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An inductive analysis of perceptions of underachievement among 253 high-ability middle and high school students was conducted to gain a deeper understanding of students’ perceptions of factors contributing to academic underachievement. Findings revealed interconnected environmental and intrapersonal factors. Our proposed model shows underachievement arising from a mismatch with the educational environment, issues at home, high-pressure environments, poor work ethic, lack of skills, other commitments, unmotivated friends, and low motivation. Motivation especially interrelates with environmental factors, as students may become less motivated if schoolwork is unstimulating. While the interplay of factors is unclear, participants perceive them all as potential pathways to underachievement rather than citing one as primary. Implications for research and practice are discussed.