The importance of a college degree is underscored by higher unemployment rates of individuals who have not completed college (Bureau of Labor Statistics, ). Academic and career self‐efficacy influence students' completion of college, and 1st‐generation college students and those under financial strain may experience decreased self‐efficacy (Wohlgemuth et al., ). Participants in this study (N = 383) were college students at a 4‐year university. Results from a 2 × 3 multivariate analysis of variance and discriminant function analysis revealed significant differences in academic and career self‐efficacy based on financial stress, but not generational status.