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From Financial Fragility to Resilience: Households, Investors, and Small Businesses

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A special issue of Journal of Risk and Financial Management (ISSN 1911-8074). This special issue belongs to the section "Financial Markets".

Deadline for manuscript submissions: 30 September 2026 | Viewed by 9543

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Special Issue Editors

Prof. Dr. Fernando Oliveira Tavares

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Guest Editor

REMIT, Department of Economics and Management, Universidade Portucalense, 4200-027 Porto, Portugal
Interests: business administration; accounting scholarship; business economics and tourism
Special Issues, Collections and Topics in MDPI journals

Dr. Kelmara Mendes Vieira

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Guest Editor

Graduate Program in Management of Public Organizations, Federal University of Santa Maria, Santa Maria 97105-900, Brazil
Interests: financial literacy; attitude to debt; financial well-being; credit card use and debt; financial management; financial planning for retirement; financial citizenship and default; the construction and application of instruments for evaluating public policies from the point of view of the end user; behavioral finance; public administration; public management; social sciences

Dr. Elisabeth T. Pereira

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Guest Editor

Department of Economics, Management, Industrial Engineering and Tourism, University of Aveiro, 3810-193 Aveiro, Portugal
Interests: competitiveness; innovation; sustainability
Special Issues, Collections and Topics in MDPI journals

Special Issue Information

Dear Colleagues,

The dynamics of contemporary financial systems have revealed the vulnerability of households, small businesses, and investors to crises, economic shocks, and structural transformations in global markets. Periods of instability highlight financial fragility, while recovery paths emphasize resilience and adaptation. Understanding these mechanisms is crucial not only for academic research but also for the design of effective policies and strategies to strengthen financial well-being and economic sustainability.

This Special Issue, “From Financial Fragility to Resilience: Households, Investors, and Small Businesses”, aims to bring together multidisciplinary perspectives that deepen our knowledge of the drivers of fragility and resilience in household finance, small business finance, and investment decision-making.

Relevant themes include, but are not limited to, the following:

Financial Fragility and Shocks: determinants of financial vulnerability, the role of debt and over-indebtedness, and the effects of inflation, unemployment, and crises (financial, health, climate) on households, small businesses, and investors.
Resilience and Adaptation: coping mechanisms, savings and investment strategies, diversification, financial literacy as a resilience factor, and intergenerational aspects of resilience among households, investors, and small businesses.
Investor Behavior: decision-making under uncertainty, behavioral biases, risk perception, herding behavior, and the role of financial advice in building resilience.
Financial Inclusion and Access: barriers to access credit and investment opportunities and the role of fintech and microfinance in reducing fragility and promoting resilience.
• Public Policy and Regulation: government support programs, fiscal and monetary policies aimed at mitigating fragility, and regulatory frameworks for investor protection.
• Socioeconomic and Cultural Dimensions: differences in resilience across income groups, gender, generations, or regions; cultural influences on financial behaviors; and comparative international analyses.
Technology and Innovation: the impact of digital financial services, big data, artificial intelligence, and blockchain on reducing fragility and enhancing resilience.
Measuring Financial Fragility and Resilience: development and validation of models, scales, and indicators to evaluate financial fragility and financial resilience among households, investors, and small businesses.

By fostering this interdisciplinary dialogue, we expect contributions that enrich the understanding of the complex interplay between financial fragility and resilience in households, investors, and small businesses. Such research will be essential for designing innovative solutions, public policies, and financial strategies that support long-term financial stability and well-being.

We warmly invite you to submit your research articles, reviews, or case studies to this Special Issue.

Prof. Dr. Fernando Oliveira Tavares
Dr. Kelmara Mendes Vieira
Dr. Elisabeth T. Pereira
Guest Editors

Manuscript Submission Information

Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. All submissions that pass pre-check are peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as short communications are invited. For planned papers, a title and short abstract (about 250 words) can be sent to the Editorial Office for assessment.

Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. Journal of Risk and Financial Management is an international peer-reviewed open access monthly journal published by MDPI.

Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 1600 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

Keywords

financial fragility
financial resilience
household finance
household saving
over-indebtedness
credit constraints
financial inclusion
financial exclusion
investment decision-making
behavioral finance
risk perception
behavioral biases
investor behavior
portfolio diversification
financial literacy
financial education
retirement planning
pension adequacy
financial well-being
financial stress
coping strategies
shock resilience
economic inequality
wealth distribution
intergenerational finance
financial vulnerability
consumer debt
financial advice
fintech and households
public policy and financial stability
crisis management
inflation and households
unemployment and financial fragility
housing finance
microfinance
sustainable finance
digital financial services
financial risk management
social networks and finance
climate change and financial resilience
sme finance
small business resilience
entrepreneurship and finance
business continuity planning
sme credit access
entrepreneurial debt
family businesses
crisis recovery in smes
financial management in small firms
small business financing strategies

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Published Papers (8 papers)

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Research

Jump to: Review

23 pages, 634 KB

Open AccessArticle

From Financial Practices to Sustainable Outcomes: A Resilience-Based Perspective

by Enkeleda Lulaj and Blerta Dragusha

J. Risk Financial Manag. 2026, 19(5), 318; https://doi.org/10.3390/jrfm19050318 - 27 Apr 2026

Viewed by 656

Abstract

Understanding how financial management practices translate into firm-level financial sustainability remains an important yet insufficiently explored issue. This study examines how financial discipline and financial risk management contribute to financial sustainability through financial resilience capacity. Drawing on a resilience-based perspective, financial resilience capacity is conceptualized as the firm’s ability to absorb financial shocks and adapt to uncertainty. The study employs a quantitative, survey-based research design using firm-level data collected during 2024–2025 from 217 respondents in financial and managerial roles. Financial discipline and financial risk management are operationalized through multi-item Likert-scale proxies capturing cost control, financial policy discipline, risk identification, diversification, and strategic financial planning, while financial sustainability is measured through indicators reflecting long-term financial stability and the ability to meet financial obligations. The relationships are tested using covariance-based structural equation modeling (SEM), including mediation analysis. The results show that both financial discipline and financial risk management significantly enhance financial resilience capacity, which in turn exerts a strong positive effect on financial sustainability. Financial resilience capacity acts as the primary mechanism linking financial practices to sustainable outcomes. While financial discipline has both direct and indirect effects, the impact of financial risk management operates fully through financial resilience capacity. These findings highlight the critical role of resilience in translating financial practices into long-term financial sustainability. Full article

(This article belongs to the Special Issue From Financial Fragility to Resilience: Households, Investors, and Small Businesses)

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24 pages, 1861 KB

Open AccessArticle

Financial Wellbeing and Financial Resilience: Insights from Personal Experiences and Gender Differences

by Arturo Garcia-Santillan, Jacob Owusu Sarfo and Francisco Venegas-Martínez

J. Risk Financial Manag. 2026, 19(3), 217; https://doi.org/10.3390/jrfm19030217 - 13 Mar 2026

Viewed by 740

Abstract

This study aims to examine the relationships between perceived financial health indicators, lived financial experiences, and actions taken to cope with economic crises, as well as exploring potential gender differences. A non-experimental, quantitative, cross-sectional design is applied to a sample of 499 working professionals who graduated from universities in Veracruz, Mexico, and were employed in the public or private sector. A 24-item Likert scale instrument assessed financial health perceptions, experiences, and crisis-related behaviors. In this study, reliability indices (Cronbach’s alpha and McDonald’s omega) exceeded the acceptability threshold of 0.70. Data were analyzed using Exploratory Factor Analysis, Structural Equation Modeling, and Bayesian estimation to examine gender effects. The results supported a four-factor structure explaining 64.86% of the variance. Financial wellbeing showed a moderate association with resilience (r = 0.32), a weaker relationship with financial experiences (r = 0.18), and a strong association between experiences and crisis-related actions (r = 0.47). No statistically significant gender differences were identified. These findings contribute to understanding how experiential and behavioral components interact to shape financial outcomes, and we propose a refined three-factor framework linking financial experiences and adaptive actions to overall financial wellbeing. Full article

(This article belongs to the Special Issue From Financial Fragility to Resilience: Households, Investors, and Small Businesses)

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27 pages, 1429 KB

Open AccessArticle

Latin American Migrants, Vulnerability, and Financial Access: A Study on the San Diego–Tijuana Border

by Malena Portal Boza, Duniesky Feitó Madrigal and Blanca Jazmín Meza Marroquín

J. Risk Financial Manag. 2026, 19(3), 187; https://doi.org/10.3390/jrfm19030187 - 5 Mar 2026

Viewed by 746

Abstract

In the San Diego–Tijuana border region, characterized by human mobility dynamics, institutional vulnerability, and inequalities, experiences of financial exclusion among Latin American migrants are deeply intertwined. This study draws on in-depth interviews with 14 migrants from Central America, South America, and the Caribbean, including both men and women. It analyzes factors such as undocumented status, institutional mistrust, cultural barriers, and regulatory requirements that shape access to financial services. In contexts of exclusion, migrants resort to social support networks, informal strategies, and emerging digital options such as fintech. The study adopts a qualitative design, using an analysis based on emerging categories to construct analytical dimensions grounded in participants’ trajectories and voices. The findings show that financial inclusion does not depend solely on access to services, but also on recognizing the lived experiences, emotions, and everyday obstacles faced by migrants. Far from being passive recipients, migrants play an active role in building responses to exclusion. The study concludes that making these practices visible and designing policies grounded in migrants’ realities are essential steps toward a more just and accessible financial system. Full article

