IDEAS home Printed from https://ideas.repec.org/a/gam/jsusta/v14y2022i7p3743-d776994.html

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

Author

Listed:
  • Frank Okai Larbi

    (School of Education, South China Normal University, Guangzhou 510631, China)

  • Zaoming Ma

    (Research Center for Hong Kong & Macau Youth Education, South China Normal University, Guangzhou 510631, China)

  • Zheng Fang

    (School of Education, South China Normal University, Guangzhou 510631, China)

  • Florina Oana Virlanuta

    (Department of Economics, Economic and Business Administration Faculty, Dunarea de Jos University of Galati, 800008 Galati, Romania)

  • Nicoleta Bărbuță-Mișu

    (Department of Business Administration, Economic and Business Administration Faculty, Dunarea de Jos University of Galati, 800008 Galati, Romania)

  • Görkem Deniz

    (The Institute of Social Sciences, Istanbul Aydın University, Istanbul 34295, Turkey)

Abstract

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.

Suggested Citation

  • Frank Okai Larbi & Zaoming Ma & Zheng Fang & Florina Oana Virlanuta & Nicoleta Bărbuță-Mișu & Görkem Deniz, 2022. "Financial Anxiety among International Students in Higher Education: A Comparative Analysis between International Students in the United States of America and China," Sustainability, MDPI, vol. 14(7), pages 1-14, March.
    • Handle: RePEc:gam:jsusta:v:14:y:2022:i:7:p:3743-:d:776994
    as

