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F3c Subjective Health Status and Financial Strain: Evidence from the 2019 Survey of Consumer Finances
Key Words
financial strain, well-being, health, human capital, Survey of Consumer Finances
Short Description
Health has been shown to be associated with financial well-being, financial behaviors, and retirement satisfaction. Through the lens of human capital theory, we examine the relationship between subjective health status and indebtedness, financial fragility, difficulty paying bills, and financial strain. This study uses data from the 2019 Survey of Consumer Finances. In a binary logistic regression model, we investigate the association of respondents’ health status to three financial strain components. In the multinomial logit we compared subjective health status across three levels of financial strain: (1) no financial strain; (2) some financial strain; (3) high financial strain. The results from all three binary logit models indicate that poor health significantly increases the odds of having debt, experiencing difficulty paying bills, and being financially fragile. We also found that individuals in poor health experience higher financial strain compared to those in good health. In the end, researchers, policymakers, and practitioners should recognize that health may be contributing to widening financial disparities, especially among low socioeconomic and minority groups who are in poor health.