(This article belongs to the Special Issue From Financial Fragility to Resilience: Households, Investors, and Small Businesses)

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24 pages, 3130 KB

Open AccessArticle

Digital Financial Inclusion and Financial Vulnerability: An Exploratory Analysis of Spanish Households

by Marcos Álvarez-Espiño, Sara Fernández-López, Lucía Rey-Ares and María Jesús Rodríguez-Gulías

J. Risk Financial Manag. 2026, 19(3), 175; https://doi.org/10.3390/jrfm19030175 - 1 Mar 2026

Viewed by 987

Abstract

Public authorities have increasingly focused on digital financial inclusion (DFI) owing to its potential to enhance overall financial inclusion (FI) and, ultimately, to mitigate households’ financial vulnerability (FV). Although the existing literature generally reports a negative relationship between DFI and FV, most studies focus on economically less developed countries and apply heterogeneous measurement approaches. This study adopts a quantitative methodology to assess DFI as a potential determinant of FV in a developed economy—Spain—using both objective and subjective indicators of FV. DFI is proxied by the diversity of payment and transfer methods conducted via Internet and mobile devices. Empirical findings confirm a negative association between DFI and FV, indicating that higher levels of digital engagement are associated with lower FV. However, results also reveal a potential adverse effect on savings behaviour, possibly linked to the reduced “pain of paying” commonly associated with online transactions. These insights suggest that policies promoting DFI should be complemented by initiatives to enhance financial literacy, strengthen consumer protection laws, and reintroduce the “feel of cashback” within online payment platforms. By providing evidence from a developed country, this paper contributes to the limited literature by also examining subjective measures of FV variables and offline FI. Full article

(This article belongs to the Special Issue From Financial Fragility to Resilience: Households, Investors, and Small Businesses)

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29 pages, 1782 KB

Open AccessArticle

Financial Capabilities and Financial Well-Being: The Mediating Role of Financial Resilience

by Arturo Garcìa-Santillàn

J. Risk Financial Manag. 2026, 19(2), 141; https://doi.org/10.3390/jrfm19020141 - 13 Feb 2026

Viewed by 1777

Abstract

This study proposes a two-stage structural model integrating financial literacy, education, attitudes, behavior, financial advice, and financial stress as predictors of financial capabilities. It examines the relationship between financial capabilities and financial well-being, highlighting financial resilience as a potential mediator. The main contribution is positioning financial resilience as a central explanatory mechanism, offering a holistic perspective that addresses theoretical gaps and provides empirical evidence in the context of an emerging economy. A non-experimental, quantitative, cross-sectional design was applied with a sample of 365 university students from Veracruz, Mexico. Data were collected via an online questionnaire and analyzed using exploratory and confirmatory factor analysis, structural equation modeling (SEM), and mediation analysis with bootstrap procedures. The results indicate that financial literacy, education, attitudes, financial advice, and behavior positively influence financial capabilities, with financial advice being the strongest predictor. Financial capabilities strongly affect financial well-being, whereas financial resilience did not mediate this relationship. Limitations include the cross-sectional design and non-probability sampling. Future research could examine additional mediators and moderators and evaluate interventions in diverse socio-economic contexts. Full article

(This article belongs to the Special Issue From Financial Fragility to Resilience: Households, Investors, and Small Businesses)

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30 pages, 461 KB

Open AccessArticle

Financial Literacy in Contexts of Vulnerability: Determinants Among Women Horticulturists in Guinea-Bissau

by Ani Caroline Grigion Potrich, Ana Luiza Paraboni, Teju Ducanda, Karen Susele Gimenes Machado, Gabriel Leite Barcelos Moreira, Amanda de Arcega Innocente and Natália Machado

