Australians’ Financial Wellbeing and Household Debt: A Panel Analysis

“An excess of everything is bad”. This famous old proverb fits well with the current condition of Australian household debt that is continuously rising. Research in Australia’s household indebtedness is scarce and strategies to control the rising household debt remain contentious. The government of...

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Autores principales:	Muhammad S. Tahir, Abdullahi D. Ahmed
Formato:	article
Lenguaje:	EN
Publicado:	MDPI AG 2021
Materias:	household debt financial wellbeing financial satisfaction Australia HILDA Risk in industry. Risk management HD61 Finance HG1-9999
Acceso en línea:	https://doaj.org/article/52a3d06497f34f51ac04e04c5a24473f
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spelling	oai:doaj.org-article:52a3d06497f34f51ac04e04c5a24473f2021-11-25T18:08:26ZAustralians’ Financial Wellbeing and Household Debt: A Panel Analysis10.3390/jrfm141105131911-80741911-8066https://doaj.org/article/52a3d06497f34f51ac04e04c5a24473f2021-10-01T00:00:00Zhttps://www.mdpi.com/1911-8074/14/11/513https://doaj.org/toc/1911-8066https://doaj.org/toc/1911-8074“An excess of everything is bad”. This famous old proverb fits well with the current condition of Australian household debt that is continuously rising. Research in Australia’s household indebtedness is scarce and strategies to control the rising household debt remain contentious. The government of Australia has introduced financial literacy and financial capability measures to help control the rising household debt. Given that the literature highlights the importance of improving financial wellbeing, we analyse if financial wellbeing is a factor, which could be relevant to the reduced household debt. We use the Household, Income and Labour Dynamics in Australia panel survey in our analysis and find that improved financial wellbeing is associated with the reduced debt-taking behaviour of Australians. Our robust analysis confirms our findings. Finally, our empirical results suggest that improving households’ perception of their personal financial situation can bring improvement in their financial decisions, including the decision to take on debt.Muhammad S. TahirAbdullahi D. AhmedMDPI AGarticlehousehold debtfinancial wellbeingfinancial satisfactionAustraliaHILDARisk in industry. Risk managementHD61FinanceHG1-9999ENJournal of Risk and Financial Management, Vol 14, Iss 513, p 513 (2021)
institution	DOAJ
collection	DOAJ
language	EN
topic	household debt financial wellbeing financial satisfaction Australia HILDA Risk in industry. Risk management HD61 Finance HG1-9999
spellingShingle	household debt financial wellbeing financial satisfaction Australia HILDA Risk in industry. Risk management HD61 Finance HG1-9999 Muhammad S. Tahir Abdullahi D. Ahmed Australians’ Financial Wellbeing and Household Debt: A Panel Analysis
description	“An excess of everything is bad”. This famous old proverb fits well with the current condition of Australian household debt that is continuously rising. Research in Australia’s household indebtedness is scarce and strategies to control the rising household debt remain contentious. The government of Australia has introduced financial literacy and financial capability measures to help control the rising household debt. Given that the literature highlights the importance of improving financial wellbeing, we analyse if financial wellbeing is a factor, which could be relevant to the reduced household debt. We use the Household, Income and Labour Dynamics in Australia panel survey in our analysis and find that improved financial wellbeing is associated with the reduced debt-taking behaviour of Australians. Our robust analysis confirms our findings. Finally, our empirical results suggest that improving households’ perception of their personal financial situation can bring improvement in their financial decisions, including the decision to take on debt.
format	article
author	Muhammad S. Tahir Abdullahi D. Ahmed
author_facet	Muhammad S. Tahir Abdullahi D. Ahmed
author_sort	Muhammad S. Tahir
title	Australians’ Financial Wellbeing and Household Debt: A Panel Analysis
title_short	Australians’ Financial Wellbeing and Household Debt: A Panel Analysis
title_full	Australians’ Financial Wellbeing and Household Debt: A Panel Analysis
title_fullStr	Australians’ Financial Wellbeing and Household Debt: A Panel Analysis
title_full_unstemmed	Australians’ Financial Wellbeing and Household Debt: A Panel Analysis
title_sort	australians’ financial wellbeing and household debt: a panel analysis
publisher	MDPI AG
publishDate	2021
url	https://doaj.org/article/52a3d06497f34f51ac04e04c5a24473f
work_keys_str_mv	AT muhammadstahir australiansfinancialwellbeingandhouseholddebtapanelanalysis AT abdullahidahmed australiansfinancialwellbeingandhouseholddebtapanelanalysis
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Australians’ Financial Wellbeing and Household Debt: A Panel Analysis

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