Finance-Based Cognitive Behavioral Therapy and The Attenuation of Financial Stress Among Accounting Students in South-East Nigerian Universities
Main Article Content
Abstract
Financial stress constitutes a pervasive threat to the academic performance and psychological well-being of university students, yet evidence-based therapeutic responses within African higher education remain conspicuously sparse. This study examined the efficacy of a finance-based cognitive behavioral therapy (FBCBT) program in reducing financial stress among accounting students enrolled in South-East Nigerian universities. Employing a pretest-posttest randomized controlled trial design, 175 eligible participants drawn from four public universities were assigned to either a CBT experimental condition or a wait-listed control condition. Seven weeks of structured FBCBT sessions were administered, and outcomes were assessed using the Accounting Students Financial Stress Questionnaire (ASFSQ), a 28-item instrument yielding a Cronbach alpha reliability coefficient of 0.82. Statistical analysis conducted via EViews, employing a mixed-design repeated measures analysis of variance (ANOVA), indicated that participants in the CBT group exhibited significantly lower financial stress scores at post-test relative to both their own pretest scores and the concurrent scores of the wait-listed group (p < .001). The equivalence of post-test and follow-up scores (p = .143) further indicated that therapeutic gains were sustained across a two-month period. These findings suggest that FBCBT represents a viable, structured intervention for alleviating financial stress in this population and carry direct implications for university counselling policy in sub-Saharan Africa.
Article Details
This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.
References
Abiogu, G. C., Ede, M. O., Agah, J. J., Ugwuozor, F. O., Nweke, M., Nwosu, N., Nnamani, O., Eskay, M., Obande-Ogbuinya, N. E., Ogheneakoke, C. E., Ugwu, U. C., Ujah, P., Ekwueme, F. O., Phil, M., Obeagu, E. I., Okeke, C. I., Ncheke, D. C., & Ugwuanyi, C. (2020). Cognitive-behavioral reflective training for improving critical thinking disposition of nursing students. Medicine, 99(46), e22429. https://doi.org/10.1097/MD.0000000000022429
Agah, J. J., Ede, M. O., Asor, L. J., Ekesionye, E. N., & Ejionueme, L. (2021). Managing examination induced stress among students using FEAR-model of cognitive behavioral intervention: Policy implications for educational evaluators. Current Psychology. https://doi.org/10.1007/s12144-021-01657-z
Banerjee, K., Sahoo, H., & Govil, D. (2023). Financial stress, health and malnourishment among older adults in India. BMC Geriatrics, 23, 861. https://doi.org/10.1186/s12877-023-04532-7
Baste, V. S., & Gadkari, J. V. (2014). Study of stress, self-esteem and depression in medical students and effect of music on perceived stress. Indian Journal of Physiology and Pharmacology, 58(3), 296–299.
Bather, J. R., McSorley, A. M., Rhodes-Bratton, B., et al. (2024). Love after lockup: Examining the role of marriage, social status, and financial stress among formerly incarcerated individuals. Health & Justice, 12, 7. https://doi.org/10.1186/s40352-024-00264-x
Brasil, C. V., Bressan, A. A., Vieira, K. M., et al. (2024). Financial resilience, financial ignorance, and their impact on financial well-being during the COVID-19 pandemic: Evidence from Brazil. International Review of Economics, 71, 273–299. https://doi.org/10.1007/s12232-023-00443-6
Cully, J. A., & Teten, A. L. (2008). A therapist's guide to brief cognitive behavioral therapy. Department of Veterans Affairs South Central MIRECC.