J. Risk Financial Manag. 2025, 18(12), 708; https://doi.org/10.3390/jrfm18120708 - 12 Dec 2025

Cited by 1 | Viewed by 1117

Abstract

Financial literacy plays a crucial role in promoting social and economic resilience, particularly in vulnerable contexts where access to education and financial services is limited. This study provides the first empirical analysis of the determinants of financial literacy among women horticulturists in Guinea Bissau in West Africa, a group that sustains household income and local markets through informal work. A survey with face-to-face data collection was employed, using a structured questionnaire to assess financial literacy across three dimensions: financial attitude, financial behavior, and financial knowledge. All 978 women horticulturists at the Pessubé Farm were invited to participate in the survey, and 200 valid questionnaires were returned and used as the final sample. Data were analyzed using descriptive statistics and multiple linear regression. Results revealed prudent and consistent financial behaviors, mid to low financial attitudes marked by concern about expenses and short-term planning, and limited conceptual financial knowledge, with frequent uncertainty on basic topics such as inflation, interest, and diversification. Regression analysis showed that financial satisfaction and food sufficiency are positively associated with higher levels of financial literacy, while overdue debts exert a negative effect. These findings highlight that strengthening financial literacy in low income and informal settings requires context sensitive strategies integrating financial education, debt management, and food security initiatives, emphasizing the multidimensional nature of financial literacy and its role in inclusive and sustainable development. Full article

(This article belongs to the Special Issue From Financial Fragility to Resilience: Households, Investors, and Small Businesses)

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23 pages, 513 KB

Open AccessArticle

Financial Literacy, Financial Resilience and Participation in Securities Markets: Evidence from Portugal

by Margarida Abreu, Victor Mendes and Mário Coutinho dos Santos

J. Risk Financial Manag. 2025, 18(12), 677; https://doi.org/10.3390/jrfm18120677 - 28 Nov 2025

Cited by 1 | Viewed by 1706

Abstract

Using a unique multi-wave dataset from nationally representative surveys in Portugal (2015, 2020, and 2023), this study extends the household finance literature by examining the mechanisms linking financial literacy to capital market participation. We propose and test a moderated mediation framework, arguing that the relationship is channeled through the mediating roles of financial resilience and self-efficacy and is contingent upon sociodemographic moderators. Our findings reveal a decline in average financial knowledge between 2015 and 2020/23, with persistent gaps across socioeconomic groups. Empirical results from count, logit, and ordered logit models provide strong evidence for partial mediation; financial literacy significantly enhances a household’s financial resilience, which in turn is a strong positive predictor of participation in stocks, bonds, and mutual funds. Furthermore, we find that perceived financial knowledge is a more powerful direct driver of participation than objective knowledge. Crucially, these pathways are powerfully moderated by income and education, highlighting that socioeconomic status is a fundamental boundary condition for converting knowledge into investment behavior. The results challenge simplistic direct-effects models and suggest that policy initiatives aimed at boosting market participation, such as the Portuguese National Plan for Financial Education, must look beyond knowledge dissemination to also foster financial resilience, self-efficacy, and address structural inequalities. Full article

(This article belongs to the Special Issue From Financial Fragility to Resilience: Households, Investors, and Small Businesses)

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Review

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31 pages, 2856 KB

Open AccessReview

Mapping the Relationship Between Financial Inclusion and Undergraduate Students: A Scoping Review

by Alicia Flores-Vasconcelos, Igor Antonio Rivera-Gonzalez, Denise Díaz de León, María del Rosario Pérez-Salazar, Alejandro Zacarías and José Michael Cruz

J. Risk Financial Manag. 2026, 19(1), 23; https://doi.org/10.3390/jrfm19010023 - 1 Jan 2026

Viewed by 736

Abstract

Financial inclusion should be shared with university students so that they link access to and use of financial products and services to low costs, without discrimination or inequality, to achieve the Sustainable Development Goals. This study aims to map the literature on the relationship between financial inclusion and undergraduate students within a contextual approach. The mapping was conducted through a scoping review, utilizing keyword pairwise searches, which we referred to as contextual constellations, as an emergent method. The search was conducted on the Web of Science and Scopus databases. The range of publications found ranges from 1973 to July 2024. The contextual analysis considered the following keywords: financial inclusion, undergraduate students, financial literacy, financial well-being, experiment, behavior, sustainable development goals, social and solidarity economy, decision, and innovation. The relationships were analyzed using VOSviewer software, version 1.6.20. The findings found the main articles that have contributed to knowledge about the relationship between financial inclusion and undergraduate students from the proposed context. Therefore, the research gaps in the relationship between financial inclusion and undergraduate students were identified. This research also offers the potential to conduct a mapping from a contextual perspective, identifying strong and weak relationships between research topics and keywords of interest. Full article

(This article belongs to the Special Issue From Financial Fragility to Resilience: Households, Investors, and Small Businesses)

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