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Attitudes Toward Money and Control Strategies of Financial Behavior: A Comparison Between Overindebted and Non-overindebted Consumers
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Advisor(s)
Abstract(s)
This paper addresses whether overindebted and non-overindebted consumers differ
in their attitude toward money (specifically, the degree to which consumers care
about money and feel difficulties keeping track of their money) and how this
attitude impacts three different financial behavior categories: record keeping (e.g.,
recording spending in writing), adjusting balance (e.g., trying to find ways to decrease
one’s expenses to match income), and monitoring balance (e.g., monitoring one’s
spending to see if it is in line with what is expected). Overindebted consumers
were recruited via an NGO for consumer defense and were categorized (whenever
possible) into two subgroups: consumers who became overindebted due to internal
causes (e.g., bad financial management) and consumers who became overindebted
due to external causes (e.g., unemployment). Non-overindebted consumers were a
convenience sample. Non-overindebted consumers showed more positive attitudes
toward money than both groups of overindebted consumers and overindebted due
to external causes showed more positive attitudes than overindebted consumers
due to internal causes. All groups share similar financial management behaviors
except for monitoring balance, which was more frequent among non-overindebted
consumers. Furthermore, a regression analysis indicates that money attitudes helped
explain financial behavior differences between consumers above and beyond their
indebtedness status. Consumers’ attitude predicted financial behaviors, even when
controlling for relevant socioeconomic variables (education, income, age, and gender).
Further analyses comparing money attitudes and financial behavior for the three
subgroups (non-overindebted, overindebted due to internal causes, and overindebted
due to external causes) showed no differences.
Description
Keywords
Overindebtedness Financial behavior Money attitudes Debt Financial management
Pedagogical Context
Citation
Almeida, F., Ferreira, M. B., Soro, J. C., & Silva, C. S. (2021). Attitudes toward money and control strategies of financial behavior: a comparison between overindebted and non-overindebted consumers. Frontiers in psychology, 12, 566594. https://doi.org/10.3389/fpsyg.2021.566594
Publisher
Frontiers Media