Conceptualizing the multiple dimensions of consumer financial vulnerability

Though the majority of Americans report they are financially stable, they do not have sufficient savings to handle an unplanned emergency. There appears to be a disconnect between an individual's perception of their financial situation and their actual financial state. Nevertheless, only scant research focuses on financial vulnerability from both a subjective and objective perspective, and a clear and consistent definition of this construct is missing in the literature. To fill this gap, this review draws across disciplines to consolidate extant knowledge on financial vulnerability. First, we propose a novel definition of financial vulnerability that includes both its subjective and objective dimensions. Next, we create a framework to assess a consumer's financial vulnerability. We then identify interventions for varying degrees of financial vulnerability that are tailored to the individual's fiscal situation. Finally, we present a research agenda to guide future research on financial vulnerability.


consumer research  consumers  definitions  dimensions  financial intervention  financial research  financial resources  financial vulnerability  financial vulnerability awareness  transformative consumer research 


Genevieve E. O'Connor, Casey E. Newmeyer, Nancy Yee Ching Wong, Julia B. Bayuk, Laurel A. Cook, Yuliya Komarova, Cazilla Loibl, L. Lin Ong, and Dee Warmath (2019). Conceptualizing the multiple dimensions of consumer financial vulnerability. Journal of Business Research, 100, Pages 421-430.



Genevieve E. O'Connor
Casey E. Newmeyer
Nancy Yee Ching Wong
Julia B. Bayuk
Laurel A. Cook
Yuliya Komarova
Cazilla Loibl
L. Lin Ong
Dee Warmath

Journal of Business Research | 2019

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