Resilient Personality or Financial Resilience Framework for Coping with Physical and Mental Health During the COVID-19 Pandemic

Abstract

Crises events such as the COVID-19 pandemic can have a profound impact on consumers’ financial, physical, and mental health. This study explores the role of two resilience frameworks, namely the financial resilience framework and the resilient personality, in coping with physical and mental health challenges during the pandemic. The financial resilience framework encompasses economic resources, access to financial resources, financial knowledge and behavior, and social capital, while the resilient personality focuses on cognitive flexibility and the ability to tolerate ambiguity. The study aims to investigate whether these frameworks act as complements or substitutes in promoting resilience. GLM ANOVA is employed in this research to examine the effects of financial resilience and a resilient personality on physical and mental health outcomes. Findings from this study indicate that both the financial resilience framework and resilient personality may contribute to one’s mental and physical health. However, the financial resilience framework is a stronger predictor of a positive self-assessment for both health factors than a resilient personality.