Skip to main content

Academy of Financial Services Annual Meeting 2022

September 27–28, 2022

Virtual Conference via Zoom

Financial help-seeking as a coping mechanism

Tuesday, September 27, 2022 at 11:00 AM–11:55 AM EDT add to calendar

financial help-seeking, financial well-being, coping, decision-making preparation

Short Description

Past research has examined financial help-seeking as an outcome of life shocks or objective financial resources. Yet as a coping strategy, financial help-seeking would be an individual’s response to insufficient decision-making resources (i.e., the perception of decision difficulty). Thus, seeking help for a financial decision would be expected to mitigate the negative effects of insufficient decision-making ability on financial well-being outcomes. Using longitudinal data from Australia, we show that financial help-seeking is associated with a weakened association between perceived insufficient decision-making resources and the change in current money management stress but plays no role in the relationship between decision-making resources and the change in expected future financial security. Our findings suggest that help-seeking reduces short-term stress related to the decision yet does not alter perceptions of future outcomes. Attention should be given to the inability of financial help-seeking to mitigate the negative effects of decision difficulty on perceived future outcomes.

Lead & Corresponding Author

Heejae Lee, University of Georgia

Additional Authors

Patrick Kump, University of Georgia
John Grable, Ph.D., University of Georgia
Dee Warmath, Ph.D., University of Georgia