    Download full text from publisher

    File URL: https://www.mdpi.com/2071-1050/14/7/3743/pdf
    Download Restriction: no
    File URL: https://www.mdpi.com/2071-1050/14/7/3743/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Lucy Ackert & Narat Charupat & Bryan Church & Richard Deaves, 2006. "An experimental examination of the house money effect in a multi-period setting," Experimental Economics, Springer;Economic Science Association, vol. 9(1), pages 5-16, April.
    2. Mundlak, Yair, 1978. "On the Pooling of Time Series and Cross Section Data," Econometrica, Econometric Society, vol. 46(1), pages 69-85, January.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Xu Ding & Siman Zhang & Fanying Wang & Junfeng Diao, 2025. "Challenges and Strategies of International Students Studying in the Hainan Free Trade Port," SAGE Open, , vol. 15(2), pages 21582440251, April.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Jirjahn, Uwe & Chadi, Cornelia, 2016. "Risk Attitude and Nonmarital Birth," IZA Discussion Papers 10316, IZA Network @ LISER.
    2. Laisney, François & Pohlmeier, Winfried & Staat, Matthias, 1991. "Estimation of labour supply functions using panel data: a survey," ZEW Discussion Papers 91-05, ZEW - Leibniz Centre for European Economic Research.
    3. Sergio Sousa, 2010. "Small-scale changes in wealth and attitudes toward risk," Discussion Papers 2010-11, The Centre for Decision Research and Experimental Economics, School of Economics, University of Nottingham.
    4. Régis BRETON & Sébastien GALANTI & Christophe HURLIN & Anne-Gaël VAUBOURG, 2011. "Does the firm-analyst relationship matter in explaining analysts' earnings forecast errors?," LEO Working Papers / DR LEO 469, Orleans Economics Laboratory / Laboratoire d'Economie d'Orleans (LEO), University of Orleans.
    5. Mausch, Kai & Woldeyohanes, Tesfaye & Heckelei, Thomas & Tabe-Ojong, Martin Paul, "undated". "A Triple Hurdle Model of the Impacts of Improved Chickpea Adoption on Smallholder Production and Commercialization in Ethiopia," 92nd Annual Conference, April 16-18, 2018, Warwick University, Coventry, UK 273473, Agricultural Economics Society.
    6. Brown, Sarah & Greene, William H. & Harris, Mark N. & Taylor, Karl, 2015. "An inverse hyperbolic sine heteroskedastic latent class panel tobit model: An application to modelling charitable donations," Economic Modelling, Elsevier, vol. 50(C), pages 228-236.
    7. François Gardes, 2021. "Endogenous Prices in a Riemannian Geometry Framework," Post-Print halshs-03325414, HAL.
    8. Chen, Yi-Yi & Schmidt, Peter & Wang, Hung-Jen, 2014. "Consistent estimation of the fixed effects stochastic frontier model," Journal of Econometrics, Elsevier, vol. 181(2), pages 65-76.
    9. Nicole M. Mason & Thomas S. Jayne & Nicolas van de Walle, 2017. "The Political Economy of Fertilizer Subsidy Programs in Africa: Evidence from Zambia," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 99(3), pages 705-731.
    10. Jan Brenner, 2007. "Parental Impact on Attitude Formation - A Siblings Study on Worries about Immigration," Ruhr Economic Papers 0022, Rheinisch-Westfälisches Institut für Wirtschaftsforschung, Ruhr-Universität Bochum, Universität Dortmund, Universität Duisburg-Essen.
    11. George Halkos & Iacovos Psarianos, 2016. "Exploring the effect of including the environment in the neoclassical growth model," Environmental Economics and Policy Studies, Springer;Society for Environmental Economics and Policy Studies - SEEPS, vol. 18(3), pages 339-358, July.
    12. Nilsen, Øivind Anti & Raknerud, Arvid & Skjerpen, Terje, 2011. "Using the Helmert-transformation to reduce dimensionality in a mixed model: Application to a wage equation with worker and firm heterogeneity," Discussion Paper Series in Economics 11/2011, Norwegian School of Economics, Department of Economics, revised 04 Oct 2011.
    13. Ada Ferrer-i-Carbonell & Bernard Van Praag, 2003. "Income Satisfaction Inequality and its Causes," The Journal of Economic Inequality, Springer;Society for the Study of Economic Inequality, vol. 1(2), pages 107-127, August.
    14. Sheahan, Megan & Black, Roy & Jayne, T.S., 2013. "Are Kenyan farmers under-utilizing fertilizer? Implications for input intensification strategies and research," Food Policy, Elsevier, vol. 41(C), pages 39-52.
    15. Thomas J. Kniesner & James P. Ziliak, 2002. "Tax Reform and Automatic Stabilization," American Economic Review, American Economic Association, vol. 92(3), pages 590-612, June.
    16. Brenda Gannon, 2005. "A dynamic analysis of disability and labour force participation in Ireland 1995–2000," Health Economics, John Wiley & Sons, Ltd., vol. 14(9), pages 925-938, September.
    17. Bratti, Massimiliano & Mendola, Mariapia, 2014. "Parental health and child schooling," Journal of Health Economics, Elsevier, vol. 35(C), pages 94-108.
    18. Hendrik Thiel & Stephan L. Thomsen, 2015. "Individual Poverty Paths and the Stability of Control-Perception," SOEPpapers on Multidisciplinary Panel Data Research 794, DIW Berlin, The German Socio-Economic Panel (SOEP).
    19. Burks, Stephen V. & Guy, Frederick, 2012. "What Are Over-the-Road Truckers Paid For? Evidence from an Exogenous Regulatory Change on the Role of Social Comparisons and Work Organization in Wage Determination," IZA Discussion Papers 6375, IZA Network @ LISER.
    20. Uwe Sunde & Thomas Dohmen & Benjamin Enke & Armin Falkbriq & David Huffman & Gerrit Meyerheim, 2022. "Patience and Comparative Development," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 89(5), pages 2806-2840.

    More about this item

    Keywords

    ;
    ;
    ;
    ;
    ;

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:gam:jsusta:v:14:y:2022:i:7:p:3743-:d:776994. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: MDPI Indexing Manager (email available below). General contact details of provider: https://www.mdpi.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.