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Problem‐Solving Orientations, Financial Self‐Efficacy, and Student‐Loan Repayment Stress

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  • Soyeon Shim
  • Joyce Serido
  • Sun‐Kyung Lee

Abstract

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 Mplus 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.

Suggested Citation

  • Soyeon Shim & Joyce Serido & Sun‐Kyung Lee, 2019. "Problem‐Solving Orientations, Financial Self‐Efficacy, and Student‐Loan Repayment Stress," Journal of Consumer Affairs, Wiley Blackwell, vol. 53(3), pages 1273-1296, September.
    • Handle: RePEc:bla:jconsa:v:53:y:2019:i:3:p:1273-1296
    DOI: 10.1111/joca.12228
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    Cited by:

    1. Harrison, Tina & Ansell, Jake & Boyd, D. Eric, 2026. "Financial information sources and their impact on the financial self-confidence gap between male and female young adult consumers," Journal of Business Research, Elsevier, vol. 205(C).
    2. Anmol Gulati & Sultan Singh & Shallu Dhiman & Kriti Kishor, 2026. "A systematic review of financial self-efficacy: what we have learned and where we can go from here?," Journal of Financial Services Marketing, Palgrave Macmillan, vol. 31(1), pages 1-43, March.
    3. Mine Aydemir Dev & Onur Barca & Nuran Bayram Arlı & Sevda Gürsakal, 2025. "Examining the financial well-being in challenging economic conditions: structural equation modeling evidence from Türkiye," Future Business Journal, Springer, vol. 11(1), pages 1-13, December.
    4. Liu, Liu & Zhang, Hua, 2021. "Financial literacy, self-efficacy and risky credit behavior among college students: Evidence from online consumer credit," Journal of Behavioral and Experimental Finance, Elsevier, vol. 32(C).
    5. Hani, Umme & Akter, Shahriar & Wickramasinghe, Ananda & Kattiyapornpong, Uraiporn, 2021. "How does relationship quality sustain the rich world’s poorest businesses?," Journal of Business Research, Elsevier, vol. 133(C), pages 297-308.

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