Examining Proactive Coping and Resilience within the Context of the Economic Recession
This chapter presents a conceptual model linking coping, resilience and feelings about one's financial feelings in order to understand how one's personal resources can alleviate some of these negative reactions. The goal of this model is to evaluate empirically the relationship between proactive coping and resilience and their effects on psychological distress within the context of the present financial crisis. The chapter suggests that resilience is the outcome of successful use of proactive coping strategies, a finding in line with theoretical work in the area. It addresses a limitation of Richardson's theory by examining resilience as an outcome of successful coping, rather than just an alternative measure; resilience and coping are distinct, in that proactive coping often precedes resilience. Proactive coping can enable young adults to successfully adapt to and overcome financial challenges by fostering resilience. The chapter focuses on the study of positive factors that can empower youth to deal with financial strain in time of economic recession.