A Framework to understand the influence of workforce insecurity on consumer finance

This article investigates the influence of workforce insecurity and market performance on consumer finance in Australia. Integrating past research we develop a framework which can be used to examine the attitudes and behaviour of the users of consumer finance. The framework conceptualises workforce insecurity as a complex multi-dimensional construct comprising the type of work undertaken, job insecurity, financial insecurity and consumer confidence. Using the literature as a guide the article develops a series of propositions which demonstrate the strong negative effect of workforce insecurity on consumer perceptions finance market performance, customer satisfaction, brand switching intention, the intention to save and to borrow money. The study proposes that it is harder for 'insecure workers' to obtain financial services than those in secure employment. The study supports the proposition that those in insecure work with aspirations towards buying their own home and their consumer discretionary purchases are dampened because of the nature of their insecure employment.