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Antecedents of indebtedness for low-income consumers: the mediating role of materialism
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Antecedents of indebtedness for low-income consumers: the mediating role of materialism
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Journal Article
Antecedents of indebtedness for low-income consumers: the mediating role of materialism
2019
Overview
Purpose
The purpose of this is to propose a model in which materialism is a mediator of the effects of self-esteem, impulsiveness, attitude toward debt, attitude toward credit card and economic vulnerability on consumer indebtedness. The effects of financial knowledge, financial ability, credit card use and demographic variables are also taken into account.
Design/methodology/approach
Survey data from a sample of 1,245 low-income consumers from Brazil were used to test the hypotheses using structural equation modeling.
Findings
First, materialism has a significant effect on consumer indebtedness; at the same time, it is influenced by self-esteem, impulsiveness and attitude toward debt. Second, materialism acts as a mediator, e.g. higher impulsiveness triggers materialism, which influences debt level. Third, indebtedness is higher for women and those who use a higher number of credit cards and are more educated.
Social implications
Financial education programs should work to increase individual’s perceived ability to manage money, as the individuals who feel less able to manage their personal finances alone (i.e. lower financial ability) presented higher indebtedness.
Originality/value
This study investigates consumer indebtedness by addressing factors that have been analyzed independently in the literature. The research combines psychological, financial and economic factors with credit card use and demographic variables to explain consumer indebtedness. Moreover, the study supports the mediating role of materialism for the antecedents of consumer indebtedness, e.g. impulsiveness and attitude toward debt.
Publisher
Emerald Publishing Limited,Emerald Group Publishing Limited
Subject
