Purpose

The purpose of the paper is to examine how psychological characteristics predict membership of and transitions between states of higher vs lower financial vulnerability – and vice versa – over time.

Design/methodology/approach

This research uses a dynamic latent class model (latent transition analysis) to explore the dynamics of consumers’ financial vulnerability over time using longitudinal data obtained by repeatedly administering a measure of financial vulnerability.

Findings

This research finds that consumers in a state of lower vulnerability are “fragile” in having a relatively high likelihood of moving to a state of higher vulnerability, whereas those in a state of higher vulnerability are “entrenched” in having a relatively low likelihood of moving to a state of lower vulnerability. This pattern of results is called the “financial vulnerability trap.” While financial self-efficacy explains state membership, the consideration of future consequences drives state transitions.

Research limitations/implications

Future research could follow consumers over a longer period and consider the role of alternative psychological characteristics besides those examined.

Practical implications

This research provides practitioners with actionable insights regarding the drivers of changes in consumers’ financial vulnerability across time, showing the value of financial self-efficacy and the consideration of future consequences when developing strategies to prevent consumers from sliding from a state of lower to higher financial vulnerability over time.

Originality/value

There is scant research on financial vulnerability. Further, prior research has not examined whether and how consumers’ psychological characteristics help explain their membership of and transitions between states of different levels of financial vulnerability over time.

中文翻译：

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金融脆弱性陷阱：使用潜在转变分析探索消费者金融脆弱性随时间的动态变化

目的

该论文的目的是研究心理特征如何预测随着时间的推移，金融脆弱性较高和较低的状态之间的成员资格和转变——反之亦然。

设计/方法/方法

本研究使用动态潜在类别模型（潜在转换分析），使用通过重复管理金融脆弱性度量获得的纵向数据，探索消费者金融脆弱性随时间的动态变化。

发现

本研究发现，处于较低脆弱性状态的消费者在转移到较高脆弱性状态的可能性相对较高方面是“脆弱的”，而处于较高脆弱性状态中的消费者则在转移到较高脆弱性状态的可能性相对较低方面“根深蒂固”。到较低的脆弱性状态。这种结果模式被称为“金融漏洞陷阱”。虽然财务自我效能解释了状态，但对未来后果的考虑会推动状态转变。

研究限制/影响

未来的研究可以在更长的时间内跟踪消费者，并考虑除所研究的心理特征之外的其他心理特征的作用。

实际影响

这项研究为从业者提供了有关消费者财务脆弱性随时间变化的驱动因素的可操作见解，展示了财务自我效能的价值以及在制定防止消费者从较低财务状况滑向较高财务状况的策略时对未来后果的考虑随着时间的推移的脆弱性。

原创性/价值

关于金融脆弱性的研究很少。此外，先前的研究没有检查消费者的心理特征是否以及如何帮助解释他们随着时间的推移属于不同金融脆弱程度的状态以及在不同状态之间的转变。