Financial Challenges, Expenditure Patterns, and Coping Mechanisms among Malaysian Undergraduates: A Mixed-Method Analysis

Financial Challenges, Expenditure Patterns, and Coping Mechanisms among Malaysian Undergraduates: A Mixed-Method Analysis

Fadzilah Abdol Razak*, Nor Rashidah Paujah Ismail, Norhasliza Ahmad

Faculty of Computer and Mathematical Sciences, Universiti Teknologi MARA, Perak Branch, Tapah Campus, 35400, Tapah Road, Perak, Malaysia

*Corresponding Author

DOI: https://dx.doi.org/10.47772/IJRISS.2025.909000551

Received: 10 September 2025; Accepted: 17 September 2025; Published: 17 October 2025

ABSTRACT

University life presents not only academic and social opportunities but also significant financial responsibilities that can affect students’ well-being and academic success. This study investigates the financial realities faced by Malaysian undergraduates, focusing on expenditure patterns, sources of income, perceived financial burdens, and adaptive strategies. Using a quantitative cross-sectional design, survey data were collected from 480 students, primarily from the Faculties of Computer and Mathematical Sciences, Accountancy, and Applied Sciences. Descriptive and non-parametric analyses (Mann-Whitney U, Kruskal-Wallis) were conducted to compare expenditure patterns across demographic groups, complemented by qualitative feedback on students’ financial experiences. Results indicate that food constituted the largest expenditure, averaging RM15.07 daily, while accommodation cost revealed stark contrasts between hostel residents (RM269.47 per semester) and off-campus renters (RM195.87 monthly). Financial aid and parental allowances emerged as crucial supports, yet disparities persisted across faculties and financial backgrounds. Gender differences were observed in personal expenditures, and faculty-specific requirements, such as higher spending on books in Accountancy, amplified financial inequality. Qualitative findings revealed additional burdens, including transportation costs, family obligations, food insecurity, and financial literacy. Some students demonstrated resilience by engaging in part-time work or entrepreneurship, reducing financial dependence. The study concludes that while financial aid mechanisms such as PTPTN and zakat remain essential, they are insufficient to fully address students’ diverse financial needs. Policy recommendations include expanding hostel facilities, subsidizing meal programs, tailoring aid to demographic disparities, and implementing financial literacy initiatives.

Keywords: Educational financial aid, parental allowances, education and economic disparity, financial stress, financial literacy

INTRODUCTION

The financial challenges of undergraduate students have gained increasing attention in higher education research. Rising tuition fees, living costs, and academic-related expenses often place considerable stress on students (Lusardi et al., 2010), especially on students from low-income families who may struggle to balance academic demands with financial sustainability (Wong et al., 2024). Study by Bamforth et al. (2017) found that financial hardship not only affects students’ ability to meet their daily needs but can also impair academic performance, psychological well-being, and overall quality of life. Consistent with findings by Aziz et al. (2025) and Joo et al. (2008), financial stress among university students correlates with decreased concentration, heightened anxiety and depression, and poorer academic outcomes such as lower grades and increased dropout rates. Qualitative studies further reveals that financial pressures often force students to prioritize income-generating activities over their studies and social life, exacerbating feelings of isolation and adversely influencing money-management behaviors (Moore et al., 2022; Archuleta et al., 2013).

In Malaysia, higher education students rely heavily on sponsorships, such as the National Higher Education Fund Corporation (PTPTN), scholarships, loans, family support, and part-time employment, which often includes small business or gig economy jobs such as food delivery (Aziz et al., 2025). Apart from that, zakat has emerged as a culturally significant form of financial aid that has been shown to solve financial problems among Muslim students (Ali & Hatta, 2014) and contribute to improving education equity among Muslim urban poor students (Muhamad et al., 2018, Allah Pitchay et al., 2024). However, uneven distribution of aid, coupled with inflation and rising costs of living, has created new pressures on undergraduates. Financial literacy levels also remain low, leaving many students vulnerable to poor money management practices (Allah Pitchay et al., 2024).

This study explores the financial realities of undergraduates by examining demographic profiles, income sources, expenditure patterns, and perceived financial burdens. It further investigates differences across student groups and highlights coping mechanisms that either alleviate or exacerbate financial strain.

LITERATURE REVIEW

Rising Cost of Living and Its Impact on Students

The rising cost of living, particularly in relation to accommodation, food, transportation, and educational materials, continues to pose significant challenges for university students worldwide. Numerous studies have shown that students are increasingly struggling to manage their budgets due to inflation and the escalating prices of essential goods and services. Pretorius and Blaauw (2020) found that first-year students at a South African university faced intense financial pressure to meet basic needs such as food, accommodation, and learning resources, which negatively affected their overall well-being. Similarly, El Zein et al. (2019) highlighted that inflation forces students to make financial sacrifices, particularly in food spending, which adversely impacting their physical health and academic performance.