Curtiss, J. E., Levine, D. S., Ander, I., & Baker, A. W. (2021). Cognitive-behavioral treatments for anxiety and stress-related disorders. Focus, 19(2), 184–189. https://doi.org/10.1176/appi.focus.20200045
Dassani, P., & Deepak. (2022). Prevalence of emotional and financial stress among management students. In A. Chandani, R. Divekar, & J. K. Nayak (Eds.), Achieving $5 Trillion Economy of India. Springer Proceedings in Business and Economics. Springer. https://doi.org/10.1007/978-981-16-7818-9_16
Doloh, A., Redzuan, N. H., & Mohd Yusoff, Z. (2023). The role of financial behavior, financial stress, and financial well-being toward Islamic financial literacy. In N. Mansour & L. M. Bujosa Vadell (Eds.), Islamic Sustainable Finance, Law and Innovation. Contributions to Management Science. Springer. https://doi.org/10.1007/978-3-031-27860-0_15
Ede, M. O., Anyanwu, J. I., Onuigbo, L. N., Ifelunni, C. O., Alabi-Oparaocha, F. C., Okenyi, E. C., Agu, M. A., Ugwuanyi, L. T., Ugwuanyi, C., Eseadi, C., Awoke, N. N., Nweze, T., & Victor-Aigbodion, V. (2020). Rational emotive family health therapy for reducing parenting stress in families of children with autism spectrum disorders: A group randomised control study. Journal of Rational-Emotive & Cognitive-Behavior Therapy, 38, 243–271. https://doi.org/10.1007/s10942-020-00342-7
Eneogu N.D., Ejimonye J., Ogbueghu S.N., Nnachi R.A., Eskay M., & Nwajiuba C.A. (2021), Cost Estimation of a School-Based Intervention for Improving Hiv/Aids Risk Perception Among Secondary School Adolescents in Enugu State, Nigeria. Journal of the Pakistan Medical Association, 1-15. https://doi.org/10.47391/JPMA.1339
Eneogu, N. D., Ugwuanyi, C. K., & Ugwuanyi, C. S. (2024). Efficacy of cognitive behavioral therapy on academic stress among rural community secondary school economics students: A randomized controlled evaluation. Journal of Rational-Emotive & Cognitive-Behavior Therapy, 42, 245–262. https://doi.org/10.1007/s10942-023-00508-z
Ghosh, I., & Dragan, P. (2023). Can financial stress be anticipated and explained? Uncovering the hidden pattern using EEMD-LSTM, EEMD-Prophet, and XAI methodologies. Complex & Intelligent Systems, 9, 4169–4193. https://doi.org/10.1007/s40747-022-00947-8
Igbokwe, U; Onyechi, K. C.N; Ogbonna, C.S; Eseadi, C; Onwuegbuchulam C.; Nwajiuba, C. A; Ugodulunwa, C.C. P; Eze, A; Omaeze, K; Patrick, Ekechukwu, L.E; Egbe, C.I; Nnachi, R.A; Anyaegbunam, E.N. (2019) Rational Emotive Intervention for Stress Management among English Education Undergraduates; Implications for School Curriculum Innovation. Medicine vol. 98(40) P e 17452, October, 2019. Publisher: Lippincott William Two Commence SQ, 2001.
Ikpo, M.I., Eneje B.C., Obekirigwe, C, Nnachi R.A., (2019) Firms Intern Characteristics and Challenges of Voluntary Disclosure in Emerging Economy: Evidence from Non-Financial Listed Firms in Nigeria Stock Exchange 2000-2017. International Journal of Mechanical Engineering and Technology (IJMET) Vol. (10), Issue 12 December 2019. Pp-65-76, ArticleID:IJMET_16_12_008availableonlineathtt://www.iaeme.com/ijmet/issues.asp?jtype = IJMET & VType = 10 1type = 12. ISSN Print: 0976-6340 and ISSN online: 0976=6359 @ IAMEME publication.
Ji, G., Cong, L., Kim, J., & Ahn, K. (2023). Financial stress in China and international spillover. In K. Arai (Ed.), Intelligent Systems and Applications. IntelliSys 2022. Lecture Notes in Networks and Systems, vol. 543. Springer. https://doi.org/10.1007/978-3-031-16078-3_19
Joseph, M., & Peetz, J. (2023). Financial stress as an antecedent of financial snooping attitudes. Journal of Family and Economic Issues. https://doi.org/10.1007/s10834-023-09933-9
Kleine, A. K., Schmitt, A., & Wisse, B. M. (2024). Financial stress and quit intention: The mediating role of entrepreneurs’ affective commitment. International Entrepreneurship and Management Journal. https://doi.org/10.1007/s11365-024-00972-8
Koomson, I., Churchill, S. A., & Munyanyi, M. E. (2022). Gambling and financial stress. Social Indicators Research, 163, 473–503. https://doi.org/10.1007/s11205-022-02898-6
Laney, M. O., & colleagues. (2008). Stress as a negative emotional, cognitive, behavioural and physiological process. [Referenced in primary text; full source details not provided in original manuscript].
