Financial challenges and coping mechanisms among 4P's beneficiaries during pandemic

Abstract

In this globalizing society, education is a vital tool we can use to influence the world, as well as a tool for self-improvement. However, education can be a high-cost social need that needs financial support in order to pursue learning. Considering that the COVID-19 pandemic has forced the shift to online learning and contributed to the students’ financial distress, the researchers aim to provide information regarding the degree of the relationship between the financial challenges and the coping mechanisms of 4P’s beneficiaries during the COVID-19 pandemic. 100 students coming from a family of 4P’s beneficiary aged 18 years old and above were surveyed. Student Financial Wellness Survey and Financial Literacy Questionnaire were utilized to measure the level of financial challenges that the students are experiencing; Brief Cope Survey was utilized to quantify the level of coping mechanisms of the students. The gathered data shows that the respondents have a high level of financial challenges and 4P’s beneficiary families face problems in handling their financial issues, allocating their finances in order to continue their studies, and supporting their expenses. The respondents also exhibited high level use of Problem-Focused Coping, moderate level use of Emotion-Focused coping, and moderate level use of Avoidant Coping. The result of the study stated that there is a significant relationship between financial challenges and coping mechanisms. Hence, this research states that when respondents face high levels of financial challenges, it will have an effect on their level of coping mechanisms. Future researchers may investigate the financial constraints and coping mechanisms of 4P’s beneficiaries to see if such variables have a correlational relationship.