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Family identification facilitates coping with financial stress: A social identity approach to family financial resilience

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  • Stevenson, Clifford
  • Costa, Sebastiano
  • Wakefield, Juliet R.H.
  • Kellezi, Blerina
  • Stack, Rebecca J.

Abstract

Family financial stress research has typically examined negative effects of deprivation on mental health, which in turn erode financial coping. While this work acknowledges family support’s role in buffering these effects, it has typically overlooked how family identification can act to structure the experience of, and response to, economic challenge. We adopt a Social Identity approach, arguing that family identification predicts increased social support and improved well-being, which predicts more effective coping with financial problems. We explore this in two community surveys (N = 369; N = 187). In the first we show that stronger family identification and support predict better well-being, which predicts better evaluation of economic coping. In the second we replicate these findings, and also show that the relationship between well-being and financial distress is fully mediated by perceptions of ‘Collective Family Financial Efficacy’. These findings point to a more positive understanding of how family cohesion can promote mental well-being/resilience.

Suggested Citation

  • Stevenson, Clifford & Costa, Sebastiano & Wakefield, Juliet R.H. & Kellezi, Blerina & Stack, Rebecca J., 2020. "Family identification facilitates coping with financial stress: A social identity approach to family financial resilience," Journal of Economic Psychology, Elsevier, vol. 78(C).
    • Handle: RePEc:eee:joepsy:v:78:y:2020:i:c:s0167487020300283
    DOI: 10.1016/j.joep.2020.102271
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    References listed on IDEAS

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    Cited by:

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