Dynamics of Financial Disadvantage

The subjective experience of financial stress has profound implications for well-being, health, cognitive performance, and decision-making. In a sample of Dutch households (N = 1114), we studied the association of five economic factors - income, saving, debts, income volatility, and employment - with a four-factor measure of financial stress: 1) an appraisal of insufficient financial resources, 2) an appraisal of lack of control over one's financial situation, 3) financial worries and rumination, and 4) a short-term focus. This enabled us to examine the economic factors' relative contributions to predicting55Throughout this article, by "prediction" we mean the statistical process of estimating the value of one variable based on the values of other variables (Hernán et al., 2019). We do not imply causal relationships. financial stress. We found that the combination of economic factors predicted financial stress better than income alone. Particularly, buffer savings had a large contribution to predicting financial stress. The number of debts had a smaller relative contribution to predicting financial stress, whereas we did not find support for debt amount as a predictor of financial stress. Employment was negatively associated with financial stress, but only for households with the lowest incomes. We found no support for income volatility predicting financial stress. These results imply that research and policy on financial stress should have a broader scope than income alone and should take a more integrative approach to households' financial situation, considering savings, number of debts, and unemployment.

The presented article is devoted to changes in the scale and qualitative characteristics of objective and subjective poverty in Russian society over the past 20 years. Based on the data of all-Russian empirical studies conducted by the Federal Research Center of the Russian Academy of Sciences in 2003, 2013 and 2023, the dynamics of the number of objectively and subjectively poor Russians, the areas of intersection of these groups, their living conditions, their perception of their situation and ideas about the future of the country are traced. The obtained results indicate a noticeable reduction in both objective poverty (by income level) and subjective poverty (by self-assessment of their financial situation) among Russians over the past 20 years, which mainly occurred in the first half of this period. The reduction in the shares of objective and subjective poverty was accompanied by their divergence. As a result, an ever smaller share of Russians find themselves in the poverty zone simultaneously in both of these dimensions, and the portraits and characteristics of these groups differ increasingly. The objectively poor differ less in their assessments of their situation and opportunities in various spheres from the population as a whole, which indicates, on the one hand, the relatively shallow nature of income poverty, and on the other, the modest standard of living of the “typical Russian”. The subjectively poor are characterised by more noticeable differences from the population as a whole, in particular, negative assessments of many spheres of their lives. A similar situation is observed with the socio-psychological well-being of representatives of these groups: although over the past 20 years it has improved both among the poor by income and among the poor by self-assessment, positive changes in the first group occurred faster. As a result, the poor by self-assessment are characterised by a higher level of pessimism and anxiety compared to other Russians. In terms of assessments of Russia's development path, both objectively and subjectively the poor differ little from other Russians, demonstrating a public consensus: the population believes in a bright future for the country, but on the condition that it follows a special path that allows for social stability. Finally, it is important to note that the subjectively poor cannot be reduced to pensioners: the data confirm that this group is heterogeneous in its composition, which determines the absence of a clear portrait and the impossibility of identifying it as a "single addressee" of socio-economic policy.

Part 1 Conceptual issues: rethinking poverty in a dynamic perspective, Robert Walker and underclass - two new concepts for the analysis of poverty, Martin Kronauer do poor neighbourhoods make their residents poorer? context effects of poverty neighbourhoods on residents, Jurgen Friedrichs failing selectivity - on extent and causes of non-take-up of social security benefits, Wim van Oorschot. Part 2 Methodological issues: perceptions of the minimum standard of living in Belgium - is there a consensus?, Karel Van den Bosch different methods - different results? approaches to multidimensional poverty, Olli Kangas and Veli-Matti Ritakallio the convergence between different measures of poverty in a static versus dynamic perspective - an empirical illustration in France, Bruno Jeandider and Jean-Luc Kop. Part 3 Using a multidimensional concept of poverty - results from different countries: long-term income and deprivation-based poverty among the elderly, Ruud Muffels and Henk-Jan Dirven impoverishment and social exclusion - a dynamic perspective on income poverty and relative deprivation in Belgium and the Netherlands, Henk-Jan Dirven and Didier Fouarge poor Swedes, poor Britons - a comparative analysis of relative deprivation, Bjorn Hallerod. Part 4 Applying the dynamic approach: long-term recipiency of social assistance in Germany - the eighties versus the nineties, Petra Buhr and Andreas Weber poverty risks and the life cycle - the individualization thesis reconsidered, Hans-Jurgen Andress and Katja Schulte. Part 5 Problems of poverty research - lessons from Italy and Russia: the expansion of poverty as a social cost of transition - a challenge for Russia, Vladimir Mikhalev urban poverty and local policies against social exclusion in Italy - the north-south divide, Yuri Kazepov.

