Financial shame: the main barrier  to seeking financial help?: An investigation into the role and effects of financial shame in  seeking financial help.

Financial shame can lead people to avoid seeking or accepting help with their financial problems. We expect that attenuating feelings of shame motivates people to seek help. To test this expectation, we conduct an experiment in which we present participants with an alleged website of an organisation that provides financial advice. They are presented with one of two versions. In one version the communication of the organisation is geared toward attenuating feelings of shame, whereas in the other it is not. As hypothesized, participants who experienced less shame perceived the organisation as more positive and were more likely to contact or recommend the organisation to friends or family, and these people dealt with the financial situation more constructively (hypothesis 1a-1c). Contrary to our hypothesis, only people with higher shame perceived the organisation as less positive and people with higher shame and stigma would contact or recommend the organisation less often to friends...Show moreFinancial shame can lead people to avoid seeking or accepting help with their financial problems. We expect that attenuating feelings of shame motivates people to seek help. To test this expectation, we conduct an experiment in which we present participants with an alleged website of an organisation that provides financial advice. They are presented with one of two versions. In one version the communication of the organisation is geared toward attenuating feelings of shame, whereas in the other it is not. As hypothesized, participants who experienced less shame perceived the organisation as more positive and were more likely to contact or recommend the organisation to friends or family, and these people dealt with the financial situation more constructively (hypothesis 1a-1c). Contrary to our hypothesis, only people with higher shame perceived the organisation as less positive and people with higher shame and stigma would contact or recommend the organisation less often to friends or family and handled their financial situation less constructively (hypothesis 2a-2c).Show less

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Financial shame: the main barrier to seeking financial help? An investigation into the role and effects of financial shame in seeking financial help.