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Family identification facilitates coping with financial stress: A social identity approach to family financial resilience

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  • Stevenson, Clifford
  • Costa, Sebastiano
  • Wakefield, Juliet R.H.
  • Kellezi, Blerina
  • Stack, Rebecca J.

Abstract

Family financial stress research has typically examined negative effects of deprivation on mental health, which in turn erode financial coping. While this work acknowledges family support’s role in buffering these effects, it has typically overlooked how family identification can act to structure the experience of, and response to, economic challenge. We adopt a Social Identity approach, arguing that family identification predicts increased social support and improved well-being, which predicts more effective coping with financial problems. We explore this in two community surveys (N = 369; N = 187). In the first we show that stronger family identification and support predict better well-being, which predicts better evaluation of economic coping. In the second we replicate these findings, and also show that the relationship between well-being and financial distress is fully mediated by perceptions of ‘Collective Family Financial Efficacy’. These findings point to a more positive understanding of how family cohesion can promote mental well-being/resilience.

Suggested Citation

  • Stevenson, Clifford & Costa, Sebastiano & Wakefield, Juliet R.H. & Kellezi, Blerina & Stack, Rebecca J., 2020. "Family identification facilitates coping with financial stress: A social identity approach to family financial resilience," Journal of Economic Psychology, Elsevier, vol. 78(C).
    • Handle: RePEc:eee:joepsy:v:78:y:2020:i:c:s0167487020300283
    DOI: 10.1016/j.joep.2020.102271
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    References listed on IDEAS

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    Cited by:

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    2. Renada M. Goldberg, 2024. "Precarious Work Patterns on Workers’ Perceptions of Family-Level Resources, Cohesion, and Flexibility," Journal of Family and Economic Issues, Springer, vol. 45(1), pages 184-199, March.
    3. Hao Dong & Tao Li, 2023. "Climate Economics and Finance: A Literature Review," Climate Economics and Finance, Anser Press, vol. 1(1), pages 29-45, November.
    4. Wai Ming To & Jennifer H. Gao & Ernest Y. W. Leung, 2020. "The Effects of Job Insecurity on Employees’ Financial Well-Being and Work Satisfaction Among Chinese Pink-Collar Workers," SAGE Open, , vol. 10(4), pages 21582440209, December.
    5. Kleimeier, Stefanie & Hoffmann, Arvid O.I. & Broihanne, Marie-Hélène & Plotkina, Daria & Göritz, Anja S., 2023. "Determinants of individuals’ objective and subjective financial fragility during the COVID-19 pandemic," Journal of Banking & Finance, Elsevier, vol. 153(C).

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