Human capital theory studies the relationships among education,

economic growth, and social well-being (Netcoh, 2016). Education is considered

worldwide as the key that permits individuals and nations to meet swift
economic and social changes (Rustiadi, 2015). Higher education is a vital
investment that individuals can make for themselves and the country
(Executive Office of the President, 2016). Several theoretical analyses have
acknowledged that human capital has a positive and significant impact on
economic growth (Diebolt & Hippe, 2019; Jihène, 2013; Pelinescu, 2015;
Rustiadi, 2015). It is often regarded as one of the major factors that influence
competitiveness and economic growth (Burgess, 2016; Čadil, Petkovová, &
Blatná, 2014; Diebolt & Hippe, 2019; Elliott & Lewis, 2015).

Experiencing financial stress is not unlikely among Filipino students,

and government statistics suggest that a significant proportion of the school-
age population experience financial difficulties. Starting at the basic education
level, almost 20% of Filipino children who dropped out of school mentioned
insufficient financial resources as the main reason for quitting school
(Philippine Statistics Authority, 2015). Dropping out of school was most
probable among 17-year-olds, particularly among those from the lowest-income
families (Reyes, Tabuga, Asis, & Mondez, 2015). In the college-age population,
the top reason (mentioned by 37.58%) for not going to college or university was
the high cost of higher education; moreover, about 16.0% of those who opted
not to pursue higher education report that they did so in order to look for work
to earn money for their families (Reyes et al., 2015).

Education and financial problems nowadays, even in the past, have

become more defined and disseminated with various definitions, and that is
what makes them more broad (Foley, Holland, Levinson, 2016). Financial
stress and anxiety can also be seen as aspects of financial mental health
(Perna, 2008).

Globally, being financially stable has become a serious matter when it

comes to productivity and creativity in Southeast Asian countries (Curan,
2013). In daily survival situations where such circumstances occur, people
tend to stop studying and just work for their daily living. They don't care about
degrees anymore, as long as they overcome poverty (Salma, 2016). Financial
cognitive wellness has recently become a growing issue of interest among
researchers. (Archuleta, Dale, Scott, Spann, 2013).

In the Philippines, a scientific study conducted by Gullas (2014) revealed

recent studies about K-12 program implementation that considered hardships
for some Filipinos in terms of financial concerns as a burden for another two
more years of compensation. Furthermore, only 18 percent of Filipinos
considered themselves "thriumphants" financially (Diola, 2015).

A financial problem is a situation where money worries are causing

stress. However, college students have been facing financial problems lately,
and this has become a major problem for them. Financial problems faced by
students are known because they do not have enough money for their daily
expenses, and money worries are causing them stress. After that, financial
problems will have an impact on both mental and physical health. According to
Halliday Wynes (2014), a student's financial position will affect their
commitment to learning, which will affect their academic performance.
Moreover, due to inflation and the trade war, most of the country is facing a
recession, which increases the number of students facing financial problems.
Therefore, we have conducted research to show the impact on college students’
academic performance if they don’t take time to manage their money and ways
to solve it.When a college student is having ongoing financial stress, it will
affect their personal life, such as sleep problems where they worry about their
financial situation and cannot fall asleep. Financial problems will also affect
college students' mental health, such as depression and anxiety. According to
Thomas Richardson (2013), there is a strong relationship between financial
problems and depression.