Publisher
University of Tennessee at Chattanooga
Place of Publication
Chattanooga (Tenn.)
Abstract
Financial stress is associated with poorer well-being and academic outcomes among college students, and debt-related financial strain has been linked to elevated stress and anxiety in student populations (Heo et al., 2020; Mulligan et al., 2024). Despite concerns about student financial literacy, little research has examined budgeting interventions embedded in undergraduate coursework. The present study examined whether participation in a semester-long budgeting experience embedded in an undergraduate Psychology of Money course was associated with gains in financial literacy and better end-of-semester emotional outcomes. It also considered the intervention's relevance to workforce preparation, where graduates must manage income, benefits, debt repayment, and other financial decisions during the transition from college to employment. The study used a one-group pretest-posttest design centered on structured budgeting instruction with You Need A Budget (YNAB) and repeated reflection across a 15-week semester. Participants were 27 undergraduate students enrolled in the course. Measures included pre- and post-semester scores on the Big Five Financial Literacy Score and multiple indicators of financial stress-related emotional functioning, including depression-related strain, anxiety-related strain, and emotional exhaustion. Analyses included paired-samples t tests for pre-post change and linear regressions examining whether financial literacy predicted emotional outcomes at pretest and posttest. Results showed a significant improvement in Big Five Financial Literacy Scores from pretest to posttest, with scores increasing from 2.81 to 4.19, t(26) = -5.46, p < .001, d = 1.05. Broad pre-post changes across emotional outcomes were otherwise limited. However, end-of-semester financial literacy showed meaningful associations with end-of-semester emotional outcomes. Higher post-course Big Five Financial Literacy Scores predicted lower depression-related emotional strain, B = -0.539, β = -.431, p = .022, and lower anxiety-related emotional strain, B = -0.534, β = -.406, p = .032. Additionally, there was a similar but marginal association with lower emotional exhaustion, B = -0.509, β = -.364, p = .057. Importantly, these same associations were not present at pretest for depression, p = .882, anxiety, p = .910, or emotional exhaustion, p = .836. These findings suggest that a budgeting-focused course may be especially useful for building financial literacy and that stronger literacy by the end of the semester may coincide with lower emotional strain around money. For workforce educators, career services professionals, and employers, the findings point to the value of pairing budgeting tools with guided instruction as students prepare to evaluate compensation and benefits, plan for debt repayment, manage variable early-career expenses, and build financial stability during the college-to-work transition. Financial capability may therefore complement traditional career readiness efforts by helping new graduates devote more attention and emotional resources to workplace learning and adjustment. Larger studies with comparison groups are needed to test whether these gains translate into improved well-being and workforce outcomes.
Date
November 2026
Subject
Industrial and organizational psychology
Document Type
posters
Language
English
Rights
http://rightsstatements.org/vocab/InC/1.0/
License
http://creativecommons.org/licenses/by/4.0/
Title and References
revised abstract submission.docx (37 kB)
Revised Abstract Submission
Psychology Of Money Poster.pptx (864 kB)
Poster Submission
Included in
Improving student well-being through financial literacy and budgeting tools
Financial stress is associated with poorer well-being and academic outcomes among college students, and debt-related financial strain has been linked to elevated stress and anxiety in student populations (Heo et al., 2020; Mulligan et al., 2024). Despite concerns about student financial literacy, little research has examined budgeting interventions embedded in undergraduate coursework. The present study examined whether participation in a semester-long budgeting experience embedded in an undergraduate Psychology of Money course was associated with gains in financial literacy and better end-of-semester emotional outcomes. It also considered the intervention's relevance to workforce preparation, where graduates must manage income, benefits, debt repayment, and other financial decisions during the transition from college to employment. The study used a one-group pretest-posttest design centered on structured budgeting instruction with You Need A Budget (YNAB) and repeated reflection across a 15-week semester. Participants were 27 undergraduate students enrolled in the course. Measures included pre- and post-semester scores on the Big Five Financial Literacy Score and multiple indicators of financial stress-related emotional functioning, including depression-related strain, anxiety-related strain, and emotional exhaustion. Analyses included paired-samples t tests for pre-post change and linear regressions examining whether financial literacy predicted emotional outcomes at pretest and posttest. Results showed a significant improvement in Big Five Financial Literacy Scores from pretest to posttest, with scores increasing from 2.81 to 4.19, t(26) = -5.46, p < .001, d = 1.05. Broad pre-post changes across emotional outcomes were otherwise limited. However, end-of-semester financial literacy showed meaningful associations with end-of-semester emotional outcomes. Higher post-course Big Five Financial Literacy Scores predicted lower depression-related emotional strain, B = -0.539, β = -.431, p = .022, and lower anxiety-related emotional strain, B = -0.534, β = -.406, p = .032. Additionally, there was a similar but marginal association with lower emotional exhaustion, B = -0.509, β = -.364, p = .057. Importantly, these same associations were not present at pretest for depression, p = .882, anxiety, p = .910, or emotional exhaustion, p = .836. These findings suggest that a budgeting-focused course may be especially useful for building financial literacy and that stronger literacy by the end of the semester may coincide with lower emotional strain around money. For workforce educators, career services professionals, and employers, the findings point to the value of pairing budgeting tools with guided instruction as students prepare to evaluate compensation and benefits, plan for debt repayment, manage variable early-career expenses, and build financial stability during the college-to-work transition. Financial capability may therefore complement traditional career readiness efforts by helping new graduates devote more attention and emotional resources to workplace learning and adjustment. Larger studies with comparison groups are needed to test whether these gains translate into improved well-being and workforce outcomes.
Department
University of Tennessee at Chattanooga. Dept. of Psychology