Research in different contexts supports these findings. In Nigeria, Isiaka (2024) identified inflation as a major impediment to academic success, with transportation and food costs being the most burdensome. Schuette (2023) highlighted transportation costs as a barrier to class attendance and academic engagement. Additionally, the cost of internet access has become a significant monthly expense, especially within digital learning environments. As Dhawan (2020) observed, high-internet costs remain a significant financial burden for many students, limiting their participation in online learning and further deepens educational inequalities, especially among lower-income groups. Collectively, these studies suggest that the rising cost of living creates various challenges that can negatively impact students’ academic performance and well-being across diverse educational contexts.

Financial Stress and Its Impact on Academic Performance

Financial stress is consistently identified as a significant factor influencing students’ academic performance and overall well-being. Students who are burdened by financial problems often experience heightened anxiety and depression, which can impede their academic success (Archuleta et al., 2013; Andrews & Wilding, 2004). This pattern is evident in various contexts. For example, in Malaysia, Norazlan et al. (2020) found that public university students experiencing financial difficulties were more likely to have poor academic performance. Similarly, Britt et al. (2017), Ogbuagu et al. (2025), and Joo et al. (2008) reported that financial stress negatively impacts academic outcomes. Joo et al. (2008) further suggest that students may cope by reducing their course loads or delaying their studies, which can also affect academic progress. Furthermore, Mansor et al. (2022) highlighted that financial stress significantly impacts the financial well-being of students from Malaysia’s bottom 40% income (B40) group. Meanwhile, findings by Shamsuddin et al. (2024) revealed a positive association between academic achievement and overall well-being among B40 university students, suggesting that addressing financial challenges can yield broader benefits for students’ lives. Together, these findings highlight the urgent need to address financial stressors as part of efforts to enhance academic performance and mental health among university students.

The Role of Financial Support Systems

As established in the previous section, financial stress can severely affect students’ academic performance and well-being, making robust financial support systems essential. University students may receive a range of financial assistance, including scholarships, education loans, and monetary contributions from their families, to cover various expenses such as university fees, daily necessities, learning materials, and accommodation.

Students from higher-income families are typically insulated from these problems, as their parents can afford the costs associated with university education. However, students from low-income family frequently rely on institutional or governmental assistance. Akhtar (2021) describes zakat – a required annual donation of 2.5% of a Muslim’s net wealth devoted to community welfare – as a source of financial aid for eligible students at some universities. Ab Rahman et al. (2021) found that zakat could positively influence recipients’ mental health and academic achievement, highlighting its role as an economic support mechanism for Muslims. However, since not all students qualify for zakat, educational loans become a vital alternative, with agencies like National Higher Education Fund Corporation (PTPTN) and Majlis Amanah Rakyat (MARA) providing essential funding.

Ab Hamid (2021) detailed PTPTN’s critical function in financing higher education in Malaysia and emphasized its mission to ensure no student is excluded due to financial difficulties. Nonetheless, Othman et al. (2021) found that even substantial government assistance programs have not always translated into improved academic optimism for urban poor students. These findings underscore both the importance and the limitations of existing financial support systems.

Financial Literacy and Its Importance

Financial literacy plays a vital role in enabling students to manage their money wisely, especially during university when they are responsible for various expenses. Sound financial knowledge is essential for students to prioritize educational needs above discretionary spending such as expensive purchases or holidays.

Rodríguez‑Correa et al. (2025) revealed that many university students lack the financial knowledge and skills required for informed decision-making, which can hinder academic success and long-term financial stability. This issue of low financial literacy is observed among university students in various countries and academic environments. Xu and Abd Rashid (2023) similarly found that most students possess only low to medium financial literacy, a factor closely correlated with financial behaviour, attitudes, and peer influence. They suggest that universities could use these findings as evidence to implement targeted financial literacy programs.

Beyond day-to-day expense management, financial literacy can help students plan for their post-graduation lives. For example, by saving a portion of their scholarship or loan funds for future use, thereby helping to ensure financial stability until employment is secured. Supporting this view, Salina Mad et al. (2024) identified a moderate positive correlation between financial literacy and saving habits among students.

