The Impact of Financial Stress on WIL Wellbeing: ACEN Final Report

While the benefits of participation in a work-integrated learning (WIL) placement practicum are well documented, participation can also negatively impact wellbeing due to a range of stressors. Financial hardship, a known cause of student stress, anxiety, attrition, and inequitable learning outcomes can also be exacerbated by participation in WIL placements. To understand how WIL placements can impact student wellbeing, we surveyed 364 students undertaking a degree involving a mandatory or elective WIL placement at an Australian university. Of these 162 had recently participated in a placement as part of their degree. We were interested in understanding how experiences of general and financial stress contributed to their wellbeing during WIL placements. We were also interested in finding out what had influenced the decisions of the remaining 202 respondents to not undertake a placement yet. This research contributes to understandings of WIL wellbeing by exploring the relationship between financial literacy, financial stress, student wellbeing and practicum performance. It identifies placement experiences and characteristics associated with elevated levels of general and financial stress during placement, as well as potential financial risk factors associated with choosing not to undertake a placement. Adopting a risk assessment framework may assist in the design and delivery of placements that prioritise student WIL wellbeing by maximising opportunities for student success and actively seeking to identify, manage and mitigate potential negative impacts.