Finances and Future Health: Understanding Barriers to First-Generation Student Utilization of Federal Work-Study

First-generation college students often experience disproportionate levels of stress, anxiety, and an overall lack of preparation for undergraduate education in comparison to their multigenerational peers. This can include differing levels of financial support and literacy. These differences can have a significant impact on these students' levels of resiliency, physical and mental well-being, academic success, and levels of attrition. Concurrently, these disparities can lead to adverse outcomes on their health and well-being not only in the present but also in their health and career trajectory in the future. Using a 2-phase approach, researchers collected both quantitative and qualitative data related to how first-generation college students who are participating in the New Jersey Educational Opportunity Fund (EOF) think about the role of financial literacy, and in particular, Federal Work-Study, as a component of their current and future health status and their overall academic success. The qualitative analysis gave rise to 3 major themes related to student feelings of stress, pressure/obligation, lack of preparation, and uncertainty about the role of college education in their current and future lives. Research findings are shared to better inform and guide higher education institutions on how to best educate and support their first-generation students, particularly in how to aid these students in improving their financial literacy and financial support to improve resiliency, well-being, and academic success.