IDEAS home Printed from https://ideas.repec.org/a/eee/joepsy/v78y2020ics0167487020300283.html
   My bibliography  Save this article

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

Author

Listed:
  • 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
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S0167487020300283
    Download Restriction: Full text for ScienceDirect subscribers only

    File URL: https://libkey.io/10.1016/j.joep.2020.102271?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Brown, Sarah & Taylor, Karl & Wheatley Price, Stephen, 2005. "Debt and distress: Evaluating the psychological cost of credit," Journal of Economic Psychology, Elsevier, vol. 26(5), pages 642-663, October.
    2. Blekesaune, Morten, 2008. "Unemployment and partnership dissolution," ISER Working Paper Series 2008-21, Institute for Social and Economic Research.
    3. Rebecca Jayne Stack & Alex Meredith, 2018. "The Impact of Financial Hardship on Single Parents: An Exploration of the Journey From Social Distress to Seeking Help," Journal of Family and Economic Issues, Springer, vol. 39(2), pages 233-242, June.
    4. Santiago, Catherine DeCarlo & Wadsworth, Martha E. & Stump, Jessica, 2011. "Socioeconomic status, neighborhood disadvantage, and poverty-related stress: Prospective effects on psychological syndromes among diverse low-income families," Journal of Economic Psychology, Elsevier, vol. 32(2), pages 218-230, March.
    5. Wildman, John, 2003. "Income related inequalities in mental health in Great Britain: analysing the causes of health inequality over time," Journal of Health Economics, Elsevier, vol. 22(2), pages 295-312, March.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Jing Jian Xiao & Kyoung Tae Kim, 2022. "The Able Worry More? Debt Delinquency, Financial Capability, and Financial Stress," Journal of Family and Economic Issues, Springer, vol. 43(1), pages 138-152, March.
    2. Sánchez, Angeles & D'Agostino, Antonella & Giusti, Caterina & Potsi, Antoanneta, 2024. "Measuring child vulnerability to poverty: Material and psychosocial deprivation," Socio-Economic Planning Sciences, Elsevier, vol. 91(C).
    3. Wai Ming To & Jennifer H. Gao & Ernest Y. W. Leung, 2020. "The Effects of Job Insecurity on Employees’ Financial Well-Being and Work Satisfaction Among Chinese Pink-Collar Workers," SAGE Open, , vol. 10(4), pages 21582440209, December.
    4. Renada M. Goldberg, 2024. "Precarious Work Patterns on Workers’ Perceptions of Family-Level Resources, Cohesion, and Flexibility," Journal of Family and Economic Issues, Springer, vol. 45(1), pages 184-199, March.
    5. Kleimeier, Stefanie & Hoffmann, Arvid O.I. & Broihanne, Marie-Hélène & Plotkina, Daria & Göritz, Anja S., 2023. "Determinants of individuals’ objective and subjective financial fragility during the COVID-19 pandemic," Journal of Banking & Finance, Elsevier, vol. 153(C).
    6. Hao Dong & Tao Li, 2023. "Climate Economics and Finance: A Literature Review," Climate Economics and Finance, Anser Press, vol. 1(1), pages 29-45, November.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Jing Jian Xiao & Kyoung Tae Kim, 2022. "The Able Worry More? Debt Delinquency, Financial Capability, and Financial Stress," Journal of Family and Economic Issues, Springer, vol. 43(1), pages 138-152, March.
    2. Colin P. Green & Gareth D. Leeves, 2013. "Job Security, Financial Security and Worker Well-being: New Evidence on the Effects of Flexible Employment," Scottish Journal of Political Economy, Scottish Economic Society, vol. 60(2), pages 121-138, May.
    3. Bridges, Sarah & Disney, Richard, 2010. "Debt and depression," Journal of Health Economics, Elsevier, vol. 29(3), pages 388-403, May.
    4. Daniel Gray, 2014. "Financial Concerns and Overall Life Satisfaction: A Joint Modelling Approach," Working Papers 2014008, The University of Sheffield, Department of Economics.
