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Over-indebtedness and the interplay of factual and mental money management: An interview study

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  • Bernadette Kamleitner
  • Bianca Hornung
  • Erich Kirchler

Abstract

Previous research has shown that money management contributes to over-indebtedness. This article sheds new light on this relation by looking at factual money management and its mental underpinnings, mental accounting. In a conceptual model we propose that fuzzy factual and mental money management practices aggravated by lack of congruency between factual and mental structures play an important role in over-indebtedness. Twenty-five in-depth interviews deliver preliminary support for this proposition. Successful financial control seems to build on efficient and inter-coordinated factual and mental money management. This reduces the willpower necessary for controlling financial behavior and helps to prevent and fight over-indebtedness.

Suggested Citation

  • Bernadette Kamleitner & Bianca Hornung & Erich Kirchler, 2011. "Over-indebtedness and the interplay of factual and mental money management: An interview study," New Zealand Economic Papers, Taylor & Francis Journals, vol. 45(1-2), pages 139-160.
    • Handle: RePEc:taf:nzecpp:v:45:y:2011:i:1-2:p:139-160
    DOI: 10.1080/00779954.2011.556075
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    Cited by:

    1. Donnelly, Grant & Iyer, Ravi & Howell, Ryan T., 2012. "The Big Five personality traits, material values, and financial well-being of self-described money managers," Journal of Economic Psychology, Elsevier, vol. 33(6), pages 1129-1142.
    2. Goode, Jackie, 2012. "Brothers are doing it for themselves?: Men's experiences of getting into and getting out of debt," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 41(3), pages 327-335.
    3. Sophie Baudat & Caroline Henchoz, 2023. "Money in one click: Inequalities in digital financial practices and digital Skills among emerging adults in Switzerland," Journal of Family and Economic Issues, Springer, vol. 44(3), pages 602-618, September.

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