Högskolan i Skövde

Purpose: This study aims to formulate propositions based on combinations of causal conditions that lead to high or low financial anxiety among European students, particularly in Poland and Czechia.

Design/methodology/approach: The data for this study were collected in September 2023 from 265 undergraduate and graduate students with their income at one university in Poland and three in Czechia. Students’ views on financial anxiety were explored using a seven-item Likert scale. This study uses fuzzy set qualitative comparative analysis (fsQCA), an emerging marketing research technique.

Findings: There are specific factors that may cause increased financial anxiety among young adults in Poland and Czechia, leading to the following key findings: (1) A mix of factors such as perceived lack of financial knowledge, being female, living with parents, having a low monthly income, single status and working a few hours or not at all is linked to higher financial anxiety. (2) Experiencing financial anxiety is also likely when there is low financial knowledge, female gender, living away from parents, single status and a high number of work hours. (3) The combination of low financial literacy, female gender, living with parents, being single and working more hours can elevate financial anxiety.

Originality/value: This study expands the scope of personal financial research by examining how cultural, socioeconomic and psychological factors affect students’ financial anxiety in two European countries that were infrequently studied in this context. It contributes to identifying the drivers of increased and diminished financial anxiety among young adults in Poland and Czechia.