Responses to Economic Pressure by Low-Income Families: Financial Distress and Hopefulness

Journal of Family and Economic Issues

Volumn 34, Issue 1, 2013, Pages 29-40

  Prawitz, Aimee D ^a   Kalkowski, Julie C ^b   Cohart, Judith ^c  

^a NORTHERN ILLINOIS UNIVERSITY   (United States)

^b CREIGHTON UNIVERSITY   (United States)

^c Personal Finance Employee Education Foundation   (United States)

Author keywords

Economic pressure; Financial adjustments; Financial distress; Hopefulness; Locus of control

Indexed keywords

EID: 84874369634     PISSN: 10580476     EISSN: None     Source Type: Journal    
DOI: 10.1007/s10834-012-9288-1     Document Type: Article

References (48)

1. Anderson, S. G., Zhan, M., & Scott, J. (2004). Targeting financial management training at low-income audiences. Journal of Consumer Affairs, 38(1), 167-177. doi: 10. 1111/j. 1745-6606. 2004. tb00470. x.
2. Armstrong, P. S., & Schulman, M. D. (1990). Financial strain and depression among farm operators: The role of perceived economic hardship and personal control. Rural Sociology, 55(4), 475-493. doi: 10. 1111/j. 1549-0831. 1990. tb00693. x.
3. Baek, E., & DeVaney, S. A. (2010). How do families manage their economic hardship? Family Relations, 59, 358-368. doi: 10. 1111/j. 1741-3729. 2010. 00608. x.
4. Bagwell, D. C., & Kim, J. (2003). Financial stress, health status, and absenteeism in credit counseling clients. Journal of Consumer Education, 20, 50-58. http://www. cefe. illinois. edu/JCE/.
5. Bandura, A. (1982). Self-efficacy mechanism in human agency. American Psychologist, 37(2), 122-147. doi: 10. 1037/0003-066X. 37. 2. 122.
6. Barr, M. S., & Blank, R. M. (2009). Savings, assets, credit, and banking among low-income households: Introduction and overview. In R. M. Blank & M. S. Barr (Eds.), Insufficient funds: Savings, assets, credit, and banking among low-income households. New York: Russell Sage Foundation.
7. Bernheim, B. D., & Garrett, D. M. (2003). The effects of financial education in the workplace: Evidence from a survey of households. Journal of Public Economics, 87, 1487-1519. doi: 10. 1016/S0047-2727(01)00184-0.
8. Boss, P. (2002). Family stress management: A contextual approach (2nd ed.). Thousand Oaks: Sage Publications.
9. Brackney, B. E., & Westman, A. S. (1992). Relationships among hope, psychological development, and locus of control. Psychological Reports, 70, 864-866. doi: 10. 2466/PR0. 70. 3. 864-866.
10. Bugaighis, M. A., & Schumm, W. R. (1983). Alternative measures of perceived locus of control. Psychological Reports, 52, 819-823. http://www. ammonsscientific. com/AmSci/index. htm.
11. Conger, R. D., Conger, K. J., Elder, G. H, Jr, Lorenz, F. O., Simons, R. L., & Whitbeck, L. B. (1992). A family process model of economic hardship and adjustment of early adolescent boys. Child Development, 63, 526-541. doi: 10. 2307/1131344.
12. Conger, R. D., Conger, K. J., & Martin, M. J. (2010). Socioeconomic status, family processes, and individual development. Journal of Marriage and Family, 72, 685-704. doi: 10. 1111/j. 1741-3737. 2010. 00725. x.
13. Courchane, M. J., & Zorn, P. M. (2005). Consumer literacy and credit worthiness. Retrieved March 5, 2011, from http://www. chicagofed. org/digital_assets/others/events/2005/promises_and_pitfalls/presentation_literacy. pdf.
14. Danes, S. M. (1991). Locus of control, gap between standard and level of living, and satisfaction: A path model. Home Economics Research Journal, 19(4), 282-291. doi: 10. 1177/1077727X9101900402.
15. Danes, S. M., & Rettig, K. D. (1993). The role of perception in the intention to change the family financial situation. Journal of Family and Economic Issues, 14(4), 365-389. doi: 10. 1007/BF01013985.
16. Edin, K., & Kissane, R. J. (2010). Poverty and the American family: A decade in review. Journal of Marriage and the Family, 72, 460-479. doi: 10. 1111/j. 1741-3737. 2010. 00713. x.
17. Edwards, J. N., & Booth, A. (1976). Sexual behavior in and out of marriage: An assessment of correlates. Journal of Marriage and the Family, 38, 73-81.
18. Federal Reserve Bank of Chicago. (2009). 2009 Annual Report. Accessed February 9, 2011, from http://www. chicagofed. org/webpages/publications/annual_report/2009_annual_report. cfm.
19. Gardner, K., & Millar, J. (2006). How low-paid employees avoid poverty: An analysis by family type and household structure. Journal of Social Policy, 33, 351-369. doi: 10. 1017/S0047279406009822.
20. Gudmunson, C. G., Son, S., Lee, J., & Bauer, J. W. (2010). EITC participation and association with financial distress among rural low-income families. Family Relations, 59, 369-382. doi: 10. 1111/j. 1741-3729. 2010. 00609. x.
21. Hathaway, I., & Khatiwada, S. (2008). Do financial education programs work? Cleveland: Federal Reserve Bank of Cleveland Working Paper 08-03.
22. Hobfoll, S. E., & Spielberger, C. D. (2003). Family stress: Integrating theory and measurement. In P. Boss (Ed.), Family stress: Classic and contemporary readings (pp. 142-157). Thousand Oaks: Sage Publications.
23. Horton, T. V., & Wallander, J. L. (2001). Hope and social support as resilience factors against psychological distress of mothers who care for children with chronic physical conditions. Rehabilitation Psychology, 46, 382-399. doi: 10. 1037/0090-5550. 46. 4. 382.
24. Kim, J., & Garman, E. T. (2003). Financial stress and absenteeism. An empirically derived model. Financial Counseling and Planning, 14(1), 31-42. http://www. afcpe. org/publications/.
25. Lefcourt, H. M. (1976). Locus of control and the response to adverse events. Canadian Psychological Review, 17(3), 202-209. doi: 10. 1037/h0081839.
26. Lyons, A. C., Chang, Y., & Scherpf, E. M. (2006). Translating financial education into behavior change for low-income populations. Financial Counseling and Planning, 17(2), 27-45. http://www. afcpe. org/publications/.
27. MacCallum, R. C., Browne, M. W., & Sugawara, H. M. (1996). Power analysis and determination of sample size for covariance structure modeling. Psychological Methods, 1(2), 130-149. doi: 10. 1037/1082-989X. 1. 2. 130.
28. Mistry, R. S., Lowe, E. D., Benner, A. D., & Chien, N. (2008). Expanding the family economic stress model: Insights from a mixed-methods approach. Journal of Marriage and Family, 70, 196-209. doi: 10. 1111/j. 1741-3737. 2007. 00471. x.
29. O'Neill, B., Prawitz, A. D., Sorhaindo, B., Kim, J., & Garman, E. T. (2006). Changes in health, negative financial events, and financial distress/financial well-being for debt management program clients. Financial Counseling and Planning, 17(2), 46-63. http://www. afcpe. org/publications/.
30. O'Neill, B., Sorhaindo, B., Xiao, J. J., & Garman, E. T. (2005). Financially distressed consumers: Their financial practices, financial well-being, and health. Financial Counseling and Planning, 16(1), 73-88. http://www. afcpe. org/publications/.
31. Orthner, D. K., Jones-Sanpei, H., & Williamson, S. (2004). The resilience and strengths of low-income families. Family Relations, 53(2), 159-167. doi: 10. 1111/j. 0022-2445. 2004. 00006. x.
