Literature relevant to financial advice seeking and giving during a crisis
| Author(s) | Key constructs, themes and frameworks |
|---|---|
| Crisis response and intervention | |
| Bandura (1988) | Anxiety |
| Enander (2010); Folkman & Lazarus (1980) | Emotion-focused coping |
| Roberts (2005) | Assess mental health status |
| Advice seeking and giving | |
| Andreason & Ratchford (1976); | Rational information processing |
| Grable & Joo (1999) | Demographic and socioeconomic factors |
| Lee (1997); Tyre (1992) | Feedback seeking |
| Srinivas (2000) | Transactional |
| Bonaccio & Dalal (2006); | Information acquisition |
| Professionalism and use of experts | |
| Balafoutas & Kerschbamer (2020); | Credence goods |
| Grundmann (2017) | Relational expertise |
Crisis definitions
| Literature source | Crisis definition |
|---|---|
| Anthes & Lee (2002, p. 80) | … significant life-changing events that can throw people into sometimes traumatic states of transition. |
| Bard & Ellison (1974, p. 2) | … subjective reaction to a stressful life experience, one so affecting the individual that the ability to cope or function may be seriously compromised. |
| Dykeman (2005, p. 45) | A crisis represents an unanticipated event during which coping mechanisms are temporarily compromised and adaptive living is jeopardized. |
| Enander (2010, p. 15) | Crises mean a decisive turning point or radical change of the prevailing order. In our linguistic usage, the term crisis is used to refer to negative, decisive turning points. |
| Fiksenbaum et al. (2017, p. 128) | Financial threat is defined as fearful-anxious uncertainty regarding one’s current and future financial situation. |
| Fink (1986, p. 15) | A crisis is an unstable time or state of affairs in which a decisive change is impending—either one with the distinct possibility of a highly undesirable outcome or one with the distinct possibility of a highly desirable and extremely positive outcome. |
| Gilbert & Lauren (1980, p. 642) | (Crises) occur suddenly, demand quick decisions by leaders under intense pressure, threaten vital interests, and raise enormous uncertainties about war and peace. |
| Heo et al. (2020, p. 4) | Financial stress is a psychophysiological response to the cognition of imbalance, uncertainty, and risk in the realm of financial resource management decision-making. |
| Hermann et al. (1978, p. 1-2) | … a crisis is a situation that poses a major threat to one or more goals or other values of the group experiencing the crisis …. In addition to threat, a crisis is characterised by shortness in the perceived time available for decision. |
| James & Gilliland (2005, p. 3) | … a perception or experiencing of an event or situation as an intolerable difficulty that exceeds the person’s current resources and coping mechanisms. |
| Keown-McMullan (1997, p. 4) | … for a situation to develop into a crisis three elements must be present: a triggering event causing significant change or having the potential to cause significant change; the perceived inability to cope with this change: and a threat to the existence of the foundation of the organization. |
| Kimenyi & Mwabu (2007, p. 11) | A crisis is characterized by an unfavourable state of instability or disequilibrium, i.e., by a large negative deviation from the normal state of affairs. The instability can occur gradually, as when a country slips into deep poverty due to decades of economic mismanagement; or it can occur suddenly, as when for example, a country is hit by a negative external trade shock (e.g.. a fall in the price of a major export good) or by a natural disaster such as bad weather or earthquake. |
| Roberts (2005, p. 12) | A crisis can be defined as a period of psychological disequilibrium, experienced as a result of a hazardous event or situation that constitutes a significant problem that cannot be remedied by using familiar coping strategies. |