    5. John Gathergood, 2011. "Debt and Depression: Evidence on Casual Links and Social Stigma Effects," Discussion Papers 11/10, University of Nottingham, Centre for Finance, Credit and Macroeconomics (CFCM).
    6. Elena Lagomarsino & Alessandro Spiganti, 2020. "No gain in pain: psychological well-being, participation, and wages in the BHPS," The European Journal of Health Economics, Springer;Deutsche Gesellschaft für Gesundheitsökonomie (DGGÖ), vol. 21(9), pages 1375-1389, December.
    7. Brown, Sarah & Harris, Mark N. & Srivastava, Preety & Taylor, Karl, 2018. "Mental Health and Reporting Bias: Analysis of the GHQ-12," IZA Discussion Papers 11771, Institute of Labor Economics (IZA).
    8. P. Jenkins, Stephen & Sacker, Amanda & P. Taylor, Mark, 2011. "Financial capability, income and psychological wellbeing," ISER Working Paper Series 2011-18, Institute for Social and Economic Research.
    9. Emma Pleeging & Martijn Burger & Job Exel, 2021. "Hope Mediates the Relation between Income and Subjective Well-Being," Journal of Happiness Studies, Springer, vol. 22(5), pages 2075-2102, June.
    10. Katarzyna Sekścińska & Agata Trzcińska & Daniel Pankowski & Ewa Pisula & Kinga Wytrychiewicz-Pankowska, 2022. "Financial Factors and Psychological Distress during the COVID-19 Pandemic in Poland," IJERPH, MDPI, vol. 19(3), pages 1-19, February.
    11. Valerie Heintz-Martin & Claudia Recksiedler & Alexandra N. Langmeyer, 2022. "Household Debt, Maternal Well-Being, and Child Adjustment in Germany: Examining the Family Stress Model by Family Structure," Journal of Family and Economic Issues, Springer, vol. 43(2), pages 338-353, June.
    12. Taylor, Mark P. & Jenkins, Stephen P. & Sacker, Amanda, 2011. "Financial capability and psychological health," Journal of Economic Psychology, Elsevier, vol. 32(5), pages 710-723.
    13. Bohye Lee & Myungsuk Choi & Mankyu Choi, 2021. "Evaluation of Individual and Community Factors Affecting Adolescents’ Mental Health: A Longitudinal Multilevel Analysis," Applied Research in Quality of Life, Springer;International Society for Quality-of-Life Studies, vol. 16(3), pages 1187-1203, June.
    14. Pilar García Gómez & Ángel López Nicolás, 2005. "Socio-economic inequalities in health in Catalonia," Hacienda Pública Española / Review of Public Economics, IEF, vol. 175(4), pages 103-121, december.
    15. Nepomuceno, Marcelo Vinhal & Laroche, Michel, 2015. "The impact of materialism and anti-consumption lifestyles on personal debt and account balances," Journal of Business Research, Elsevier, vol. 68(3), pages 654-664.
    16. Narciso, Isabel & Relvas, Ana Paula & Ferreira, Luana Cunha & Vieira-Santos, Salomé & Fernandes, Mariana & de Santa-Bárbara, Sílvia & Machado, Inês, 2018. "Mapping the “good mother” – Meanings and experiences in economically and socially disadvantaged contexts," Children and Youth Services Review, Elsevier, vol. 93(C), pages 418-427.
    17. Spears Dean, 2011. "Economic Decision-Making in Poverty Depletes Behavioral Control," The B.E. Journal of Economic Analysis & Policy, De Gruyter, vol. 11(1), pages 1-44, December.
    18. Paul Downward & Simona Rasciute, 2011. "An Economic Analysis of the Subjective Health and Well-being of Physical Activity," Chapters, in: Plácido Rodríguez & Stefan Késenne & Brad R. Humphreys (ed.), The Economics of Sport, Health and Happiness, chapter 2, Edward Elgar Publishing.
    19. Dolan, P. & Lordan, G., 2013. "Moving up and sliding down: An empirical assessment of the effect of social mobility on subjective wellbeing," Health, Econometrics and Data Group (HEDG) Working Papers 13/08, HEDG, c/o Department of Economics, University of York.
    20. Mavropoulos, Antonios & Xiong, Qizhou, 2019. "Housing consumption and macroprudential policies in Europe: An ex ante evaluation," IWH Discussion Papers 17/2018, Halle Institute for Economic Research (IWH), revised 2019.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:joepsy:v:78:y:2020:i:c:s0167487020300283. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/joep .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.