A STUDY ON THE EMOTIONS OF VARIOUS DEBTHOLDER GROUPS: A BEHAVIOURAL PSYCHOLOGY PERSPECTIVE

Abstract

Debts and Emotions are essentially related to each other. In this paper, the authors have
studied the variation of emotional behavior among different groups of debt holders, who were
classified based on the type of debts they owe, namely education, business, auto, home &
personal and the correlation between various emotions experienced by the debt holders are
also studied to help explain their emotional responses using a suitable statistical tool (SPSS).
The authors have explored the need for financial education among debt holders and studied
its dependency on factors of demographic segmentation such as age, gender and income of
the respondents. The authors observe a trend of significant difference in the intensity of
emotional behavior between the debt holder groups and also there is an overall positive
correlation between the emotions. The necessity of financial education has a significant
association with gender and income of the debt holders but has no dependency on their
respective age.