Financially distressed consumers: Their financial practices, financial well-being, and health

Barbara O'Neill, Benoit Sorhaindo, Jing Jian Xiao, E. Thomas Garman

Research output: Contribution to journalArticlepeer-review

78 Scopus citations

Abstract

This study examined relationships among the financial practices, financial well-being, and health of a sample of 3,121 financially distressed consumers who were new clients participating in the debt management program of a large national non-profit credit counseling organization. Respondents who reported having improved health since participating in credit counseling were more likely than others to engage in positive financial behaviors. For six out of ten financial behaviors, respondents who reported improved health were more likely to report that their finances improved. Implications are provided for financial counselors and educators.

Original languageEnglish (US)
Pages (from-to)73-87
Number of pages15
JournalJournal of Financial Counseling and Planning
Volume16
Issue number1
StatePublished - 2005

All Science Journal Classification (ASJC) codes

  • Finance
  • Economics and Econometrics

Keywords

  • Debt problems
  • Debt repayment
  • Financial counseling
  • Financial distress
  • Financial problems
  • Health and personal finances
  • Personal financial behavior

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