Original Research ARTICLE

Formation of financial independence

Jose Aparicio Department of Education, Universidad del Norte, Barranquilla, Colombia Autonomy is conceptualized as the need for agency, self-actualization, and independence. Nowadays, financial independence and academic achievement for young populations may be considered as key aspects in the transition to adulthood in response to some contextual demands of different cultural environments. By means of a multi-level model, the present study aims to determine the influence and contribution of factors at individual level e.

Data come from the scores of the national standardized academic achievement test administered in in Colombia. The sample includedstudents enrolled in 3, higher education institutions in Colombia.

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Introduction Moving on into adulthood implies to learn building a personal life project facing, progressively, the need for an increasing psychological and social independence. This process of moving from a childhood dependence status to one of adulthood independence is especially earn bitcoins fast video to formation of financial independence autonomy development understood as the capability of self-determination Ryan and Deci,personal agency Martin et al.

Although there are cultural differences that may indicate different ways and times, the entrance into the labor market is generally used as a reference for the transition to autonomy for youth Bea and Yi, However, social changes have gradually enabled young people to access to university education and, as a consequence, the economic dependence has been prolonged, in such a way that some authors have proposed an intermediate developmental stage named emergent adulthood Arnett, But what bitcoin earnings rate to youngsters who must combine their university studies with work against those who formation of financial independence being economically dependent during this stage?

Will living this experience accelerate their autonomy, positively affecting variables such as academic performance, when assuming their studies with increased responsibility? Is it necessary and desirable formation of financial independence prolong adolescence dependence in emergent adulthood Carlson, in terms of making optimal use of the university experience?

For that reason, it is important to carry out research that may explain the possible impact of financial independence and academic success in university students. Some researchers have examined this association Canton and Blom, ; Melguizo et al. However, existing literature about this topic is limited Canton and Blom, Academic Performance and Autonomy: School and Students Factors According to Yu and Levesque-Bristol and Yu and Levesque-Bristolautonomy has a greater impact on academic performance than other personal factors.

Thus, its development has become one of the main aims of all education levels Zimmerman, ; Toro, There are educational scenarios that contribute to develop autonomy because they offer the students decision-making possibilities.

Yu et al. Thus, they highlight the importance of promoting more humanistic learning environments in certain academic disciplines. Concerning the modality of academic programs, in all of them, students need regulate their learning process, but some research has found that educational environments offering high flexibility degrees, as it occurs in virtual programs, provide greater opportunities to make decisions independently Sauerwein, ; Yuan and Kim, ; Bonem et al.

This is reinforced by Mostrom and Blumberg and Ryan and Deciwho claim that self-regulatory learning behavior is important in off-campus programs and is associated with higher academic performance when it is compared to more controlled environments, as face-to-face programs.

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However, in virtual and distance-learning modalities, it is necessary to have greater autonomy and responsibility for achieving learning objectives when assuming regulatory behaviors. On the other hand, according to Dziuban and Moskal a ; bwhat has been demonstrated is that modality formation of formation of financial independence independence not an effective predictor of academic success, and that the stronger predictor is the previous academic performance Dziuban and Moskal, a ; Xiao, ; Paul and Jefferson, ; Torres and Parra, According to Kirmiziin traditional distance-learning education, autonomy acquires more importance because students manage and lead their learning process; they are alone and far from their classmates and tutors, and without the technological mediation that facilitates the permanent interaction among the actors of the process, it could be favored learning process desertion.

Thus, learners must have the necessary abilities to lead their learning process Roddy et al. Gottardi considers that autonomy in distance education is developed during all the formation.

In this regard, grant aids may be considered as a key factor for promoting equality, diversity and financial well-being for emerging adults Alon, Alondeveloped a conceptual framework to assess the impact of financial aid on academic outcomes taking into consideration the blending effect of aid eligibility and types of aid i. In terms of grants, the author highlights that it is formation of financial independence to distinguish between need-based vs. Individual characteristics like race, ethnicity, and disadvantage in economic status may affect negatively academic outcomes i.

A recent systematic review by Nguyen et al.

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Zhu et al. Melguizo et al. Sponsors of making money on the Internet the U. Using a sample of students enrolled in US public universities, the author found that the students who receive financial aid are more likely to graduate in the year they turn 24 than those who do not receive loans.

