Can Personal Budget Management Services Improve Debt Repayments? A Study Using Budget Data*

Madakkatel Iqbal (), Chiera Belinda and McDonnell Mark D.
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Madakkatel Iqbal: Computational Learning Systems Laboratory, UniSA STEM, University of South Australia, Mawson Lakes Campus, Mawson Lakes, South Australia 5095, Phone +61 481 300 017
Chiera Belinda: UniSA STEM, University of South Australia, City West Campus, Adelaide, South Australia 5000
McDonnell Mark D.: Computational Learning Systems Laboratory, UniSA STEM, University of South Australia, Mawson Lakes Campus, Mawson Lakes, South Australia 5095

Financial Planning Research Journal, 2022, vol. 8, issue 1, 10-25

Abstract: We investigate the effect of personal budget management services provided by a financial institution on undesirable debts of 4,256 individuals and families over a period of one year using objective budget data spanning three years. Results from this study using an Australian dataset show that the majority of the participants reduced their debt repayments and debt repayment to income ratio over a period of one year, Our results also show that the majority of the participants hod an increase in funds available for living expenses and savings.

Keywords: Personal debt; debt repayment; financial services; budget planning and management (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:vrs:finprj:v:8:y:2022:i:1:p:10-25:n:1001

DOI: 10.2478/fprj-2022-0001

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