Conceptualizing the multiple dimensions of consumer financial vulnerability

Catch them young: Impact of financial socialization, financial literacy and attitude towards money on financial well‐being of young adults

“…Another factor can be the increasing student debt (Brüggen et al, 2017; Elliott & Lewis 2015; Insler, 2018; Shim et al, 2009; Williams & Oumlil, 2015). Moreover, young adults are vulnerable consumers, who lack sufficient knowledge to make critical financial decisions (Lusardi, Mitchell, & Curto, 2010; O'Connor et al, 2019; Williams & Oumlil, 2015). Therefore, studying the financial well‐being of young adults, understanding the causes that hinder their well‐being and proposing possible solutions is crucial (Sorgente & Lanz, 2017).…”

How consumer confidence affects price conscious behavior: The roles of financial vulnerability and locus of control

“…Perceived financial vulnerability refers to individuals’ subjective feelings (e.g., of distress, fear, worry, and concern) about being susceptible to financial hardship ( He et al, 2020 , O'Connor et al, 2019 ). Typically, financially vulnerable consumers experience “month-to-month fragility” ( Salisbury & Zhao, 2019, p. 8 ), reflected in struggles to meet even the most essential of expenses, including paying rent/mortgage, groceries, utilities and bills, and repaying debts ( Anderloni et al, 2012 , Brüggen et al, 2017 ).…”

“…This gap is important because understanding the sequence of cognitive and affective responses to changes in consumer confidence might better help explain the nature of its relationship with behavioral adjustments and identify specific avenues for practitioner intervention. We make a first effort to resolve this research gap by exploring the mediating role of financial vulnerability, defined as the likelihood that an individual will experience financial hardship (i.e., a state of distress in which an individual is unable to maintain their standard of living) ( O’Connor et al, 2019, p. 422 ). Given its various social and economic consequences, including low emotional and material well-being ( Treanor, 2016 ) and long-term money management problems ( He, Derfler-Rozin, & Pitesa, 2020 ), financial vulnerability is of practical interest to policymakers, healthcare providers, and businesses.…”

“…Given its various social and economic consequences, including low emotional and material well-being ( Treanor, 2016 ) and long-term money management problems ( He, Derfler-Rozin, & Pitesa, 2020 ), financial vulnerability is of practical interest to policymakers, healthcare providers, and businesses. Our work is timely given the prevailing gloomy economic forecasts and recent calls for research that examines how such conditions affect individuals’ experiences of financial vulnerability ( O’Connor et al, 2019 ).…”

Exploring the autonomic responsivity of exposure to salient financial stressors within an experimental paradigm

“…Credit scores are a prerequisite to access many financial products and wealth building opportunities, being used in a large amount of decisions, ranging from apartment rentals, bank loans, or hiring decisions [U.S. GAO, 2005;Bartik & Nelson, 2016, Yu & Dunn, 2016. Despite the importance of this information, many individuals remain ignorant of their credit score, frequently overestimating their credit score's quality or even being able to gauge what constitutes a good score [Consumer Federation of American and Providian, 2004;Perry, 2008;O'Connor et al, 2019]. This lack of immediate salience coupled with its critical importance in major financial realities provides a point of contrast with student loan debt.…”