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Personal and social impacts of significant financial loss

Author

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  • Aaron G Bruhn

Abstract

This paper examines the impact on individuals who suffer significant financial loss. The collapse of Storm Financial is used as a qualitative case study to investigate such impacts, based on elements of grounded theory and narrative analysis. Significant financial loss is devastating, with an individual’s emotional wellbeing a primary casualty, and mental health also vulnerable. One’s social world is impacted, including relationships with family and friends, engagement in community activities and familial/cultural roles. Financial victims perceive a sense of judgement from society about their losses, further exacerbating emotive and social impacts. These impacts demonstrate that significant vulnerability exists when encouraging self-sufficiency in retirement.

Suggested Citation

  • Aaron G Bruhn, 2015. "Personal and social impacts of significant financial loss," Australian Journal of Management, Australian School of Business, vol. 40(3), pages 459-477, August.
    • Handle: RePEc:sae:ausman:v:40:y:2015:i:3:p:459-477
    DOI: 10.1177/0312896214557836
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    Cited by:

    1. Linnenluecke, Martina K. & Chen, Xiaoyan & Ling, Xin & Smith, Tom & Zhu, Yushu, 2016. "Emerging trends in Asia-Pacific finance research: A review of recent influential publications and a research agenda," Pacific-Basin Finance Journal, Elsevier, vol. 36(C), pages 66-76.

    More about this item

    Keywords

    Financial loss; personal finance; Storm Financial;
    All these keywords.

    JEL classification:

    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
    • D18 - Microeconomics - - Household Behavior - - - Consumer Protection
    • G0 - Financial Economics - - General

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