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

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Stevenson, C. ORCID: 0000-0002-2438-6425, Costa, S. ORCID: 0000-0002-2392-6039, Wakefield, J.R.H. ORCID: 0000-0001-9155-9683, Kellezi, B. ORCID: 0000-0003-4825-3624 and Stack, R. ORCID: 0000-0002-0516-0228, 2020. Family identification facilitates coping with financial stress: a social identity approach to family financial resilience. Journal of Economic Psychology, 78: 102271. ISSN 0167-4870

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Official URL: http://doi.org/10.1016/j.joep.2020.102271

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.

Item Type:

Journal article

Publication Title:

Journal of Economic Psychology

Creators:

Stevenson, C., Costa, S., Wakefield, J.R.H., Kellezi, B. and Stack, R.

Publisher:

Elsevier

Date:

June 2020

Volume:

ISSN: