Financially Distressed Consumers: Their Financial Practices, Financial Well-being and Health
- Barbara O'Neill
- Jing Jian Xiao
- Benoit Sorhaindo
- E. Thomas Garman
Published 2005, "Financially Distressed Consumers: Their Financial Practices, Financial Well-being and Health", Journal of Financial Planning and Counselling, 2005- Volume 16
- This study examined relationships among the financial practices, financial well-being, and health of a sample of 3,121 financial distressed consumers who were new clients participating in the debt management program of a large national non-profit credit counseling organization. Respondents who reported having improved health since participating in credit counseling were more likely than others to engage in positive financial behaviors. For six out of ten financial behaviors, respondents who reported improved health were more likely to report that their finances improved. Implications are provided for financial counselors and educators.