2018/09/11 by Soyeon Shim, Joyce Serido, Sun‐Kyung Lee · 1 citation
Psychology · #Actuarial science #Agency (philosophy) #Computer science #Economics #Finance #Grit, Self-Efficacy, and Motivation #Loan #Longitudinal study #Orientation (vector space) #Perfectionism, Procrastination, Anxiety Studies #Psychological Well-being and Life Satisfaction #Psychology #Self-efficacy #Social psychology #Sociology #Stress (linguistics) #Structural equation modeling
paper · doi:10.1111/joca.12228
openalex publication_date 2018/09/11 · crossref created 2018/09/11 · crossref issued 2018/10/08 · crossref published 2018/10/08 · crossref published-online 2018/10/08 · crossref published-print 2019/09/01 · crossref deposited 2025/07/07 · openalex created_date 2025/10/10 · crossref indexed 2026/08/01 · openalex updated_date 2026/08/02
Using data acquired from a four‐time longitudinal survey, we tested a model linking two measures of self‐agency, i.e., problem‐solving orientations and financial self‐efficacy, to student‐loan repayment stress. Of those participants who responded at Wave 4 (N = 855) of a longitudinal study, 396 who had acquired student loans were included in our structural equation model's M plus analysis. After we controlled for gender, college financial education, ethnicity, and participant annual income, we found that both financial self‐efficacy and negative problem‐solving orientation were related to perceived difficulty. More specifically, those participants with a greater financial self‐efficacy at Wave 4 perceived less difficulty in paying off their loans, while those with a more negative problem‐solving orientation perceived more difficulty in paying off their loans. We also found perceived difficulty to be directly related to the actual difficulty of repaying a loan, and this perceived difficulty was, in turn, associated with loan‐specific stress. We provide implications for financial education.