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The Vulnerable on Campus: Financial Independence of College Students

Author

Listed:
  • Jing Jian Xiao
  • Nilton Porto
  • Luiz Cruz
  • Ting An

Abstract

College years are a critical transition period from financial dependence to financial independence for young adult college students but research on financial independence of this population is limited. The purpose of this exploratory, mixed‐method study is to identify types of young adult college students in terms of financial independence. With data from a sample of college students at a public university in the U.S., cluster analyses show four distinct clusters regarding their funding sources for education: parental dependent, scholarship dependent, loan dependent, and self‐dependent. These clusters show differences in student characteristics. Among them, self‐dependents and loan dependents are the most vulnerable. These students tend to work more hours during the academic year and summer and have more financial responsibilities. Results also show several personal finance topics demanded by students differ by clusters. Similarity analyses indicate cluster differences when students interpret the meaning of financial independence.

Suggested Citation

  • Jing Jian Xiao & Nilton Porto & Luiz Cruz & Ting An, 2026. "The Vulnerable on Campus: Financial Independence of College Students," Journal of Consumer Affairs, Wiley Blackwell, vol. 60(3), September.
    • Handle: RePEc:bla:jconsa:v:60:y:2026:i:3:n:e70069
    DOI: 10.1111/joca.70069
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