The Experience of Financial Hardship in Australia: Causes, Impacts and Coping Strategies

Autor: Ian Ramsay, Paul Ali, Evgenia Bourova
Rok vydání: 2018
Předmět:
Zdroj: Journal of Consumer Policy. 42:189-221
ISSN: 1573-0700
0168-7034
DOI: 10.1007/s10603-018-9392-1
Popis: This article outlines the findings of Australia’s first large-scale study on the experiences of people who have recently been unable to pay a debt when it fell due. The study builds upon empirical research on the causes and impacts of financial hardship in the United Kingdom and the United States, and examines the coping strategies that debtors employ to deal with their predicament. The study shows that although an overall increase in economic insecurity since the 1980s – together with rising living costs and rapid growth in household debt – have created a situation in which financial hardship can happen to almost anyone, people who are already in a position of socio-economic disadvantage are especially at risk. Debtors at all levels of income favour individualistic strategies for reducing their expenditure – for some, to the point of foregoing essential living needs. However, for debtors on social security incomes, financial hardship has particularly serious consequences, impacting negatively on health, relationships, and social inclusion, and undermining their ability to afford necessities such as food, heating, and medical care. This article undertakes an analysis of these findings in the context of the literature on economic insecurity, disadvantage, and the growing financialization of everyday life in Australia and overseas.
Databáze: OpenAIRE
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