METHODOLOGY

This study employs a quantitative cross-sectional design to investigate the financial realities of university students, focusing on income sources, expenditure patterns, and financial adaptation strategies. Data were collected through an online questionnaire via Google Forms to 480 students after data cleaning, achieving a 96% response rate from the initial target of 500 respondents. The sample focused on off-campus students due to their higher financial autonomy and exposure to diverse expenses such as rent and utilities compared to in-campus. Convenience sampling was used, prioritizing accessibility and alignment with the study’s focus on self-managed finances. The study adhered to ethical guidelines for social science research, including maintaining anonymity and the right to withdraw. One of the limitations in this study was potential inaccuracies in expense estimation, however the researcher tried to reduce this by anchoring questions to specific timeframes (e.g., “monthly” or “semesterly”).

The questionnaire comprised two sections:

1. Demographic profile: Captured gender, faculty, semester, accommodation type, financial funding status, and education financiers.
2. Financial Variables:

• Income:

Q1: Total educational financial aid per semester (e.g., PTPTN loan, scholarships, zakat or other educational funding).

Q2: Monthly parental allowance (money received from parents/guardians).

• Expenditure:

Q1: Daily meal expenses.

Q2: Monthly rent and utilities.

Q3: Hostel fees per semester.

Q4: Monthly telephone/internet bills.

Q5: Academic material costs per semester.

Q6: Monthly personal needs.

The Google forms survey was pilot-tested with 30 students to refine question clarity and relevance. Data were analyzed using descriptive statistics and inferential tests (Mann-Whitney and Kruskal Wallis) in SPSS to compare expenditure pattern across demographic groups.

RESULTS

Demographic Profile of Respondents

The demographic distribution of respondents is shown in Table 1. The majority were female (78.7%), with the largest representation from FSKM (40.8%) and second year students (72.3%). Most students (76.3%) resided in university hostels, while only about a quarter stayed off-campus, either renting with peers (21.4%) or staying with family (2.3%).

Table 1: Socio-demographic distribution of respondents (n = 480)

Educational Financial Aid and Parental Allowance

Regarding financial support, Table 1 showed that nearly two-thirds of respondents (64.6%) received educational financing aid, predominantly from PTPTN (64.5%). The average amount of aid was RM2457.13 per semester (SD = 1211.20), equivalent to about RM491.43 per month (see Table 2). Among funded students, a large percentage (86.13%) continued to rely on parental allowances, averaging RM300.72 monthly. From here, we can see those students who’s funded have about RM790.00 per month including parental allowance, while those who did not funded, have about RM467.20 monthly. The needs of dual dependency suggests that while financing covers tuition and essential fees, additional support from parents remains necessary for daily living expenses. Furthermore, it also raises concerns about potential financial vulnerability and its implications for academic performance and wellbeing.

Table 2: Descriptive Statistics of Students’ Financial Aid and Parental Allowance

Further analysis was conducted to compare financial aid and parental allowance received by students across faculties and financial background. Since the data was not normally distributed (p <.001), non-parametric tests (Mann-Whitney U and Kruskal-Wallis) were applied.

Table 3: Comparison of parental allowance and financial aid by student groups

The results in Table 3 revealed significant differences in the amount of financial aid received by students from different faculties (c² = 6.299, p = 0.043). Specifically, students from FSKM received higher financial aid compared to students from FP. This finding may reflect different proportions of students applying for or being eligible for financial aid schemes depending on their program or faculty’s demographic composition. Moreover, when comparing monthly parental allowances between recipients and non-recipients of financial aid students, a significant difference was found (Z = -8.519, p < .001), with non-recipients of financial aid relying more heavily on parental allowances. This highlights the dual financial reliance among students, where those without financial aid often compensate through higher parental support.

Expenditure Patterns

When analyzing expenditure, food was understandably the largest and most consistent spending category (see Table 4). The majority of students spent around RM10.00-RM15.00 daily on meals, averaging RM15.07 (SD = 7.14), which aligns with the price of simple campus meals. However, a small group of students spent up to RM50.00 daily, which may reflect lifestyle differences, dietary preferences, or eating habits outside the campus cafeteria. On the other hand, a few students managed with extremely low daily meal budgets (RM3.00–RM6.00), raising questions about dietary sufficiency and nutritional quality.

Table 4: Descriptive statistics of students’ major expenditures

Academic materials represented a relatively modest expenditure, averaging RM139.55 per semester (SD = 91.69). This relatively low amount may be attributed to the availability of digital resources, online notes, and library facilities. However, the 27 students who reported zero expenditure may reflect reliance on borrowed or electronic materials, but it may also raise questions about accessibility to necessary learning resources.

