Economics at your fingertips  

Drivers of financial well-being in socio-economic deprived populations

F.L. Carton, H. Xiong and J.B. McCarthy

Journal of Behavioral and Experimental Finance, 2022, vol. 34, issue C

Abstract: This paper draws on qualitative and quantitative data from social housing tenants in Ireland, exploring how the subjective experience of financial well-being can be understood, and correlating this experience to behavioural and contextual factors. The findings suggest that despite working within tight budgeting constraints, residents are self-disciplined in living within their means, put aside money for unplanned expenditure, and “do without” when money runs out. Residents are using mobile phones predominantly to shop and check bank balances, with online banking used to access traditional payment instruments (e.g. Direct Debits) for fixed outgoings, to receive incoming revenue and to save. There is little evidence that residents get value from personal finance management tools. Instead, we conclude that financial well-being is a set of behaviours, necessitating self-discipline and control to avoid unsustainable indebtedness. The design of financial services should take the lived experience of citizens into account, in particular promoting resilience through savings instead of credit.

Keywords: Financial well-being; Resilience; Personal Finance Management (search for similar items in EconPapers)
Date: 2022
References: View references in EconPapers View complete reference list from CitEc
Citations: Track citations by RSS feed

Downloads: (external link)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link:

DOI: 10.1016/j.jbef.2022.100628

Access Statistics for this article

Journal of Behavioral and Experimental Finance is currently edited by Michael Dowling and Jürgen Huber

More articles in Journal of Behavioral and Experimental Finance from Elsevier
Bibliographic data for series maintained by Catherine Liu ().

Page updated 2022-11-12
Handle: RePEc:eee:beexfi:v:34:y:2022:i:c:s2214635022000028