Forget About Money

EAST PEORIA — Earlier this year, the journal Science published a study that suggested a link between poverty, mental capacity and the act of worrying about one’s finances. It stands to reason that a connection like this, if real, could affect students as they attempt to succeed in college.

In this study, which was led by a Princeton University psychologist and a Harvard University economist, scientists tested the mental function of individuals under varying conditions.

They found that when people who were financially strained thought about money issues, their mental performance dropped by more than 25 percent. This is the same amount of mental decline suffered by someone who stays up all night before a morning of work.

The point of the study wasn’t that poor individuals had lower mental abilities–it was that when financially strained individuals have finances on their mind, it lessens their chances of succeeding by clouding their minds.

Since college students are stereotypically under financial strain, could they unwittingly be harming their chances of success by thinking about money? The Harbinger sought to find an answer to that question by seeking professionals at ICC to weigh in on this subject.

ICC psychology professor Paula Ahles said that she sees stress as the main threat to students’ success. She said that chronic stress, whether it be over finances or something else, lessens your quality of sleep, and lack of sleep can make learning more difficult.

Pam Wilfinger, director of advisement and counseling services at ICC, shared her opinion as well. Being in the counseling department, she meets many students in difficult situations. She said that she doesn’t often hear students acknowledge that they worry about money, but that many times money is still involved in their issues.

She said that students often become academically unsuccessful because of having their attention divided away from their classes. She said that the first question she asks students seeking counseling is “How many hours a week are you working?” because student often prioritize earning money. She said that it comes down to the hierarchy of human needs.

“Why did we start serving children in the public school system breakfast? Well, because it’s hard to come to school and concentrate if your stomach’s growling. This would be similar. It’s very hard to put all of your effort into concentrating on a subject and doing well in a course if you’re having to worry about ‘How am I going to pay for this? How am I going to survive? Where’s my next dollar coming from?’”

She said that she suggests that students make a long-term plan for their college finances so they don’t find themselves in a sudden financial predicament.

“I think those are the kinds of conversations that parents and students need to have. I think you need to look at ‘What I am going into? How much money am I going to owe when I come out? How many years is it going to take me to pay that off if I start out working at a certain salary?’ The more you learn, the better off you’ll be, and the more informed you are, the better you can make decisions.”

So regardless of whether or not this study applies to students, it seems that the more students can reduce stress by minimising distractions and stabilizing their finances by having a money plan, the more successful they will be at ICC or any other place of learning. That should get them off to a good start for the rest of their lives and help them overcome the financial worries of college life.