Personal and social impacts of significant financial loss

Aaron G Bruhn

Australian Journal of Management, 2015, vol. 40, issue 3, 459-477

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.

Keywords: Financial loss; personal finance; Storm Financial (search for similar items in EconPapers)
JEL-codes: D14 D18 G0 (search for similar items in EconPapers)
Date: 2015
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:sae:ausman:v:40:y:2015:i:3:p:459-477

DOI: 10.1177/0312896214557836

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