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F3b Maintaining Financial Well-Being: Differences in Response to Acute Versus Chronic Scarcity
Key Words
acute scarcity, chronic scarcity, financial well-being, self-efficacy, help-seeking, financial stress
Short Description
Research on financial scarcity has been focused mainly on the impacts of chronic scarcity on consumer mindsets and behaviors. Less attention has been paid to the “acute scarcity,” a momentary lack of financial resources followed by recovery. Borrowing from the literature on acute stress, we suggest that scarcity can be more broadly viewed as a continuum ranging from no scarcity to chronic scarcity. In this study, we first examine the role that scarcity plays in well-being as well as how acute scarcity might offer a pivotal point at which an individual either descends into a more chronic state of scarcity or moves back to a state without scarcity. Second, we examine whether differences in the actions taken by individuals in response to scarcity mediate the relationship between the type of scarcity (i.e., acute versus chronic) and financial well-being. This study demonstrates that promoting higher levels of financial self-efficacy as well as adaptive responses (e.g., consulting a professional advisor) during an acute experience may be efficacious approaches to improving well-being.