Financial stress, social support and depression among Makerere University postgraduate students

Abstract

Financial stress frequently top the list of adult stressors, with nearly three-quarters of adults (72%) approving this type of stress and almost one in three adults (29%) experiencing increased financial stress. The consequences of financial stress extend far beyond the immediate victims, families, communities, and society as a whole. Among the most vulnerable groups affected by financial stress are university postgraduate students. This study aimed to investigate the link between finanial stress, social support and depression among Makerere university postgraduate students. The study employed a quantitative approach which was correlational in nature, with a sample of 178 university postgraduate students as a sample size from Makerere University. Data was collected using a self-report structured questionnaire. Data was entered into SPSSV23 and analyzed using Pearson Chi-square for hypothesis 1, 2 and 3 and PROCESS macro by Andey Hayes was used for hypothesis 4. Findings indicated that financial stress is not significantly related to social support (X2(2, n=178) =2.054, p>0.05. Also, finding indicated a positive significant relationship between financial stress and depression (X2(2, n=178) =39.314, p<0.05. In addition, findings indicated that social support is not related to depression (X2(1, n=178) =.000, p>0.05. Lastly, the findings showed that social support doesn’t mediate the relationship between financial stress and depression among Makerere university postgraduate students (b= -.050, se= .055, p >0.005). This implies financial stress can have severe psychological consequences for its victims, including increased levels of psychological distress such as depression. Exploring the relationship between financial stress, social support and depression can shed light on the scope of the mental health challenges faced by university postgraduate students. Hence the study recommends that different stake holders like university administrators should collaborate with students and provide local support services.