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Over-indebtedness and the interplay of factual and mental money management: An interview study

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  • Bernadette Kamleitner
  • Bianca Hornung
  • Erich Kirchler
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    Abstract

    Previous 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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    File URL: http://www.tandfonline.com/doi/abs/10.1080/00779954.2011.556075
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    Bibliographic Info

    Article provided by Taylor & Francis Journals in its journal New Zealand Economic Papers.

    Volume (Year): 45 (2011)
    Issue (Month): 1-2 ()
    Pages: 139-160

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    Handle: RePEc:taf:nzecpp:v:45:y:2011:i:1-2:p:139-160

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    Web page: http://www.tandfonline.com/RNZP20

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    Related research

    Keywords: debt; money management; mental accounting; self-control;

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    Cited by:
    1. Goode, Jackie, 2012. "Brothers are doing it for themselves?: Men's experiences of getting into and getting out of debt," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 41(3), pages 327-335.
    2. 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.

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