The Characteristics of the Financially Vulnerable Groups Impacted by COVID-19 and Other Factors

Zhao, G; Cheong, TS; Tung, B; Siu, YW

The Characteristics of the Financially Vulnerable Groups Impacted by COVID-19 and Other Factors

Zhao, G Cheong, TS Tung, B Siu, YW

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Publisher:: MDPI
Publication Type:: Journal Article
Citation:: Sustainability, 15, (10), pp. 8163

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Field	Value	Language
dc.contributor.author	Zhao, G
dc.contributor.author	Cheong, TS
dc.contributor.author	Tung, B
dc.contributor.author	Siu, YW
dc.date.accessioned	2024-05-28T22:51:13Z
dc.date.available	2024-05-28T22:51:13Z
dc.identifier.citation	Sustainability, 15, (10), pp. 8163
dc.identifier.issn	2071-1050
dc.identifier.issn	2071-1050
dc.identifier.uri	http://hdl.handle.net/10453/179300
dc.description.abstract	Businesses have been exposed to various challenges during the global pandemic Unfortunately the financially vulnerable groups in society are disproportionately affected by such a difficult time Therefore it is important for businesses to recognise this when creating new business models for sustainable corporate management This paper attempts to 1 identify the factors that affect individual financial vulnerability 2 develop survey items to assess financial vulnerability and its factors and 3 provide the characteristics of financially vulnerable groups by presenting a complete set of descriptive statistics The results can help to create more inclusive business models that are better equipped to address the challenges ahead A questionnaire based survey was conducted with collaboration with an NGO that provides a financial counselling service in Hong Kong In total 338 valid responses were collected and the data were used to characterise financially vulnerable groups in terms of 1 change in financial conditions due to COVID 19 2 exposure to digitised financial services and related push marketing 3 financial management ability 4 changes in four financial behaviours and 5 financial vulnerability as measured according to the debt service ratio Results show that the respondents have a median debt service ratio of 0 513 which represents an unsustainable level of debt Around of surveyed respondents reported that their debt service ratio was 1 or even higher indicating obvious difficulties in meeting financial obligations A total of 36 7 of the respondents reported worsening financial conditions since the outbreak of COVID 19 The results presented provide a solid empirical set of data that will help future research work to examine and or develop a heuristic financial vulnerability model that incorporates the key factors leading to it Businesses can refer to them when creating new business models that are sustainable able to meet corporate social responsibility goals and can ach
dc.language	en
dc.publisher	MDPI
dc.relation.ispartof	Sustainability
dc.relation.isbasedon	10.3390/su15108163
dc.rights	info:eu-repo/semantics/openAccess
dc.subject	12 Built Environment and Design
dc.title	The Characteristics of the Financially Vulnerable Groups Impacted by COVID-19 and Other Factors
dc.type	Journal Article
utslib.citation.volume	15
utslib.for	12 Built Environment and Design
pubs.organisational-group	University of Technology Sydney
pubs.organisational-group	University of Technology Sydney/DVC (International)
pubs.organisational-group	University of Technology Sydney/DVC (International)/Australia-China Relations Institute
utslib.copyright.status	open_access	*
pubs.consider-herdc	true
dc.date.updated	2024-05-28T22:51:11Z
pubs.issue	10
pubs.publication-status	Published
pubs.volume	15
utslib.citation.issue	10

Abstract:

Businesses have been exposed to various challenges during the global pandemic Unfortunately the financially vulnerable groups in society are disproportionately affected by such a difficult time Therefore it is important for businesses to recognise this when creating new business models for sustainable corporate management This paper attempts to 1 identify the factors that affect individual financial vulnerability 2 develop survey items to assess financial vulnerability and its factors and 3 provide the characteristics of financially vulnerable groups by presenting a complete set of descriptive statistics The results can help to create more inclusive business models that are better equipped to address the challenges ahead A questionnaire based survey was conducted with collaboration with an NGO that provides a financial counselling service in Hong Kong In total 338 valid responses were collected and the data were used to characterise financially vulnerable groups in terms of 1 change in financial conditions due to COVID 19 2 exposure to digitised financial services and related push marketing 3 financial management ability 4 changes in four financial behaviours and 5 financial vulnerability as measured according to the debt service ratio Results show that the respondents have a median debt service ratio of 0 513 which represents an unsustainable level of debt Around of surveyed respondents reported that their debt service ratio was 1 or even higher indicating obvious difficulties in meeting financial obligations A total of 36 7 of the respondents reported worsening financial conditions since the outbreak of COVID 19 The results presented provide a solid empirical set of data that will help future research work to examine and or develop a heuristic financial vulnerability model that incorporates the key factors leading to it Businesses can refer to them when creating new business models that are sustainable able to meet corporate social responsibility goals and can ach

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http://hdl.handle.net/10453/179300