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Health and Financial Strain: Evidence from the Survey of Consumer Finances

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Author Info

  • Angela C. Lyons

    ()
    (University of Illinois at Urbana-Champaign, Department of Agricultural and Consumer Economics)

  • Tansel Yilmazer

    ()
    (Purdue University, Consumer Sciences and Retailing)

Abstract

Using data from the Survey of Consumer Finances, this study examines the relationship between health status and financial strain controlling for the dual endogeneity between the two factors. Simultaneous two-stage probit models are estimated for self-reported health status and three measures of financial strain. The results from all three models indicate that poor health significantly increases the probability of financial strain. There is little evidence that financial strain contributes to poor health. The findings suggest that severe health conditions may result in larger financial burdens while large financial burdens are unlikely to accelerate a decline in health status. In the end, health may be contributing to widening financial disparities, especially among the poor who are in poor health.

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Bibliographic Info

Article provided by Southern Economic Association in its journal Southern Economic Journal.

Volume (Year): 71 (2005)
Issue (Month): 4 (April)
Pages: 873-890

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Handle: RePEc:sej:ancoec:v:71:4:y:2005:p:873-890

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Web page: http://www.southerneconomic.org/
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Cited by:
  1. Jonathan Gruber & Helen Levy, 2009. "The Evolution of Medical Spending Risk," Journal of Economic Perspectives, American Economic Association, vol. 23(4), pages 25-48, Fall.
  2. Irina Grafova, 2011. "Financial Strain and Smoking," Journal of Family and Economic Issues, Springer, vol. 32(2), pages 327-340, June.
  3. Ketema, Mengistu & Bauer, Siegfried, 0. "Determinants of Manure and Fertilizer Applications in Eastern Highlands of Ethiopia," Quarterly Journal of International Agriculture, Humboldt-Universit├Ąt zu Berlin, vol. 50.
  4. Irina Grafova, 2007. "Your Money or Your Life: Managing Health, Managing Money," Journal of Family and Economic Issues, Springer, vol. 28(2), pages 285-303, June.
  5. Averett, Susan L. & Smith, Julie K., 2012. "Indebted and Overweight: The Link Between Weight and Household Debt," IZA Discussion Papers 6898, Institute for the Study of Labor (IZA).

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