Financial stress, mental health and help-seeking among postgraduate business students in Ghana: the moderating role of social support

Higher education costs have risen significantly worldwide, creating financial pressures that adversely affect students’ mental health. Postgraduate students from developing countries face acute challenges due to limited funding options. While financial stress has been linked to mental health outcomes in developed countries, studies examining these dynamics among African students remain scarce. This study examines financial stress’ effects on mental health of postgraduate business students in Ghana and explores whether perceived social support moderates this relationship. A survey was conducted with questionnaires as the means of data collection. A cross-sectional data from a sample of postgraduate students studying at a large public university in Ghana was used for the empirical analysis. The hypothesized relationships for the study were tested structurally using the Partial Least Squares (PLS) structural equation modelling technique. Empirical results demonstrate that when students are financially stressed, they tend to have poorer mental health outcomes even with their monthly income. Social support moderated this relationship, but not significantly. Males and older students were also found to be more vulnerable to mental health problems in this study. Also, respondents’ mental health help seeking behaviors did not explain their mental health outcomes. Financial stress substantially impairs mental health among postgraduate students. Despite positive help-seeking attitudes and perceived social support, these factors did not buffer financial stress effects. Findings suggest urgent need for innovative financing schemes including grants and subsidized loans for postgraduate students, strengthened institutional mental health services, and targeted interventions addressing gender-specific vulnerabilities.