance on Academic Performance, European Journal of Education Studies, Vol. 8, No. 9. doi:10.46827/ejes.v8i9.3887.
Mia, R., Selim, S., Monir, M., Hossain, M. A., Ahmad, B., and Hasan, M. R. (2025). Effect of Class Attendance on Academic Performance in the Higher Studies: A Case Study on the Department of Economics at Dhaka International University (DIU), Khulna University Studies. doi:10.53808/KUS.2025.22.02.1342-ss.
Cheng, M. (1995). Issues Related to Student Part-Time Work: What Did Research Find in the Toronto Situation and Other Context? No. 215., ERIC.
Singh, K., Chang, M., and Dika, S. (2007). Effects of Part-Time Work on School Achievement During High School, The Journal of Educational Research, Vol. 101, No. 1, 12–23. doi:10.3200/JOER.101.1.12-23.
Body, K. M.-D., Bonnal, L., and Giret, J.-F. (2014). Does Student Employment Really Impact Academic Achievement? The Case of France, Applied Economics, Vol. 46, No. 25, 3061–3073. doi:10.1080/00036846.2014.920483.
Ngoc Ha, C., Trang Thao, N., and Dinh Son, T. (2016). Student Part-Time Employment: Case Study at Ton Duc Thang University in Vietnam, 9th Annual International Conference of Education, Research and Innovation, 3193–3201. doi:10.21125/iceri.2016.1725.
Akter, M., Uddin, M., and Jakaria, M. (2019). The Effect of Students’ Part Time Employment on Their Academic Performances: Evidence from Hajee Mohammad Danesh Science and Technology University, Dinajpur, Bangladesh, International Journal of Science and Business, Vol. 3, No. 3, 256–263.
Alam, M. S., Kiron, M. A., Islam, R., and Hossain, M. S. (2025). Exploring the Impact of Part-Time Employment on Academic Performance among University Students: Evidence from Rajshahi City of Bangladesh, Journal of Harbin Engineering University, Vol. 46, No. 05.
Wang, H., Kong, M., Shan, W., and Vong, S. K. (2010). The Effects of Doing Part‐Time Jobs on College Student Academic Performance and Social Life in a Chinese Society, Journal of Education and Work, Vol. 23, No. 1, 79–94. doi:10.1080/13639080903418402.