Theoretical Definition and Empirical Measurement of Welfare and Poverty: A Microeconomic Approach

Financial health is related to the overall health of an individual and their family. The objective of this study was to evaluate the scientific production on financial health in the Scopus database for the 2011-2022 period. Scoping review of manuscripts published in journals indexed in the Scopus database between the years 2011 and 2022. The following search terms were used: "Financial obligations", "financial inclusion", "family economy", "financial education", "financial literacy", "financial wellness" and "financial stress", which were entered in the Scopus search engine together with the Boolean operators (AND, OR). Results: A total of 6 940 publications were identified, of which 81.95% were original articles. The United States was the country with the highest scientific production (35.5%). We identified a trend of increasing number of papers during the study period, especially from 2016 onward, with an 860% increase in 2022 (n=1429) with respect to 2011 (n=165). The journals with the highest number of publications were Sustainability (Switzerland) and the Journal of Financial Counseling and Planning (USA). Finally, the key search terms with the greatest yield were "financial inclusion" through the use of technology, "financial stress", "financial education" and "financial health." Research on financial health has increased significantly. The new knowledge on the subject is mostly driven by authors and institutions from the United States, and finally, there is evidence of an increasing trend of pulbications related to financial inclusion and financial education.

This paper is one of the first attempts in Japan to define and measure the extent of poverty and social exclusion in the country. It makes use of data from a 2006 survey of 600 households which was carefully designed to capture incidents of different dimensions of poverty and social exclusion, such as income poverty, material deprivation, exclusion from public services, lack of social relations, inadequate housing, lack of activities and subjective poverty. The paper's main findings can be summarized as follows. First, sections of the population which are most vulnerable to social exclusion are not necessarily vulnerable in terms of income poverty. Second, disadvantages at earlier stages of life seem to exert influence on some aspects of current social exclusion, even after controlling for current income, occupation and household type. One of the most interesting results of the analysis is that the variable indicating poverty at age 15 has a positive and significant effect on one's current lack of basic needs (food, clothing and medical care), even after controlling for current income, age, sex, household type and experiences of divorce and layoff. This indicates that poverty during childhood not only influences adult well-being via education and occupation (and thus, income) but there is also a path which connects childhood poverty and adult social exclusion directly.

In developing countries, older adults (65 years of age and above) share an increased vulnerability to catastrophic health expenditures and financial stress which can have significant bearing on their health and well-being. Currently, research evidence on how financial stress correlates with health and well-being among older adults in the developing countries is limited. Therefore, in this study, we aimed to assess the relationship between financial stress and subjective 1) health, 2) depression, 3) quality of life, and 4) life satisfaction among older adults in five developing countries.MethodsData used in this study were cross-sectional which were collected from the first wave of Study on Global AGEing and Health (SAGE) survey of World Health Organization. Sample population were 12,299 community dwelling men and women in China (n = 4548), Ghana (n = 1968), India (n = 2441), South Africa (n = 1924), and Russia (n = 1418). Using generalized linear models with logit links, we assessed the correlation between self-reported financial stress and income inequality with the four outcome measures by adjusting for various sociodemographic factors.ResultsOverall, the prevalence of good self-reported health, quality of life and positive life-satisfaction was 47.11, 79.25 and 44.40% respectively, while 20.13% of the participants reported having depression during past 12 months. Only about a fifth (18.67%) of the participants reported having enough money to meet daily their necessities completely, while more than quarter (28.45%) were in the lowest income quintile. With a few exceptions, the odds of reporting good self-reported health, quality of life, and life satisfaction were generally lower among those with varying degrees of financial stress, and larger among those in the higher income quintiles. Conversely, the likelihood of self-reported depression was significantly higher among those with any level of financial stress, and lower among those in the higher income quintiles.ConclusionThis study concludes that both subjectively and objectively measured financial stress are inversely associated with good self-reported health, quality of life, life satisfaction, and positively associated with self-reported depression among older adults.

