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A3a Impact of a Resilient Personality and Financial Resilience Framework on Well-Being During the Covid-19 Pandemic
Short Description
Covid-19 has had an impact on Americans’ physical, financial, and mental well-being (Kachanoff et al, 2021). Using primary data (n = 3,090) collected in 2021, this study utilized two empirically based frameworks of resiliency (multidimensional financial resilience framework and theory of resilient personality) to explore what led to well-being despite a crisis such as Covid-19. The multidimensional financial resilience framework is composed of four factors: economic resources, access to financial resources, financial knowledge and behavior, and social capital. It posits that when individuals have knowledge of an adverse event and the resources to adapt successfully, it may help them cope with adversity (Morrow, 2008). A resilient personality (as opposed to an undercontrolled or overcontrolled personality) includes traits such as socio-emotional intelligence, self-control, cognitive flexibility, and an ability to tolerate ambiguity well. Their inner vision allows them to see every challenge not as a threat but as a time to gather internal resources to put a positive and effective resistance into place (Asendorpf et al., 1999). Statistical analyses were completed with ANOVA and OLS models to address the question “Are the financial resilience framework and the resilient personality complements or substitutes when coping with a crisis?”
Type of presentation
Accepted Oral Presentation