John Gathergood
Self-control, financial literacy and consumer over-indebtedness
University of Nottingham
paper examines relationship selfcontrol financial literacy overindebtedness consumer credit debt among uk consumers lack selfcontrol financial illiteracy positively associated nonpayment consumer credit selfreported excessive financial burdens debt consumers exhibit selfcontrol problems shown make greater use quickaccess high cost credit items store cards payday loans also find consumers selfcontrol problems likely suffer income shocks credit withdrawals unforeseen expenses durables suggesting lack selfcontrol increases exposure variety risks specifications find stronger role lack selfcontrol financial illiteracy explaining consumer overindebtedness discuss policy implications findings