Finally, a recent study carried out by Graziosi et al. On the other hand, Bennett et al. In fact, these groups of students showed 4. Fuse examined the effect of university debts on academic performance, which is low especially for students of low socioeconomic status.

Besides, a greater amount of owned debts seems to be related to lower academic performance Alon, in college students and greater distress Shim et al. Family formation of financial independence is an important factor that can provide socioemotional support and economic support in college Cheng et al.

Cheng et al. Hamilton explained a negative relationship between family economic support and grades in a national representative sample. This is contrary to the findings by Dahl and Lochner and Cui et al. On the other hand, Roksa and Kinsley reported that there was no significant association between family financial support and grade point average in a sample of low-income college students in the U.

Overall, there is a lack of inconsistent evidence about financial-economic support in college students Cheng et al. Another way of achieving financial independence is the tying of emergent adults to the labor market. In Western societies, the economic weight of financing university studies is supported by family rather than the State Darmody and Smyth,and in poor countries, as the majority of Option on mechel American countries and Colombia is not the exception, this economic weight is displaced to the student.

The literature shows that the phenomenon of financial independence is more marked on young people coming from the poorest and more vulnerable sectors Dovey et al. When the family cannot support the cost of university education, it is the student who assumes this cost.

As it is claimed by Fuseuniversity young people who work part-time or full-time, especially in Western societies, formation of financial independence it because of financial formation of financial independence.

Results about the effects of working on university students are contradictory Padgett and Grady, In the same way, Arano and Parker claim that the difference will only happen if the number of hours is above the threshold.

About this topic, Greenberger and Steinberg and Barling et al. Beyond this threshold, negative effects may occur Curtis and Williams, One of these affects the academic performance Chinyakata et al.

About the effect on academic performance, Wenz and Yu state that this impact will depend on the reason the students have to decide to work.

Wang et al. About the latter, Bradley and Cheng and Alcantara link formation of financial independence effects to the proximity or association of the type of work to the university career.

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In general, Dundes and Marx recognize the positive effects of work in university students. Fazio points out at the work positive incidence on the students when the working time is moderate, especially if the work is associated with a professional career. Among the advantages the work may generate is recognizing the self-confidence Bradley,specifically the leadership Salisbury et al.

At the same time, the leadership is associated to the autonomy, which improves the general academic performance Deng et al.

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Salisbury et al. They mention the benefits for the development of confidence and self-sufficiency when working during the studies. According to the context described, the study aims to determine the influence and contribution of factors at individual level e.

Materials and Methods Design and Measure The study used a quantitative research approach with a correlational scope. Characteristics of both subjects and academic programs were jointly analyzed because these two units of analysis belong to different levels of aggregation.

Complete information about them was available, as well as the possibility of having access to their academic background when they took the test SABER 11 applied at the end of secondary school, about — Level 1. This population was distributed in 3, university programs registered in the Information National System of Higher education Level 2. According to this and considering that the use of linear regressions in hierarchical structures of variables may be inadequate 1 when the aim is to analyze two analysis units in conjunction Murillo Torrecilla,in this study, multilevel or linear hierarchical models were used.

These models enable us to address variables in diverse levels of aggregation simultaneously, and they are well-recognized for their usefulness when the units of analysis are organized in hierarchical structures Grilli and Rampichini, ; Mertens, ; Jongbloed and Lepori,as the case of academic institutions and programs.

Essentially, multilevel models are a set of classical linear models for each level, where models of both levels are related in such a way that the coefficient of the first one is incorporated in the second level as explanatory formation of financial independence.

Level 1 model gives an account of the estimation of SABER PRO global score of the student i in the program j considering their characteristics xtheir previous academic abilities Saber 11their socio-economic level, and the variables referent to financial autonomy. Data organization, as well as the descriptive analysis and the estimation of the models, was carried out by using the statistical packages Stata 15 and SPSS Results This section has been divided into two parts.

Secondly, it shows the results of multilevel model estimates, which report about the effect of some characteristics related to autonomy on the result of the measure of competencies at the end of the professional training. It can be observed that the students who do not live in the city in which the program is offered, who live in a temporary home, and those who are financially responsible for their family or home, had lower average scores SPRO.

Regarding financing, scholarship students represent On the other hand, students who resort to other sources to finance their studies, such as loans or own resources, have lower scores, even though considering these financing alternatives are not mutually exclusive.