Accommodation costs revealed a stark difference between in-campus and off-campus students. Hostel residents paid an average of RM269.47 per semester (SD = 90.98), which is significantly more affordable compared to off-campus students, who spent RM195.87 monthly on rent and utilities (SD = 47.33). Over a semester (roughly five months), this totals approximately RM979.35, more than triple the hostel fees. These findings highlight how accommodation choices can substantially affect students’ financial burdens.

Telephone and internet costs also showed variation, with an average of RM53.53 per month (SD = 32.01). While most students reported moderate expenses (RM30.00-RM50.00), a notable minority spent over RM200.00 monthly. This may be due to higher data consumption for streaming, online gaming, or lack of access to affordable Wi-Fi. Interestingly, some students incurred no expenses in this category because they used family sub-lines, demonstrating how family support can alleviate certain financial pressures.

Finally, personal needs (learning tools, hygiene, entertainment, etc.) averaged RM169.32 monthly (SD = 117.64), though some students spent as much as RM900.00, indicating highly diverse spending habits. Such variation suggests that personal lifestyle, social activities, and financial literacy play important roles in determining overall expenditure. When total expenditures were compared, in-campus students spent an estimated RM777.20 monthly, while off-campus students spent RM905.70 monthly. This difference illustrates the financial advantage of staying in hostels, which could be a crucial consideration for students from lower-income families.

To further examine whether such variations in expenditure are statistically significant across different groups of students, non-parametric tests were employed. The Mann-Whitney U test was used to compare spending between two groups, while the Kruskal-Wallis test was applied for comparisons involving more than two groups.

Daily Meals and Personal Expenses

Table 5 disclosed that daily meal expenses did not differ significantly between male and female students (Z = -0.616, p = 0.538), suggesting similar food consumption patterns regardless of gender. However, significant gender differences were observed in personal spending (Z = -3.211, p = 0.001), with female students reporting higher expenditures. This could be attributed to additional spending on items such as personal care, clothing, and social activities, which may be more prevalent among female respondents.

Telecommunication Expenses

A significant difference was found in telecommunication expenses depending on subscription type (c² = 48.456, p < .001). A post-hoc analysis revealed that students using postpaid plans had significantly higher mean ranks compared to those using prepaid (Z = -6.527, p < .0001), and differences also existed between prepaid users and those combining both (Z = -3.062, p = .002). This suggests that postpaid users may consume more internet data or include bundled services, reflecting higher connectivity demands. It also indicates that students’ choice of plan may reflect their financial flexibility, as prepaid tends to be more cost-controllable while postpaid is associated with higher but more stable commitments.

Table 5: Comparison of expenditures across demographic variables

Academic Materials (Books and Notes)

Expenditure on academic materials also differed significantly by gender and faculty. Female students spent slightly more on books and notes compared to males (Z = -2.019, p = 0.043). At the faculty level, large differences were observed (c² = 108.444, p < .001). Students from the FP reported the highest spending on books and notes, followed by those in FSKM, while students from FSG spent the least. This disparity may reflect differences in curriculum requirements – accounting students may require updated reference books and professional materials, whereas science students may rely on lab manuals and shared resources.

Accommodation

Accommodation expenses differed significantly between in-campus and off-campus students (Z = -12.908, p < .001). Hostel residents spent significantly less, while those renting privately bore a heavier financial burden. This result aligns with earlier descriptive findings, reinforcing the financial advantage of hostel living. Importantly, higher accommodation costs may explain the higher overall monthly expenditure observed among off-campus students.

Thematic Analysis of Students’ Perceived Financial Burdens

To complement the quantitative data and provide deeper sight into the lived financial experiences of the respondents, a thematic analysis was conducted on the open-ended feedback provided by the students. The analysis followed a systematic process of reading, coding, and identifying recurring themes and patterns (Braun & Clarke, 2006). Five major themes emerged, highlighting the multilayered nature of financial challenges among undergraduates, namely transportation costs, family obligations, food insecurity, financial literacy, and proactive coping. Further discussions are as follows.

Theme 1: Geographically-Induced Transportation Costs

A significant financial strain, particularly highlighted by students from East Malaysia (Sabah and Sarawak), was the high cost of transportation (n = 20). The need to budget for flights or long-distance bus tickets to return home during breaks placed a substantial and unique burden on these students, intensifying existing financial inequalities. This theme underscores how geographical location can be a critical, often overlooked, factor in student financial stress.

Theme 2: Familial Financial Interdependence and Obligations

A subset of students (n = 8) reported unstable family financial circumstances, where they were required to channel part of their study funds to support younger sibling’s education. This reflects the interdependent nature of family finances in Malaysia, where students’ education loans or sponsorships are sometimes shared to ease household burdens. Such redistribution may compromise the adequacy of students’ own resources and contribute to stress.

