The relationship between financial distress and well-being: Exploring the role of self-employment

Berrill, Jenny; Cassells, Damien; O'Hagan‐Luff, Martha; Stel, André van

doi:10.1177/0266242620965384

Cited by 19 publications

(13 citation statements)

References 65 publications

(67 reference statements)

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“…For example, analyses with UK data reveal that financial worries during the pandemic increased mental distress and reduced the well-being benefits of self-employment [ 75 ]. Evidence from older individuals in 20 European countries and Israel shows that self-employed workers who experience financial distress suffer more pronounced reductions in life satisfaction than salaried workers [ 76 ].…”

Section: Conceptual Framework and Hypotheses Developmentmentioning

confidence: 99%

COVID-19 and entrepreneurship entry and exit: Opportunity amidst adversity

Otrachshenko

Popova²,

Nikolova³

et al. 2022

Technology in Society

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Section: Conceptual Framework and Hypotheses Developmentmentioning

confidence: 99%

COVID-19 and entrepreneurship entry and exit: Opportunity amidst adversity

Otrachshenko

Popova²,

Nikolova³

et al. 2022

Technology in Society

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“…In case of financial distress of self-employed workers, the negative consequences for their well-being were more severe. This was typical for the self-employed with and without employees (Berrill et al, 2020). Further research has confirmed that job mobility rate and wages decrease could result in a complex interaction among savings, wages, mobility, and debt.…”

Section: Empirical Findings and Discussionmentioning

confidence: 63%

The Relationship between Household Wealth and Financial Vulnerability in the Post-communist Countries of the Euro Area

Buleca¹,

šubová²,

Maličká³

2022

ekoncas

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The paper investigates the relationship between household wealth and financial vulnerability in the euro area member countries using data from the European Union Household Finance and Consumption Survey (HFCS). The instrumental variable regression model based on the two-stage least square method was used to elicit the role of household financial vulnerability in wealth accumulation. To consider different historical development and implementing social policies, the analysis considers the household location (post-communist countries according to the Warsaw Treaty and other European countries with a core in Western Europe). The analysis results emphasise the positive relationship between households' wealth accumulation and financial vulnerability represented by household indebtedness. Additional variables reflecting the households' socio-economic and demographic characteristics are statistically significant, too. Debt service-to-income ratio, statuses of employment (employed and self-employed), and age of the reference person squared were driving forces of wealth accumulation, while age of the reference person, number of dependent children, employment status (retired, other), and geographical location lower the level of household wealth.

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“…Interestingly, financial stress significantly and positively affects the financial well-being of the respondents. Generally, financial stress weakens financial well-being and negatively affects well-being (Berrill et al, 2021).…”

Section: Discussionmentioning

confidence: 99%

Relationship between financial stress and financial well-being of micro and small business owners: Evidence from India

Ravikumar

Sriram

Kannan

et al. 2022

Problems and Perspectives in Management

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Micro and small businesses financially suffered due to COVID-19 in India. This financial suffering created financial stress among them and deteriorated their financial well-being. However, micro and small business owners exhibit financial resilience by bouncing back to regular business activities through their hope, optimism, and self-efficacy, which are the components of positive psychological capital. This study analyzes the relationship between financial stress and financial well-being of micro and small firm owners keeping financial resilience as a mediator and positive psychological capital as a moderator in the mediation. This descriptive analysis employed a survey method to collect primary data using the interview method. The interview method was used as most micro and small business owners are comfortable with interaction rather than filling out the questionnaires due to the language barrier. The sample size is 384 respondents, as per Krejcie and Morgan’s formula. The mean scores indicate a moderate degree of financial stress (2.354), financial resilience (2.623), and financial well-being (2.637). The level of financial stress differs based on the respondents’ gender. Financial stress is more among female business owners (2.504) than their male counterparts (2.265).Further, business owners who earn more have a higher level of financial resilience (2.985), psychological capital (2.951), and financial well-being (2.711). Financial stress significantly impacts financial well-being (28.4%). Financial resilience has a partial mediation effect (65%) on financial stress and financial well-being. Finally, psychological capital moderates indirect relationships among financial stress, financial resilience, and financial well-being.

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The relationship between financial distress and well-being: Exploring the role of self-employment

Cited by 19 publications

References 65 publications

COVID-19 and entrepreneurship entry and exit: Opportunity amidst adversity

COVID-19 and entrepreneurship entry and exit: Opportunity amidst adversity

The Relationship between Household Wealth and Financial Vulnerability in the Post-communist Countries of the Euro Area

Relationship between financial stress and financial well-being of micro and small business owners: Evidence from India

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