Date of Original Version
Resilience can be defined as the capacity to adapt creatively to stressful life events and function well in the face of disruption, chaos, or challenging or threatening circumstances. Financial resilience is the ability to withstand both positive and negative life events that impact one’s income and/or assets. This paper describes the concept of financial resilience and results of an online study of personal resiliency resources (N =1,109) before, during, and after the recent Great Recession, including differences in financial practices between time periods. The article concludes with a discussion of findings and implications for consumer educators.
O’Neill, B., & Xiao, J. J. (2011). Financial Resiliency before, During, and After the Great recession: Results of an Online Study. Journal of Consumer Education, 28, 34-43. Retrieved from http://www.cefe.illinois.edu/JCE/archives/2011_vol_28/2011_vol_28_pg34-43_O'Neill%20and%20Xiao.pdf