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Economic Vulnerability and Severity of Debt Problems: An Analysis of the Irish EU-SILC 2008

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  • Russell, Helen
  • Maître, Bertrand
  • Whelan, Christopher T.

Abstract

In this paper, using Ireland, where debt issues are of particular salience as a test case, we seek to understand the extent to which the measures currently employed as national indicators of poverty and social exclusion succeed in capturing over-indebtedness and, more broadly, severity of debt problems. Our analysis reveals a clear gradient with predictive ability increasing sharply as one moves from 'at risk of poverty' to consistent poverty and finally economic vulnerability indicators. In relation to debt problems, the key distinction is between the just under one in five households defined as economically vulnerable and all others. Financial exclusion, relating to access to a bank account and a credit card, was found to increase debt levels. However, such effects were modest. The impact of economic vulnerability seems to be largely a consequence of its relationship to a wide range of socio-economic attributes and circumstances. The manner in which a potential debt crisis unfolds will be shaped by the broader socio-economic structuring of life-chances. Any attempt to respond to such problems by concentrating on household behaviour or, indeed, triggering factors without taking the wider social structuring of economic vulnerability is likely to be both seriously misguided and largely ineffective.

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Bibliographic Info

Paper provided by Economic and Social Research Institute (ESRI) in its series Papers with number WP402.

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Date of creation: Aug 2011
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Handle: RePEc:esr:wpaper:wp402

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Keywords: EU-SILC/Financial Exclusion/Ireland/Over-indebtedness/poverty/risk/social exclusion;

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  1. Maitre, Bertrand & Nolan, Brian & Whelan, Christopher T., 2006. "Reconfiguring the Measurement of Deprivation and Consistent Poverty in Ireland," Research Series, Economic and Social Research Institute (ESRI), number PRS58.
  2. Christopher T. Whelan, 2007. "Understanding the Implications of Choice of Deprivation Index for Measuring Consistent Poverty in Ireland," The Economic and Social Review, Economic and Social Studies, vol. 38(2), pages 211-234.
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Cited by:
  1. Christopher T. Whelan & Bertrand Maítre, 2013. "The Great Recession and the Changing Distribution of Economic Vulnerability by Social Class: The Irish Case," Working Papers 201312, Geary Institute, University College Dublin.
  2. E. Calvert & Brian Nolan & Tony Fahey & D. Healy & A. Mulcahy & B. Maître & Michelle Norris & I. O’Donnell & Nessa Winston & Christopher Whelan, 2013. "GINI Country Report: Growing Inequalities and their Impacts in Ireland," GINI Country Reports ireland, AIAS, Amsterdam Institute for Advanced Labour Studies.

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