Financial Anxiety among International Students in Higher Education: A Comparative Analysis between International Students in the United States of America and China

Larbi F. O., Ma Z., Fang Z., Virlanuta F. O., Bărbuță-Mișu N., Deniz G.

Sustainability (Switzerland), cilt.14, sa.7, 2022 (SCI-Expanded, SSCI, Scopus) identifier

  • Yayın Türü: Makale / Tam Makale
  • Cilt numarası: 14 Sayı: 7
  • Basım Tarihi: 2022
  • Doi Numarası: 10.3390/su14073743
  • Dergi Adı: Sustainability (Switzerland)
  • Derginin Tarandığı İndeksler: Science Citation Index Expanded (SCI-EXPANDED), Social Sciences Citation Index (SSCI), Scopus, Aerospace Database, CAB Abstracts, Communication Abstracts, Food Science & Technology Abstracts, Geobase, INSPEC, Metadex, Veterinary Science Database, Directory of Open Access Journals, Civil Engineering Abstracts
  • Anahtar Kelimeler: China, financial anxiety, international students, probit model, USA
  • İstanbul Yeni Yüzyıl Üniversitesi Adresli: Hayır

Özet

Financial anxiety is one of the most stress-causing factors, destabilizing students’ academic activities and performance. This study investigated whether there was any financial anxiety in international students in higher education institutions by comparing students in the USA and mainland China. The study employed a random-effect ordered probit model that utilised a sample size of 3953 international students during the academic years 2017–2019. The findings showed a significantly low rate of financial anxiety among international students in the United States, while international students in China experienced a highly significant financial anxiety as far as academic life was concerned. Additionally, a robustness check using marginal effects in probit showed a positive life satisfaction towards financial behaviour after the study period in the USA, while a negative life satisfaction towards financial behaviour existed in mainland China. Nevertheless, the study put forward vital recommendations to help address this phenomenon and strengthen the relationship between international students and administrators of higher education institutions in both countries.