Abstract
ABSTRACTThis four-paper compilation thesis explores the influence of debt attitudes and debt literacy on three critical dimensions of indebtedness—debt burden, debt stress, and participation in microfinance—among the rural poor in developing countries. Despite their frequent reliance on borrowing due to multiple constraints and financial challenges, which heightens their vulnerability to the adverse effects of debt, this group’s debt-related experiences remain underexplored in academic research. Undertaking in-depth fieldwork in Kerala, India, this study combines quantitative and qualitative data, adapts scales to measure debt-related constructs, and applies a gendered lens to provide deeper empirical insights and enrich existing datasets on the debt lives of this often-overlooked population.
The papers in this thesis uncover previously unexplored dimensions, including the possible reasons for the disconnect between debt attitudes and debt accumulation, and the potential link between debt attitudes and continued participation in microfinance programmes. They also reveal the relationship between debt attitudes and debt stress, the interconnected nature of debt stress within households, and the gendered dynamics underlying these associations. Furthermore, the research highlights the spectrum of borrowing attitudes among individuals in constrained settings, the factors shaping these attitudes, and the paradoxical perpetuation of exclusion by programmes designed to address social exclusion.
Amid rising global household indebtedness and its adverse consequences, this study offers valuable policy insights. It informs the design of interventions to mitigate over-indebtedness and debt stress, while also guiding strategies to improve the living conditions and overall well-being of vulnerable populations. Theoretically, this thesis advances the broader debate in developmental studies on the relative influence of situational versus individualistic/dispositional factors in shaping debt patterns within constrained environments. It also enriches discussions on attitude-behaviour inconsistencies, intra- household gender dynamics in financial matters, and the potential application of the social exclusion framework to assess the inclusivity of social protection schemes.
| Date of Award | 11 Jun 2025 |
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| Original language | English |
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| Supervisor | Joe Cox (Supervisor), Andy Thorpe (Supervisor) & Xiaodong Wang (Supervisor) |