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2003 Profina Panel Survey
Purpose of the Study
InCharge Debt Solutions®, wanted to measure the extent to which the service it performs for its clients made a difference in their financial well-being over time. To do this a longitudinal study was undertaken, of which this 2003 study was the first wave. The objective in this first wave was to collect, analyze and report the financial situation of new clients with particular attention paid to (1) current financial well-being, (2) financial behaviors, and (3) frequency of occurrence of financial stressors. The financial behaviors addressed were those that are strategic, preventive and lay the foundations for continuing personal financial well-being. Stressors were incidents in financial life that clearly were symptoms of financial distress. Questions were also asked about state of health and quality of life at and away from work, reflecting concern that financial distress can be pervasive, affecting not only health but also job productivity.
The second wave of this study was planned 18 months later.
Methodology
- A national sample was taken in early 2003 (February through April) of overly indebted and financially distressed individuals who sought assistance with managing their debt by enrolling in InCharge’s Debt Solutions program.
- Data was collected in June 2003, and the respondents were clients of the debt solutions program for two, three or four months.
- A questionnaire was mailed to a random sample of 7,200 clients enrolled in InCharge’s Debt Solutions program.
- 6% (443 of 7,200) was returned as undeliverable.
- Of the resulting 6757 sample, 3131espondents (46%) returned useable questionnaires.
- Only the 78% (n=2454) of the 3131 respondents o were employed at the time of theata collection was included in the data analysis.
Findings - Highlights
Benefits for New Clients who Joined InCharge Debt Solutions Debt Management Program
Credit Related Stressor Events and Negative Incidents Work Time Spent on Personal Financial Concerns by Financially Distressed Employees