Consumer fraud victimization and financial well-being

Brenner, Lukas; Meyll, Tobias; Stolper, Oscar Anselm

doi:10.1016/j.joep.2019.102243

Cited by 47 publications

(36 citation statements)

References 55 publications

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“…Only two studies have investigated the effects of adverse labour market outcomes using comprehensive, summative measures of financial wellbeing. Brenner et al ( 2020 ) found a negative association between unemployment and the U.S. Consumer Finance Protection Bureau (CFPB) scale of financial wellbeing (CFPB 2017 ), and Comerton-Forde et al ( 2020 ) found a similar relationship using the Melbourne Institute-Commonwealth Bank of Australia Reported Financial Wellbeing Scale (Comerton-Forde et al 2018 ). However, both of these studies examined joblessness in the context of a robust economy and not in the midst of a global crisis.…”

Section: Introductionmentioning

confidence: 99%

Implications of COVID-19 labour market shocks for inequality in financial wellbeing

Botha

New

et al. 2021

J Popul Econ

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Section: Introductionmentioning

confidence: 99%

Implications of COVID-19 labour market shocks for inequality in financial wellbeing

Botha

New

et al. 2021

J Popul Econ

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“…We propose that information disclosure by banks is one side of the story and that the consumers' trust in FIs is the other. As consumers are facing increasingly higher levels of financial fraudsfraudulent financial transactions, sales of unsuitable financial products, investing customer's money in dubious asset classes-in their day-to-day lives, they have lower confidence in financial matters, thereby leading to reduced FWB (Brenner et al, 2020). Comparing the longitudinal data collected before and after the 2008-2009 financial meltdown, Shim et al (2013) found that young adults who have minimal institutional trust in banks reported the most considerable upward change in their level of financial knowledge.…”

Section: Financial Information Transparencymentioning

confidence: 99%

Consumer’s subjective financial well‐being: A systematic review and research agenda

Nanda

Banerjee

2021

Int J Consumer Studies

113

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Subjective Financial Well‐being (FWB) research has gained considerable interest from both academics and practitioners recently. This research area focuses on the consumer’s self‐assessment of his/her disposition, belief, attitude, and behavior concerning money management, spending, savings, and investment. The authors used a systematic literature review (SLR) process, which is a step‐by‐step process‐driven methodology, to find 128 articles published between 1978 and 2020 in marketing and related consumer studies fields. By critically examining the published studies, the paper proposes an organizing framework to identify important research gaps and suggest future research directions. The existing studies highlight (a) macro‐level factors determining the consumer’s FWB, (b) bank information transparency and ethical selling, (c) consumer co‐production behavior, (d) consumer financial literacy and how it relates to FWB, (e) financial inclusion, (f) materialism, personality, spending self‐control, and FWB, (g) multicountry research, and (h) the outcomes or consequences of FWB. Further research directions emphasize the need for research on (a) young consumers and their FWB and (b) role of marketers in maintaining FWB of consumers. The organizing framework offers actionable insights for banks, other financial institutions (FIs), businesses, third‐party organizations (i.e., financial literacy service providers), and public policy makers to increase the subjective FWB of consumers.

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“…They find that investment fraud victims tend to be primarily welleducated married men with high-income levels, while lottery victims tend to be older women, living alone (widows), with minor education attainments. Brenner et al (2020) study the impact of consumer fraud on respondents' perception of financial well-being. They find that consumer fraud victimization has a significant negative impact on individuals' perceptions of financial well-being and a significant and negative effect on people's confidence to handle financial matters, resulting in low perceived financial well-being levels.…”

Section: Literature Reviewmentioning

confidence: 99%

Consumer financial fraud in the United Arab Emirates

Dempere

Malik

2021

JFC

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Purpose This paper aims to study the explanatory power of demographics, financial behaviors and financial literacy on instances of consumer financial fraud (CFF) among Emirati households. Design/methodology/approach This study is based on a survey applied to the United Arab Emirates’ (UAE’s) largest federal higher education institution. The authors analyzed the data using generalized linear models, specifically generalized regressions based on both the logit and the probit models. Independent sample tests were also applied to compare the different subgroups considered in this study. Findings The authors found that the CFF victims seem to be older with more years of post-secondary education and high monthly credit card balances. When analyzing the probability of Emirati students becoming CFF victims, the authors found that only age, instances of lack of monthly income to cover living costs, and average monthly credit card balance, all have significant and positive explanatory power on the probability of becoming a CFF victim. However, when analyzing the aggregate subsample of all Emirati respondents, only the credit card balance has a positive and significant relationship with such a probability. Research limitations/implications The authors used a non-probability sampling method that produced some biases, including a gender bias and an age-related bias. These biases preclude us from making valid inferences and generalizations about the Emirati population. Originality/value To the best of authors’ knowledge, no previous research article has studied CFF in the UAE, which constitutes this study’s original contribution.

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Consumer fraud victimization and financial well-being

Cited by 47 publications

References 55 publications

Implications of COVID-19 labour market shocks for inequality in financial wellbeing

Implications of COVID-19 labour market shocks for inequality in financial wellbeing

Consumer’s subjective financial well‐being: A systematic review and research agenda

Consumer financial fraud in the United Arab Emirates

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