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A Meta-Analytic Investigation of Consumer Over-Indebtedness: the Role of Impulsivity

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  • Marco FRIGERIO
  • Cristina OTTAVIANI
  • Daniela VANDONE

Abstract

In the past decade, evidence has been accumulated on the relationship between impulsivity and risk of over-indebtedness. Nevertheless, the magnitude of such association is still considered marginal compared to traditional socio-demographic and economic factors, with the important consequence that impulsivity continues to be ignored in policy interventions for preventing and dealing with over-indebtedness. The aim of this study was to meta-analyze studies on the association between impulsivity and unmanageable debt with the aim to answer the question: Are higher levels of impulsivity associated with greater risk of over-indebtedness? Scopus and Web of Science databases were searched for English language studies. Sixteen studies were eligible for the analysis. Random effect model yielded a significant positive association between impulsivity and over-indebtedness (Hedges’ g = .41). Moderation analysis showed a stronger association of impulsivity with over-indebtedness compared to debt. After exclusion of one potential outlier, age, work status, and the country where the study has been conducted emerged significant moderators of such association. Results are discussed in terms of implications and recommendations for future research, policy, and practice.

Suggested Citation

  • Marco FRIGERIO & Cristina OTTAVIANI & Daniela VANDONE, 2018. "A Meta-Analytic Investigation of Consumer Over-Indebtedness: the Role of Impulsivity," Departmental Working Papers 2018-08, Department of Economics, Management and Quantitative Methods at Università degli Studi di Milano.
  • Handle: RePEc:mil:wpdepa:2018-08
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    More about this item

    Keywords

    Consumer; Over-indebtedness; Impulsivity; Meta-analysis;
    All these keywords.

    JEL classification:

    • C21 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Cross-Sectional Models; Spatial Models; Treatment Effect Models
    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
    • D91 - Microeconomics - - Micro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages

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