The human impact of financial loss: Lessons from the global financial crisis

Abstract

This chapter describes a qualitative case study, conducted over 2011-15, concerning the high-profile collapse of a financial services provider in Australia. The research, based on a variety of qualitative data, explored the detail of individuals' perspectives regarding financial loss. The advantage of using interviews to canvass a breadth of issues is highlighted and is complementary to insights via other data sources. A few mechanisms were adopted to establish the credibility of insights and provide a potential model for future research which relies on government inquiries, hearings and interviews as major data sources. Key research learnings include the necessity of judgement within the interview process, the need to be aware of the context and perspectives of others, and the value of setting self-expectations around research outputs. The latter is particularly the case where a large volume of data and consequent insights are possible. There is also a need to think carefully about issues of confidentiality and harm to participants which are theoretically covered by ethics protocols but which also require ongoing attention and thought throughout the research process.