Maiya, S., Dotterer, A. M., Serang, S., et al. (2024). COVID-19 pandemic-related financial hardships and adolescents’ adjustment: A longitudinal family stress approach. Journal of Youth and Adolescence, 53, 432–445. https://doi.org/10.1007/s10964-023-01875-7
Mezghani, T., & Abbes, M. B. (2023). Forecast the role of GCC financial stress on oil market and GCC financial markets using convolutional neural networks. Asia-Pacific Financial Markets, 30, 505–530. https://doi.org/10.1007/s10690-022-09387-3
Miah, M. D., Shafiullah, M., & Alam, M. S. (2023). The effect of financial stress on renewable energy consumption: Evidence from US data. Environment, Development and Sustainability. https://doi.org/10.1007/s10668-023-03747-3
Nabeshima, G., & Klontz, B. (2015). Cognitive-behavioral financial therapy. In D. Lawson & M. Klontz (Eds.), Money Topics in Financial Therapy. Springer. https://doi.org/10.1007/978-3-319-08269-1_9
Nasr, R., Rahman, A. A., Haddad, C., et al. (2024). The impact of financial stress on student wellbeing in Lebanese higher education. BMC Public Health, 24, 1809. https://doi.org/10.1186/s12889-024-19312-0
Nwokeoma, B. N., Ede, M. O., Ugwuanyi, C., Mezieobi, D., Ugwoezuonu, A. U., Amoke, C., Egenti, N. T., Nwosu, N., Oforka, T. O., Victor-Aigbodion, V., Offordile, E. E., Ezeh, N. E., Eze, C. O., Eluu, P. E., Ugwuanyi, B. E., Uzoagba, N. C., Ugwonna, G. O., Chukwu, C. L., Amadi, K. C., & Eseadi, C. (2019). Efficacy of prison-based cognitive behavioral rehabilitation intervention on violent sexual behaviors among sex offenders in Nigerian prisons. Medicine, 98(29), e16103. https://doi.org/10.1097/MD.0000000000016103
Ofuegbu T.O, Asogwu U.D, Ogbonna C.S, Aloh H.E, Eseadi M, Ngwoke O.R, Agboti C.I, Nnachi R.A, Nnachi O.C, Otu M.S. (2020) Effect of Digital Storytelling Intervention on Burnout thoughts of Adolescent Athletes with disabilities. Medicine vol. 99(30): e 21164, July, 2020. Publisher: Lippincott William Two Commence SQ, 2001 Market St. Philadelphia USA PA, 19103. ISSN/EISSN: 0025- 7974/1536-5964. Web of Science core collection: Science Citation Index. Expanded Additional Web of Science Index:
Ogba, F. N., et al. (2020). The ABCDE model of psychotherapy in addressing irrational beliefs. [Referenced in primary text; full source details not provided in original manuscript].
Okide, C. C., Eseadi, C., Ezenwaji, I. O., Ede, M. O., Igbo, R. O., Koledoye, U. L., Ekwealor, N. E., Osilike, C., Okeke, N. M., Igwe, N. J., Nwachukwu, R. U., Ukanga, L. P., Olajide, M. F., Onuorah, A. E., Ujah, P., Ejionueme, L. K., Abiogu, G. C., Eskay, M., & Ugwuanyi, C. S. (2020). Effect of a critical thinking intervention on stress management among undergraduates of adult education and extramural studies programs. Medicine, 99(35), e21697. https://doi.org/10.1097/MD.0000000000021697
Ololo, K., Eseadi, C., Nwali, A. C., Onuorah, A.R, Abonor, L. B., Kanu, C.C., Okwuwa, C.O., Eneogu, N., Umaru, M.E., Ogbueghu, S.N., Nnachi, R. A., Ohia, N. C., Okoro, L. I., Modum, I.C., Nnamani, C. (2023). Rational emotive and cognitive behavior coaching intervention for promoting college students’ financial risk tolerance and attitudes towards financial risk. Journal of Rational-Emotive & Cognitive-Behavior Therapy, 42, 398–418. https://doi.org/10.1007/s10942-023-00523-0
Onyishi, C. N., Ede, M. O., Ossai, O. V., & Ugwuanyi, C. S. (2021). Rational emotive occupational health coaching in the management of police subjective well-being and work ability: A case of repeated measures. Journal of Police and Criminal Psychology, 36(1), 96–111. https://doi.org/10.1007/s11896-019-09357-y
Pourmansouri, R., Fallahshams, M., & Afshani, R. G. G. (2024). Designing a financial stress index based on the GARCH-DCC approach and machine learning models. Journal of the Knowledge Economy. https://doi.org/10.1007/s13132-024-02075-9
Rahman, M., Isa, C. R., Masud, M. M., et al. (2021). The role of financial behaviour, financial literacy, and financial stress in explaining the financial well-being of the B40 group in Malaysia. Future Business Journal, 7, 52. https://doi.org/10.1186/s43093-021-00099-0
