Trust in, trust out: a real cost of sudden and significant financial loss

Aaron Bruhn

Accounting and Finance, 2019, vol. 59, issue S1, 359-381

Abstract: This study examines the loss of trust that occurs when individuals suffer from sudden and significant financial loss. We use a qualitative case study to show that individuals lose trust in a range of parties, including financial advisors, banks, credit providers, government and perhaps most damagingly of all, oneself. Such outcomes are concerning as all financial services are based on trust between various parties, and trust is important in making financial decisions. A lack of trust can lead to poorer individual and societal outcomes. It also suggests that trends to financial self‐sufficiency have risks, which impact well beyond monetary losses.

Date: 2019
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Persistent link: https://EconPapers.repec.org/RePEc:bla:acctfi:v:59:y:2019:i:s1:p:359-381

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