Financial Stress and Mental Health Among U.S. College Students: Gender Differences and Anxiety as a Mediator of Academic Disruption

This study examines gender differences in financial stress and anxiety among U.S. college students and evaluates whether financial stress predicts anxiety, and whether anxiety mediates the relationship between financial stress and academic disruption. Data from the 2023–2024 Healthy Minds Study, a nationally representative survey of undergraduate, graduate, and professional students in the United States, were analyzed. Survey-weighted regression models were used to assess gender differences and the association between financial stress and anxiety. A generalized structural equation model (GSEM) tested whether anxiety mediates the relationship between financial stress and academic disruption. Financial stress was modeled as a continuous predictor, anxiety as a continuous mediator, and academic disruption as an ordinal outcome. Female students reported significantly higher levels of financial stress and anxiety than male students, even after adjusting for age and race. Financial stress was positively associated with anxiety for both male and female students. This indicates a broad impact of financial pressure on emotional well-being. Anxiety subsequently predicted academic disruption. Mediation analysis revealed that anxiety significantly mediated the relationship between financial stress and academic disruption, and this explained more than half of the total effect. These findings highlight anxiety as a key psychological pathway through which financial stress affects academic functioning. Interventions targeting financial stress may improve both emotional well-being and academic performance, particularly for students facing elevated financial and psychological vulnerability.