FINANCIAL ANXIETY ON INTERNATIONAL STUDENTS IN HIGHER EDUCATION: A COMPARATIVE ANALYSIS BETWEEN INTERNATIONAL STUDENTS IN UNITED STATES OF AMERICA AND CHINA

Öz

Financial anxiety is one of the most stress-causing factors, which destabilizes students’ academic activities and performance. This study is purposed to investigate whether there exists any financial anxiety on international students in higher education institutions by comparing students in USA and Mainland China. The study employed a random effect ordered probit model, which utilized a sample size of 3,953 international students during the academic years 2017 – 2019. Findings show that there exists low significant rate of financial anxiety among international students in the United States while foreign students in China experienced a high significant financial anxiety as far as academic life is concerned. Additionally, robustness check using marginal effects in probit shows a positive life satisfaction toward financial behaviour after study period in the USA while a negative life satisfaction toward financial behaviour exist in the Mainland China. Nevertheless, the paper puts forward key recommendations to help address this phenomenon and strengthen relationship between international students and administrators of higher education institutions in both countries.

Anahtar Kelimeler

• USA
• China
• Financial Anxiety
• International Students
• Probit Model