Over-indebtedness and the interplay of factual and mental money management: An interview study
AbstractPrevious research has shown that money management contributes to over-indebtedness. This article sheds new light on this relation by looking at factual money management and its mental underpinnings, mental accounting. In a conceptual model we propose that fuzzy factual and mental money management practices aggravated by lack of congruency between factual and mental structures play an important role in over-indebtedness. Twenty-five in-depth interviews deliver preliminary support for this proposition. Successful financial control seems to build on efficient and inter-coordinated factual and mental money management. This reduces the willpower necessary for controlling financial behavior and helps to prevent and fight over-indebtedness.
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Bibliographic InfoArticle provided by Taylor & Francis Journals in its journal New Zealand Economic Papers.
Volume (Year): 45 (2011)
Issue (Month): 1-2 ()
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Web page: http://www.tandfonline.com/RNZP20
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- Donnelly, Grant & Iyer, Ravi & Howell, Ryan T., 2012. "The Big Five personality traits, material values, and financial well-being of self-described money managers," Journal of Economic Psychology, Elsevier, vol. 33(6), pages 1129-1142.
- Goode, Jackie, 2012. "Brothers are doing it for themselves?: Men's experiences of getting into and getting out of debt," The Journal of Socio-Economics, Elsevier, vol. 41(3), pages 327-335.
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