Students often struggle to make ends meet and affort their education, and many of them suffer from low income, low financial literacy, compulsive spending tendencies, and high debt levels. Additionally, financial stress will lead to anxiety, depression, behavioral changes like withdrawing from social activities, or physical symptoms like stomatches or headaches.
What are financial problems for students?
Financial problems for students is a situation in which you are not able to pay fees for the school over the short or long term. Actually, finance plays an important role in students’ academic performance. Financial problems are a serious issue that need to be addressed as it leads to multiple problems such as health issues and academic performance.
How do financial problems affect students?
One of the leading causes that students dropout of college is because of finances - often due to poor personal money management. Not being able to pay fees for school costs may affect your study or you are not able to continue your studies at university. Negative outcomes of financial stress cause: depression, anxiety, poor academic performance, poor health, and difficulty persisting towards degree completion. In order to overcome the financial problems, most students make a decision of having to work part time or even working a full time job, which takes away their time focusing on their academics. By balancing between jobs and academics, some students have to struggle to overcome and manage their financial problems. This affects their academic performance as they have to divide their time in focusing and attention between work and studies.
To help students in overcoming financial difficulties Sala has participated in cooperation with AMK Microfinance Institution to create a collaboration in giving education credits to promote support to students in the provinces and capital of Phnom Penh to have opportunities keeping up their studies at a higher level in order to develop their skills and enrich their journey.