The financial status of students significantly impacts their academic performance, with various studies highlighting the influence of socioeconomic factors, employment, and financial literacy on educational outcomes.

Key Insights

• Financial Literacy and Socioeconomic Status:

  • Financial literacy is moderately developed among students, with parents' socioeconomic status being a significant determinant. Higher socioeconomic status encourages better financial planning and decision-making skills
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  • Financial education in schools shows mixed results in improving financial behaviors, but upper-grade students display a stronger correlation between their financial literacy levels and educational outcomes
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• Impact of Employment on Academic Performance:

  • Paid employment negatively affects students' grades, with an additional weekly work hour reducing GPA by approximately 0.011 points. This effect varies by health status, maternal schooling, religious background, and race/ethnicity
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• Online Learning and Financial Backgrounds:

  • The COVID-19 pandemic has exacerbated financial and educational disparities. Students from lower financial backgrounds face more significant challenges in online learning environments, impacting their academic performance and mental health
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Conclusion

The financial status of students plays a crucial role in their academic performance, with higher socioeconomic status and financial literacy contributing positively. Employment and financial challenges, especially during the COVID-19 pandemic, have shown to negatively impact students' grades and overall educational experience. Addressing these financial disparities is essential for improving academic outcomes and ensuring equitable access to education.