Mediation Effect of Mindset on Coping Strategies Used by Consumers Experiencing Financial Hardship during the Economic Recession in 2008

Wookjae Heo, South Dakota State University
Lorna Saboe-Wounded Head, South Dakota State University

Abstract

It is well known that experiences of financial hardship are negatively related to the quality of life (Kamberi, Martinovic, & Verkuyten 2015; Yeung & Xu, 2012). It is why many researchers investi-gated appropriate coping behaviors used during stressful situations caused by financial hardship (Carver, Scheier, & Weintraub, 1989; Joo, & Garman, 1998; Kim, & Garman, 2003; Kling, Seltzer, & Ryff, 1997; Weiten, 2009). Additionally, one important issue of coping behavior is the willingness to execute coping strategies. The willingness is sturdily associated with the mindset (Crum & Langer, 2007). Positive mindset leads the willingness to execute positive coping behavior but the negative mindset is expected to be helpless in coping with a stressful situation. In other words, the mindset is expected to be a trigger for evoking an intention of coping behavior. Based on these findings, the re-search goals of this study are: (a) to identify the effect of coping behavior on the quality of life (e.g., life satisfaction, depression, and positive/negative affect) and (b) to examine the function of mindset on coping behavior.