Socioeconomic Status and Financial Coping Strategies: The Mediating Role of Perceived Control

We examine the relations among socioeconomic status, control beliefs, and two coping styles (problem-focused vs. emotion-focused) in the context of financial stress. Findings indicate that low socioeconomic status (SES) is linked to greater use of emotion-focused financial coping and lesser use of p...

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Bibliographic Details
Published in:Social psychology quarterly 2007-03, Vol.70 (1), p.43-58
Main Authors: Caplan, Leslie J., Schooler, Carmi
Format: Article
Language:English
Subjects:
Beliefs
Biological and medical sciences
Confidence
Coping
Coping strategies
Economic Problems
Economic stress
Emotional defense mechanisms
Emotional distress
Emotional Disturbances
Emotions
Fatalism
Financial Problems
Fundamental and applied biological sciences. Psychology
Goodness of Fit
Locus of Control
Longitudinal Studies
Low income groups
Men
Perceived control
Problem Solving
Psychological distress
Psychological Patterns
Psychological stress
Psychology
Psychology. Psychoanalysis. Psychiatry
Psychology. Psychophysiology
Psychosocial factors
Psychosocial well being
Self Concept
Self Efficacy
Self esteem
Social attribution, perception and cognition
Social behavior
Social psychology
Socioeconomic factors
Socioeconomic Status
Statistical Analysis
Stress
Stress Variables
Survival strategy
Well-being
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Summary:We examine the relations among socioeconomic status, control beliefs, and two coping styles (problem-focused vs. emotion-focused) in the context of financial stress. Findings indicate that low socioeconomic status (SES) is linked to greater use of emotion-focused financial coping and lesser use of problem-focused financial coping. The effects of SES on the use of problem-focused financial coping appear to be entirely mediated by two measures of perceived control: self-confidence and fatalism. In contrast, the effects of SES on emotion-focused financial coping are not mediated in this way. Results also indicated that problem-focused and emotion-focused financial coping are differentially related to financial stress and to general psychosocial distress. These results suggest that low SES may decrease one's control beliefs, which in turn decrease the likelihood of choosing effective financial coping processes, resulting in double disadvantage.
ISSN:0190-2725
1939-8999
DOI:10.1177/019027250707000106