Theme 3: Food Insecurity

The rising cost of food was also identified as a burden (n = 9). Some respondents mentioned skipping meals or fasting to cope with high food prices, which is concerning given the potential impact of inadequate nutrition on health and academic performance. This finding aligns with the quantitative data showing significant variation in daily meal spending, from as low as RM3.00 to as high as RM50.00, indicating disparities in food security among students.

Theme 4: Financial Literacy and Behavioural Spending Challenges

Financial stress was not solely attributed to insufficient income but also to money management behaviours. Eight students acknowledged difficulties in budgeting, admitting to overspending and struggling to save for emergencies. A further ten students reported spending heavily on personal needs and self-rewards, including online shopping, entertainment, and holidays. This theme strongly suggests that a lack of financial literacy exacerbates financial strain.

Theme 5: Proactive Coping

Not all respondents perceived themselves as financially burdened. Several students reported financial independence by engaging in part-time work or entrepreneurship during semester breaks. For these students, additional income provided financial stability and reduced reliance on parental support or loans. This reflects the agency of some students in proactively managing their financial situation.

The integration of quantitative and qualitative findings provides a more comprehensive understanding of students’ financial challenges. Quantitative data provides a general overview, but qualitative data adds the deeper story, showing that students’ financial challenges are not merely about the amount of money available, but also involve factors such as geographic location, family circumstances, spending habits, and coping strategies.

CONCLUSION

This study provides a comprehensive analysis of the demographic profile, income sources, expenditure patterns, and perceived financial challenges of undergraduate students. The findings demonstrate that while most students are supported by educational financial aid such as PTPTN and benefit from affordable hostel accommodation, significant disparities exist across faculties, genders, and accommodation types. Off-campus students, in particular, face heavier financial burdens compared to those residing in hostels, and students without financial aid rely more heavily on parental allowances. Faculty-specific requirements, such as higher spending on academic materials among Accountancy students, further highlight the uneven distribution of financial pressures.

The qualitative feedback deepened these insights by revealing the lived financial realities of students. Beyond tuition and accommodation, students identified transportation costs, family obligations, food insecurity, financial literacy and behavioural spending as significant burdens. At the same time, some students displayed resilience and adaptability by engaging in part-time work or small-scale businesses, which provided additional financial stability.

Taken together, these findings suggest that while existing financial aid mechanisms are vital, they remain insufficient to fully address the diversity of students’ financial needs. Several implications emerge from this study. First, universities could expand hostel capacity and implement subsidized meal programs to alleviate accommodation and food-related pressures. Second, financial aid schemes should account for demographic and faculty-specific disparities, such as the higher travel expenses of students from Sabah and Sarawak. Third, the recurring issue of poor financial planning highlights the importance of introducing financial literacy workshops, counselling, or budgeting modules to help students adopt more sustainable spending habits. Finally, the entrepreneurial strategies of some students suggest that universities should provide structured platforms to support part-time employment and small business ventures, ensuring such opportunities are balanced with academic commitments.

By addressing both structural and behavioural dimensions of financial challenges, universities and policymaker can create a more equitable and supportive financial environment. This will not only reduce student stress but also enhance academic performance, wellbeing, and the overall university experience.

Limitations and Future Research

Despite its contributions, this study has few limitations that provide opportunities for future research. Firstly, the cross-sectional design provides a snapshot of students’ financial challenges at a single point in time. A longitudinal study tracking the same cohort of students throughout their academic journey would be more invaluable to understand how financial pressures and coping mechanisms evolve across semesters, especially during periods of intense academic workload or practical training.

Secondly, while this study proposes policy interventions such as subsidized meal programs and expanded hostel facilities, a cost analysis of the recommendations is not included. Future research could explore the financial aspects of these programs to see whether they are realistic and practical to implement. Collaboration with policymakers and student associations could also increase the practical impact of this study’s findings.

Finally, the scope of this study was limited due to the researchers’ time and resources. Future studies could consider to include a wider range of backgrounds of students to provide more comprehensive understandings into the issue.

ACKNOWLEDGMENT

The authors would like to express their sincere gratitude to Universiti Teknologi MARA, Perak Branch, Tapah Campus, for providing the opportunity, support, and facilities that enabled the successful completion of this project. The authors also acknowledge the contribution of AI tools and platforms, particularly OpenAI’s ChatGPT for assistance with grammar refinement and clarity, as well as Google Scholar for facilitating access to relevant academic resources. Their combined support has greatly enhanced the overall quality of this work.

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