Affiliation:
1. Faculty of Management Dalhousie University Halifax Nova Scotia Canada
2. Schulich School of Business York University Toronto Ontario Canada
3. Asper School of Business University of Manitoba Winnipeg Manitoba Canada
Abstract
AbstractThe payday lending industry has been characterized as predatory, which has led to tougher government interventions. However, research on how stricter consumer protection regulations affect actual vulnerable consumers' lived experiences remains seriously underdeveloped. Following in‐depth interviews with financially excluded and therefore vulnerable payday loan consumers, this study finds that increased payday loan industry regulations are perceived by consumers as either empowering, disempowering, or simultaneously (dis)empowering. Accordingly, practical implications are developed to help public policy makers navigate vulnerable consumers' ambivalent relationship with consumer protection regulations.
Funder
Social Sciences and Humanities Research Council of Canada
Subject
General Economics, Econometrics and Finance,Sociology and Political Science
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