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A gender analysis of factors influencing perceptions of economic well-being can help financial counselors understand their clients' needs. The effects of selected perceptual and objective information variables on perceived economic well-being are mediated by comparison of economic outcomes and level of financial strain. The subjects of the study were 427 college students over age 18 who attended one of five state-sponsored universities. Male and female students differ in the significance of factors affecting the mediators and perceived economic well-being. These differences need to be understood to tailor advice and teaching of skills in order to optimize well-being.
Key Words: Gender differences, Perceived economic well-being, College students
Introduction
Today's college students consist of traditional students continuing their education immediately after high school and nontraditional students returning to school. This population has been overlooked when it comes to how they perceive their economic well-being in the present and future. Perceived economic well-being is defined as perception of one's economic situation compared to one's necessary and desired economic situation (Hayhoe & Wilhelm, 1998).A considerable percentage of young adults are enrolled in college - in 1994, 60% of 18 and 19 year olds, 44% of 20 and 21 year olds, and 23% of 22 to 24 year olds attended college (National Center for Educational Statistics, 1998a). Most college students are at the age where they are developing the skills with which they will build their present and future economic well-being.
College students may be considered a high-risk group when it comes to economic stability and thus well-being, given their propensity to borrow to fund their college education. Recent college graduates carry a considerable debt load at a time when they are just beginning to work in careers at beginning salaries. In 1992-93, 46% of graduating seniors had borrowed money to finance college education, at a mean amount of $9,300 (National Center for Educational Statistics, 1998b).Besides student loan debt, college students also may be accumulating considerable credit card debt. According to several surveys,70-80% of college students have at least one credit card with the majority having an average of three cards (Hayhoe, 1994; Hayhoe & Leach, 1997; Jover & Allen, 1996; Xiao, Noring & Anderson, 1995).An analysis of college students applying for Nellie Mae loans revealed that undergraduate students...