The Value of Financial Advice in a Crisis: A Multidisciplinary Literature Review
, , und | 15. März 2024
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Online veröffentlicht: 15. März 2024
Seitenbereich: 65 - 87
DOI: https://doi.org/10.2478/fprj-2021-0004
© 2021 Ellana Loy et al., published by Sciendo
This work is licensed under the Creative Commons Attribution 4.0 International License.
Literature relevant to financial advice seeking and giving during a crisis
| Author(s) | Key constructs, themes and frameworks |
|---|---|
| Anxiety |
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| Emotion-focused coping |
|
| Assess mental health status |
|
| Rational information processing |
|
| Demographic and socioeconomic factors |
|
| Feedback seeking |
|
| Transactional |
|
| Information acquisition |
|
| Credence goods |
|
| Relational expertise |
|
Crisis definitions
| Literature source | Crisis definition |
|---|---|
| … significant life-changing events that can throw people into sometimes traumatic states of transition. | |
| … subjective reaction to a stressful life experience, one so affecting the individual that the ability to cope or function may be seriously compromised. | |
| A crisis represents an unanticipated event during which coping mechanisms are temporarily compromised and adaptive living is jeopardized. | |
| 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. | |
| Financial threat is defined as fearful-anxious uncertainty regarding one’s current and future financial situation. | |
| 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. | |
| (Crises) occur suddenly, demand quick decisions by leaders under intense pressure, threaten vital interests, and raise enormous uncertainties about war and peace. | |
| Financial stress is a psychophysiological response to the cognition of imbalance, uncertainty, and risk in the realm of financial resource management decision-making. | |
| … 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. | |
| … a perception or experiencing of an event or situation as an intolerable difficulty that exceeds the person’s current resources and coping mechanisms. | |
| … 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. | |
| 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. | |
| 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. |