Richardson, T., Enrique, A., Earley, C., Adegoke, A., Hiscock, D., & Richards, D. (2022). The acceptability and initial effectiveness of “Space From Money Worries”: An online cognitive behavioral therapy intervention to tackle the link between financial difficulties and poor mental health. Frontiers in Public Health, 10, 739381. https://doi.org/10.3389/fpubh.2022.739381
Samuel, S., & Kumar, J. (2024). Significance of financial attitude and financial education on financial well-being. In R. Khamis Hamdan et al. (Eds.), Information and Communication Technology in Technical and Vocational Education and Training for Sustainable and Equal Opportunity. Technical and Vocational Education and Training: Issues, Concerns and Prospects, vol. 38. Springer. https://doi.org/10.1007/978-981-99-6909-8_44
Sen, A., & Rajan, S. (2024). You are uncertain and we are at stress! How does monetary policy uncertainty affect financial stress? The case of the US and G7. International Economics and Economic Policy. https://doi.org/10.1007/s10368-024-00612-0
Simonse, O., Van Dijk, W. W., Van Dillen, L. F., et al. (2022). The role of financial stress in mental health changes during COVID-19. npj Mental Health Research, 1, 15. https://doi.org/10.1038/s44184-022-00016-5
Soltani, H., & Abbes, M. B. (2023). The predictive power of financial stress on financial markets dynamics: Hidden Markov model. Journal of Economics and Finance, 47, 94–115. https://doi.org/10.1007/s12197-022-09600-z
Sorgente, A., Zambelli, M., & Lanz, M. (2023). Are financial well-being and financial stress the same construct? Insights from an intensive longitudinal study. Social Indicators Research, 169, 553–573. https://doi.org/10.1007/s11205-023-03171-0
Stephen, J. S. (2024). Financial literacy. In Academic Success in Online Programs. Springer Texts in Education. Springer. https://doi.org/10.1007/978-3-031-54439-2_13
Sze, K. M., & Wood, J. J. (2007). Cognitive behavioral treatment of comorbid anxiety disorders and social difficulties in children with high-functioning autism: A case report. Journal of Contemporary Psychotherapy, 37, 133–143.
Tao, T. J., Lim, T. K., Yeung, E. T. F., et al. (2023). Internet-based and mobile-based cognitive behavioral therapy for chronic diseases: A systematic review and meta-analysis. npj Digital Medicine, 6, 80. https://doi.org/10.1038/s41746-023-00809-8
Toker, B., & Avci, R. (2015). Effect of cognitive-behavioral-theory-based skill training on academic procrastination behaviors of university students. Educational Sciences: Theory & Practice, 15(5), 1157–1168.
Ugwuanyi, C. S. (2023). Management of mental health problems among primary school teachers using rational-emotive behavior therapy. The Open Public Health Journal, 16, e187494452212230. https://doi.org/10.2174/18749445-v16-e221230-2022-21
Waters, A. R., Petermann, V. M., Planey, A. M., et al. (2024). Financial burden among metastatic breast cancer patients: A qualitative inquiry of costs, financial assistance, health insurance, and financial coping behaviors. Cancer Causes & Control, 35, 955–961. https://doi.org/10.1007/s10552-024-01854-8
Watkins, K., McCoy, M., White, K., et al. (2024). Exploring the role of financial socialization on financial planning students’ financial and career confidence: A thematic analysis. Journal of Family and Economic Issues, 45, 106–116. https://doi.org/10.1007/s10834-023-09892-1
Wheeler, B. E., & Brooks, C. (2023). Financial socialization, financial identity, and financial well-being among university students taking a consumer economics course. Journal of Family and Economic Issues. https://doi.org/10.1007/s10834-023-09930-y
Wheeler, B. E., & Brooks, C. (2024). Financial safety nets or rescue fantasies? A moderating view of the relationship between usage of alternative financial services and financial anxiety among college students. Journal of Family and Economic Issues. https://doi.org/10.1007/s10834-024
Xu, H., Cai, J., Sawhney, R., et al. (2024). The effectiveness of cognitive-behavioral therapy in helping people on sick leave to return to work: A systematic review and meta-analysis. Journal of Occupational Rehabilitation, 34, 4–36. https://doi.org/10.1007/s10926-023-10116-4