Age range and SPRO average. Regarding working hours, two-thirds of students say they work full-time or part-time. As for the academic result, a negative trend is observed, with significant differences between those who do not work and those who do it. It is noteworthy that the differences among the scores tend to decrease between those working full-time and part-time Table 3.

Working hours per week and SPRO average. In summary, higher scores in Saber 11 formation of financial independence academic antecedent for entrance to universityas well as better socio-economic conditions, are related to higher scores in the test applied at the end of the professional training. As regards the type or modality, it is found that virtual programs have higher scores than traditional distance programs between 2.

However, the difference between virtual and face-to-face programs could not be conclusive considering the p-value and the confidence intervals link to the estimator of this variable Table 4.

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Estimate of the model. Once the effects of relevant characteristics of students and programs were controlled, each variable available in Saber Pro measurement related to financial autonomy was examined. As mentioned earlier, the decrease in scores is more pronounced 24 years when the differences between the average scores are statistically significant.

As regards financing mechanisms, results show that once the most relevant contextual variables are controlled, students who finance their education through formation of financial independence scholarship achieve higher scores in SABER PRO test by about 1 and 1. By contrast, the study found a negative effect on the global score in those students who finance their studies by own resources OWN. Option calculation loans, although a possible negative effect LOAN is observed, the associate p-value estimator of this variable is higher than 0.

Similarly, evidence of a negative effect of full-time or part-time work WORK on the average score was found. However, in this research as in other previous ones Bradley, ; Chinyakata et al.

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Other studies have also found that students who have access to this type of financial aid increased their academic performance Canton and Blom, ; Melguizo et al. In the Colombian context, Melguizo et al. It is important to highlight that these research studies conducted in Latin countries did not measure academic performance using the scores of national standardized learning tests, which might suggest that loans could influence academic performance in different ways depending on the selected outcome to operationalize the construct.

Of course, it cannot be stated that the great autonomy, both economical and personal, of students who work is a variable that negatively affects the scores achieved in the examination at the end of their careers. It is likely to hypothesize that the influence weight of this variable is lower than the others e.

For example, Bennett et al.

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Unfortunately, the perception of financial worries is not a variable included in the national database; for this reason, it was not examined in the current model. It seems that although the early entrance into the labor world could promote autonomy, it should come at its right time because to mix the academy with the work may fall away their possible positive effects.

On the other hand, prolonging the dependency may have undesirable social consequences, for example, deficiency to act as a formation of financial independence citizen who makes social and political decisions independently.

To balance the pros and cons, this greater transition time could and should be exploited as a crucial period for exercising the co-autonomy that eases the step from the dependence to the total autonomy. Findings seem to be consistent with the hypothesis that the extent of studies until university level has conditioned the emerging hyips and binars the intermediate stage of emergent adulthood McGoldrick et al.

This hypothesis seems to be confirmed when analyzing another variable being that theoretically linked to a great autonomy; it was expected to have a positive effect on academic results: living outside the family nucleus while studying in the university.

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Nevertheless, as with economic independence, to study far from the family seems to negatively affect academic results. It could be supposed that the absence of family emotional support could be the key factor causing this effect, but there are studies for Alnabhan et al.

But Edwards and Baker argued that Caribbean students that go out of their home to go to study in the United States are characterized by levels of self-determination and maturity, which positively impact their academic performance. These results are similar to those of Aguiar and Rangel et al.

Our hypothesis is that again the negative effect may be more associated with the time factor than to other variables. Torcomian also concluded that studying away from home implies an abrupt step from dependence to self-management, which supposes moving from adolescence to emergent adulthood in activities that go beyond the customary ones.

Another result was that age is quickly go to work variable that seems to affect academic results because students older than 24 years achieved lower scores than their younger counterparts. Given that it was not possible to carry out a more detailed analysis of this relation, we can only hypothesize possible explanations for this finding. In this age group, it is likely that a great percentage of students with academic backwardness have diverse difficulties that at the end negatively affect their academic results.

The autonomy commonly considered as a predictor variable of academic success in virtual programs against face-to-face ones Mostrom and Blumberg, ; Cazan, ; Roddy et al. In our findings, there is no conclusive evidence that supports the hypothesis that face-to-face programs have better results than their virtual counterparts. There are no educative models that are better than others.