India’s rapid economic expansion over the past three decades has positioned the country among the world’s fastest-growing economies. However, this growth has been spatially and socially uneven, producing sharp disparities across regions, income groups, occupations, and social categories. While economic inequality has been extensively studied in terms of income distribution, employment, and poverty, its psychological and mental health consequences remain underexplored. Unequal growth not only shapes material living conditions but also influences psychosocial well-being through insecurity, relative deprivation, social exclusion, and chronic stress. This study develops a conceptual framework integrating economic and psychological perspectives to examine how development disparities affect mental health outcomes in India. Drawing on theories of economic inequality, relative deprivation, stress psychology, and social comparison, the paper highlights the pathways through which uneven development translates into anxiety, depression, distress, and reduced life satisfaction. The study emphasizes regional inequality, labour market informality, urban–rural divides, and access to public services as critical mediating factors. The framework offers implications for inclusive growth strategies, mental health policy, and regional development planning, arguing that economic growth divorced from equity can undermine human well-being and long-term social stability.

At the global and European level, the current geopolitical conjunctures bring to light various extremely dramatic realities, and the fight for resources often overrides people and their needs. In this framework, poverty and inequality, quality of life and well-being seem less important than the petty interests of the great powers. However, they are the real driving force of these interests or they should be. In this context, discussions about poverty, and especially about energy poverty, should not be missing. Energy poverty is an extremely complex concept and little understood in the fullness of its meanings. Many policymakers, members of the media and researchers associate it in one form or another with material poverty or income poverty, but its meanings are much more granular, delicate, difficult to capture and may or may not overlap with income poverty. Thus, the objective of the article is to critically analyze the concept of energy poverty, identify several valuable indicators for describing energy poverty and analyze them at the EU27 level for the period 2015-2024. The methodology reflects the comparative analysis of several energy poverty indicators, based on Eurostat statistical data. The results emphasize that energy poverty must be treated in a broad way, overlapping different filters or nuances, each new indicator outlining yet another problem to be solved and requiring particular solutions depending on the desired direction of analysis.

This paper focuses on the mismatch between income and deprivation measures of poverty. Using the first two waves of the European Community Household Panel Survey, a measure of relative deprivation is constructed and the overlap between the relative income poor and relatively deprived is examined. There is very limited overlap with the lowest relative income threshold. The overlap increases as the income threshold is raised, but it remains true that less than half those below the 60 percent relative income line are among the most deprived. Relative deprivation is shown to be related to the persistence of income poverty, but also to a range of other resource and need factors. Income and deprivation measures each contain information that can profitably be employed to enhance our understanding of poverty and a range of other social phenomena. This is illustrated by the manner in which both income poverty and relative deprivation are associated with self‐reported difficulty making ends meet.

The conventional approach of economists to the measurement of poverty is to use measures of income or consumption. This has been challenged by those who favour broader criteria, such as fulfilment of ‘basic needs’ and the ‘capabilities’ to be and to do things of intrinsic worth. This paper asks: to what extent are these different concepts measurable, to what extent are they competing or complementary, and is it possible for them to be accommodated within an encompassing framework? We conclude that it is possible to view subjective well-being as an encompassing concept, which permits us to quantify the relevance and importance of the other approaches and of their component variables. Any attempt to define poverty involves a value judgment as to what constitutes a good quality of life or a bad one. We argue that an approach which examines the individual's own perception of well-being is less imperfect, or more quantifiable, or both, as a guide to forming that value judgement than are the other potential approaches. The argument is illustrated using a South African household survey.

