Lived experiences of financial difficulties of college students

Abstract

This study aims to know the lived experiences of financial difficulties among college students of the UM Panabo College, particularly fourth-year college students. The participants were in two groups: seven for in depth interviews (IDI) and seven for focus-grouped discussion (FGD), regardless of age and gender. This study used the phenomenological research approach to acquire significant insights into how college students perceived their experiences of having financial difficulty. Further, the study results show that students experienced actual economic challenges. The direct cost of education, financial problems with living expenses, and financial challenges render them helpless. Hence, college students managed to study amidst financial difficulty by using financial aid from the government, making wise financial decisions, and scouting for financial help. Further, the insights generated from the results are that college students are engaging in recreational activities, motivated to finish college and possess tenacity amidst financial difficulties. These findings may help the government, teachers, students, parents, and future researchers as a basis to provide solutions and recommendations on how to mitigate the financial difficulties experienced by college students as future leaders of our country.