The price of mental well-being in later life: the role of financial hardship and debt

Marshall, Gillian L.; Kahana, Eva; Gallo, William T.; Stansbury, Kim L.; Thielke, Stephen

doi:10.1080/13607863.2020.1758902

Cited by 44 publications

(34 citation statements)

References 44 publications

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“…Our findings thus have important implications for practice. There is increasing awareness among health practitioners that financial stress can negatively affect older adults' mental health (Marshall, Kahana, Gallo, Stansbury, & Thielke, 2020). Our study highlights the importance of not simply measuring net wealth or income when considering an individual's financial health, but rather paying attention to the different sources of debt held by older adults, as debt held in the form of credit cards or personal loans is likely to contribute more stress than debt held in the form of a mortgage.…”

Section: Resultsmentioning

confidence: 86%

The role of consumer and mortgage debt for financial stress

Loibl

Moulton

Haurin

et al. 2020

Aging & Mental Health

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Objectives: Financial debt held by older adults in the U.S. has grown over the past two decades. This study examines the extent to which credit cards, other consumer debts, and mortgage debt increase financial stress. Outcome measures of financial stress include the material domain ("billpaying difficulty") and psychological domain ("ongoing financial strain"). Method: We analyzed adults age 62 and older in the 2004 to 2016 waves of the Health and Retirement Study using random-effects logit regressions. Results: Unsecured consumer debt is associated with more financial stress per dollar than mortgage debt. A detailed assessment of mortgage debt finds that greater levels of both first and secondary mortgages are associated with greater bill-paying difficulty and greater ongoing financial strain. An increase in new mortgage debt obtained after age 62 is associated with an increase in bill-paying difficulty, but is not significantly associated with ongoing financial strain. In contrast, a reduction in mortgage debt since age 62 is associated with lower bill-paying difficulty and lower levels of ongoing financial strain. Conclusion: The relationship between consumer debt, mortgages, and financial stress is nuanced, and depends on both the type and timing of the debt.

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Section: Resultsmentioning

confidence: 86%

The role of consumer and mortgage debt for financial stress

Loibl

Moulton

Haurin

et al. 2020

Aging & Mental Health

View full text Add to dashboard Cite

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“…6 In addition to delayed care, financial hardship has also been shown to be associated with poor mental health. [7][8][9] Improving coverage and affordability of recommended health care for peripartum women is a decades-long policy goal, beginning with the Pregnancy Discrimination Act in the 1970s and the expansion of Medicaid eligibility for pregnant and postpartum women in the 1980s. More recently, the Patient Protection and Affordable Care Act (ACA) included a preventive services provision that requires coverage for some prenatal services without cost-sharing for those with private insurance, and multiple other provisions sought to broadly expand coverage and affordability for all women of reproductive age.…”

Section: Introductionmentioning

confidence: 99%

Financial Hardship Among Pregnant and Postpartum Women in the United States, 2013 to 2018

et al. 2021

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IMPORTANCEFinancial hardship affects health care access and health outcomes among peripartum women. OBJECTIVE To evaluate the prevalence of financial hardship among peripartum women over time and by insurance type and income. DESIGN, SETTING, AND PARTICIPANTS This cross-sectional study included peripartum women, defined as women aged 18 to 45 years who reported being currently pregnant or pregnant in the past 12 months, who participated in the National Health Interview Survey from 2013 to 2018. Data were analyzed from January to May 2021. EXPOSURES Current pregnancy or recent pregnancy as well as insurance type and income. MAIN OUTCOMES AND MEASURES Three measures of financial hardship within the last year were evaluated: (1) unmet health care need due to cost (unmet need for medical care or delayed or deferred medical care due to cost); (2) health care unaffordability (worry about paying for potential medical bills or existing medical debt); and (3) general financial stress (worry about subsistence spending [eg, monthly bills, housing]).

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“…Financial crises evoke anxiety with lead to poor psychological wellbeing. 21 The longitudinal research by Richardson also shows similar results and indicate a cross-sectional relationship between stress and financial hardship. The research also predicts alcohol dependency profound in men due to psychological pressure cause by financial crises.…”

Section: Wellbeing Mediated By Mental Healthmentioning

confidence: 65%

“…Many studies show poor wellbeing association with psychological issues. [21][22][23][24] They explain the relationship of wellbeing with mental and physical health. The study by Marshal et al explains the difference between participants who had difficulty in paying bill and those who did not have difficulty in paying bills by using multiple logistic regression analyses and are reported as relative risk (RR) which shows high depression symptoms and anxiety in those subjects who struggle to pay bills (RR = 2.06, CI = 1.75-2.42, p<0.001; RR=1.46, CI=1.02-2.05, p<0.001 respectively).…”

Section: Wellbeing Mediated By Mental Healthmentioning

confidence: 99%

Systematic review on economic hardship, debt and psychological well-being in western countries

Thompson

2021

Int J Community Med Public Health

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Financial hardship is a phenomenon which mediates many other factors in life regardless of age group one of many is well-being. Well-being is a multi-disciplinary term. This paper will investigate existing literature on the effect of financial hardship on well-being using systematic review to minimize the biases. The data will be systematically searched with following databases: Wiley-online library, Google scholar, JSTOR, Tandfonline and Emerald. The present study is a systematic review of English language research of 2010 to 2020 research papers on financial hardship and well-being. The databases used in the research are Wiley Online Library, Google Scholar with keywords financial hardship, financial pressure, financial challenges, stress, wellbeing, anxiety, psychological well-being. 81 studies were excluded and 12 studies were selected after reviewing the title and abstract of 93 studies based on the PRISMA. The inclusion and exclusion criteria allow studies of 2010 to 2021 to be considered. Fewer data was present in the subject of wellbeing and financial stress. However, the results show impact of both variables. Financial pressure leads to poor wellbeing and other factors such as lack of social support, unhealthy family environment and dept can robust the impact. The research makes a unique new contribution in research, lending support for policy, academic theory, new contributions to current literature not found elsewhere, especially mental health management policy.

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The price of mental well-being in later life: the role of financial hardship and debt

Cited by 44 publications

References 44 publications

The role of consumer and mortgage debt for financial stress

The role of consumer and mortgage debt for financial stress

Financial Hardship Among Pregnant and Postpartum Women in the United States, 2013 to 2018

Systematic review on economic hardship, debt and psychological well-being in western countries

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