Impact of negative emotions on financial behavior: An assessment through general strain theory




covid-19, risk attitude, loneliness, depression, economic hardship, general strain theory, GST, PLS-SEM


Research background: The research has two objectives and employs a serial mediation approach. First, using the general strain theory, it examines the mediating role of negative feelings and impact of economic adversity on people's risk tolerance and prudent financial behavior. The second is determining the various categories' variations according to age.

Purpose of the article: The study's main objective is to evaluate financial behaviour of people with lower and medium incomes after the second wave of COVID-19 in India, and to contribute to the body of knowledge on general strain theory.

Methods: The study examined the proposed framework and tested the serial mediation model based on the general strain theory used as a survey method for data collection, targeting lower and middle-income individuals in India's most populated state. The study applied PLS-SEM to test the framed hypotheses. Furthermore, the Kruskal Wallis test was applied to identify the difference in the various groups classified based on age.

Findings & value added: The results reveal that economic hardship significantly influences improved financial behavior. Risk aversion attitude, loneliness, and depression mediate the relationship between economic hardship and financial behavior. Moreover, the study found quite a few significant differences between the different age groups. The present study will add to the existing literature on financial behavior under the scope of general strain theory and probably be among the few that test general strain theory with financial variables impact on lower and middle-income group individuals from a developing nation in post-COVID-19 period.


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How to Cite

Khan, K. A., Metzker, Z., Streimikis, J., & Amoah, J. (2023). Impact of negative emotions on financial behavior: An assessment through general strain theory. Equilibrium. Quarterly Journal of Economics and Economic Policy, 18(1), 219–254.




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