Determinants of financial worry. Issue 1 (17th November 2022)

• Record Type: Journal Article
• Authors: Magwegwe, Frank M.; MacDonald, Maurice M.; Lim, HanNa; Heckman, Stuart J.
• Is Part Of: Journal of consumer affairs. Volume 57:Issue 1(2023)
• Page Start: 171
• Page End: 221
• Publication Date: 2022-11-17
• Subjects: coping resources -- financial capability -- financial worry -- moderators -- objective and subjective financial stressors -- perceived threat; Consumer education -- Periodicals; Consumers -- Periodicals; 381.33
• DOI: 10.1111/joca.12496
• Languages: English
• ISSNs: 0022-0078

Abstract

Abstract: Grounded in the transactional stress‐coping theory and the Tallis and Eysenck (1994) model of nonpathological worry, the present study sought to advance the conceptual and empirical understanding of financial worry (FW). We positioned objective financial stressors (OFS), subjective financial stressors (SFS), and coping resources as key variables in understanding the determinants of financial worry (FW). The cross‐sectional data consisted of responses from a representative sample of 19, 385 adults, aged 18 and older, drawn from a large U.S. survey. Hierarchical linear regression results revealed that OFS, SFS, household income, and financial capability (FC) are all key determinants of FW. Furthermore, the results revealed adverse effects of OFS and SFS on FW. These effects were moderated by household income, FC, age, and gender. Implications for future research, employers, practitioners, and policymakers are discussed.