Although poverty statistics serve as crucial economic and social indicators, their measurement varies depending on the chosen definition of poverty. This study examines whether poverty estimations in Türkiye significantly differ based on the definition used and explores which concept of poverty is most appropriate. Utilizing the SILC micro datasets from 2014 to 2021, the study estimates two absolute poverty measures, a subjective poverty measure, and a multidimensional poverty measure. The findings reveal that poverty rates are highly sensitive to the definition applied. For instance, while the updated absolute poverty line from TurkStat identifies less than 20% of the population as poor, the subjective poverty line and the absolute poverty line defined by TÜRK-İŞ classify approximately 60% and 70% of the population as poor, respectively. Furthermore, while 43% of the population was considered multidimensionally poor in 2014, this figure declined to 31% in 2021. A significant concentration of poverty is observed in the Southeastern and Eastern regions across all measurement approaches. Finally, the study conducts a comparative analysis of various poverty definitions by examining trends in poverty rates, the overlap of poor households, regional rankings, pairwise correlations, and the demographic profile of individuals living in poverty.

Purpose: The purpose of this study is to determine the impact of attitudinal acceptance of violence (AAV) over observed violence (OV), including the impact of five factors on OV. The study aims to identify the impact of acceptance of violence and explore its consequences, if any. The independent variables (IV) in the study are self-esteem (SE), women empowerment (WE), locus of control (LoC), financial income (FI), number of people in the family (FS), and financial stress (FinST). The dependent variable (DV) is observed violence (OV). We are seeing the moderating effect of AAV over OV as well as the impact of IVs over the moderator AAV. Research design: The participants of the study are married women in the age bracket of 18–60 years. The sample size of the study is 205. The data was obtained primarily through an adopted, pre-tested, structured questionnaire. Data were analyzed using descriptive, correlation, and multiple regression. FinST and SE resulted in statistically significant impacts on OV, whereas there was no moderating impact of AAV among all the factors. Findings: The acceptance of violence by an individual woman differs vastly depending on personal perception, childhood experiences, education level, occupational type, the status of a dependency, and level of self-esteem. Women with high self-esteem are less likely to face violence; similarly, higher financial stress in the family increases the chances of observing violence. Practical Implications: The significance of this study is highlighted by the realization of the need for modification in the attitudinal acceptance of violence through changing Pakistan's educational policy. This study will help raise the bar for women and create awareness that violence should not be accepted.

Financial wellness is multidimensional, incorporating all aspects of a person’s financial situation, including their awareness of their financial situation, goal setting to maintain or improve their current financial situation, and the capability to put these goals into action. This review explores key aspects of college student financial wellness and financial behavior including use of credit cards and student loans, financial literacy, financial stress, and financial self-efficacy. This review also incorporates new information from the multi-institutional Study on Collegiate Financial Wellness, which adds depth to understanding of college student financial wellness in unique ways. Colleges and universities can and should contribute to the ongoing development of the financial capability of the college student population. To effectively plan and implement financial wellness initiatives on campus, understanding the needs of students on our campuses and how finances influence the day-to-day lives of students is critical.

<p><strong>Context and relevance.</strong> This paper presents a study of the influence of material values on satisfaction with the standard of living and life in general, conditioned by financial stress. <strong>Objective.</strong> The role of financial stress in explaining the nature of the negative relationship between materialism and satisfaction with life was investigated. <strong>Hypothesis.</strong> Empirically tested is the assumption that materialists experience financial stress more acutely than non-materialists, and which probably leads to dissatisfaction with their standard of living, which in turn reduces satisfaction with life in general. <strong>Methods and materials.</strong> The sample size was 200 respondents (51% women and 49% men). The age of respondents ranged from 17 to 59 with a mean of 38.5. The following measures were used: a short version of the value materialism questionnaire (Khashchenko, Khashchenko, 2023); a short version of the life satisfaction questionnaire (Khashchenko, Baranova, 2002); author techniques for measures financial stress and satisfaction with living standards. <strong>Results.</strong> Materialists estimated their financial stress higher than non-materialists — insufficient financial resources, including in the near future, anxiety and money needs. The assessment of satisfaction with the standard of living of materialists depends on the awareness of the severity of financial difficulties and anxiety caused by lack of money, which leads to a decrease in satisfaction with life in general. <strong>Conclusions.</strong> The results provide support model. The mediated role of financial stress in increasing the experience of a sense of subjective disadvantage among materialists, through cognitive and affective mechanisms of perception of the financial situation are discussed.</p>