32. Prawitz, A. D., Garman, E. T., Sorhaindo, B., O'Neill, B., Kim, J., & Drentea, P. (2006a). InCharge Financial Distress/Financial Well-Being Scale: Development, administration, and score interpretation. Financial Counseling and Planning, 17(1), 34-50. http://www. afcpe. org/publications/.
33. Prawitz, A. D., Garman, E. T., Sorhaindo, B., O'Neill, B., Kim, J., & Drentea, P. (2006b). InCharge Financial Distress/Financial Well-Being Scale: Establishing validity and reliability. Proceedings of the 2006 Association for Financial Counseling and Planning Education, San Antonio, 77-89. http://www. afcpe. org/conference/past-conferences. php.
34. Rothwell, D. W., & Han, C.-K. (2010). Exploring the relationship between assets and family stress among low-income families. Family Relations, 59, 396-407. doi: 10. 1111/j. 1741-3729. 2010. 00611. x.
35. Rotter, J. B. (1966). Generalized expectancies for internal versus external control of reinforcement. Psychological Monographs, 80(1), 1-28. PMid: 5340840.
36. Rotter, J. B. (1990). Internal versus external control of reinforcement: A case history of a variable. American Psychologist, 45(4), 489-493. doi: 10. 1037/0003-066X. 45. 4. 489.
37. Scheier, M. F., & Carver, C. S. (1987). Dispositional optimism and physical well-being: The influence of generalized outcome expectancies. Journal of Personality, 55, 169-210. doi: 10. 1111/j. 1467-6494. 1987. tb00434. x.
38. Schieman, S., & Young, M. (2011). Economic hardship and family-to-work conflict: The importance of gender and work conditions. Journal of Family and Economic Issues, 32(1), 46-61. doi: 10. 1007/s10834-010-9206-3.
39. Schmitt, J., & Baker, D. (2008). What we're in for: Projected economic impact of the next recession. Challenge, 51(3), 27-42. doi: 10. 2753/0577-5132510302.
40. Seligman, M. E. P. (2006). Learned optimism: How to change your mind and your life. New York: Vintage Books.
41. Sheely, A. (2010). Work characteristics and family routines in low-wage families. Journal of Sociology & Social Welfare, 37(3), 59-77. http://www. wmich. edu/hhs/newsletters_journals/jssw/.
42. Shim, S., Xiao, J. J., Barber, B. L., & Lyons, A. C. (2009). Pathways to life success: A conceptual model of financial well-being for young adults. Journal of Applied Developmental Psychology, 30, 708-723. doi: 10. 1016/j. appdev. 2009. 02. 003.
43. Snyder, C. R., Harris, C., Anderson, J. R., Holleran, S. A., Irving, L. M., Sigmon, S. T., et al. (1991). The will and the ways: Development and validation of an individual-difference measure of hope. Journal of Personality and Social Psychology, 60(4), 570-585. doi: 10. 1037/0022-3514. 60. 4. 570.
44. Sumarwan, U., & Hira, T. K. (1993). The effects of perceived locus of control and perceived income adequacy on satisfaction with financial status of rural households. Journal of Family and Economic Issues, 14(4), 343-364. doi: 10. 1007/BF01013984.
45. Treas, J. (2010). The great American recession: Sociological insights on blame and pain. Sociological Perspectives, 53(1), 3-17. doi: 10. 1525/sop. 2010. 53. 1. 3.
46. U. S. Census Bureau, (2010). Income, poverty and health insurance coverage in the United States 2009. Retrieved January 13, 2011 from http://www. census. gov/prod/2010pubs/238. pdf.
47. U. S. Bureau of Labor Statistics, U. S. Department of Labor. (2011). Labor force statistics from the current population survey. Retrieved January 13, 2011 from http://data. bls. gov/PDQ/servlet/SurveyOutputServlet?series_id=LNS14000000.
48. U. S. Bureau of Labor Statistics, U. S. Department of Labor. (December 2010). Issues in labor statistics. Retrieved January 13, 2011 from http://www. bls. gov/opub/ils/pdf/opbils88. pdf.