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Debt and depression

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  • Richard Disney
  • Sarah Bridges

Abstract

The paper examines the effect of household financial indebtedness on the psychological well-being of mothers, using a large household survey of families with children for Britain. Although some existing studies find a link between debt and depression, they tend to utilise small and often highly selective samples of people and only self-reported measures of financial stress, responses to which are likely to correlate with other subjective measures of health. Our study constructs a variety of quantitative measures of financial stress and debt difficulties in order to validate selfreported measures. It examines the potential simultaneity of financial and psychological health by appropriate statistical techniques. The results confirm both a direct link between indebtedness and psychological stress and an indirect link through the impact of poor health on economic status.

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File URL: http://www.nottingham.ac.uk/cfcm/documents/papers/06-02.pdf
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Bibliographic Info

Paper provided by University of Nottingham, Centre for Finance, Credit and Macroeconomics (CFCM) in its series Discussion Papers with number 06/02.

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Handle: RePEc:not:notcfc:06/02

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Postal: School of Economics University of Nottingham University Park Nottingham NG7 2RD
Phone: (44) 0115 951 5620
Fax: (0115) 951 4159
Web page: http://www.nottingham.ac.uk/cfcm/index.aspx
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Keywords: Financial indebtedness; psychological well-being; self-reported measures.;

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References

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  1. Thomas C. Buchmueller & Agnès Couffinhal & Michel Grignon & Marc Perronnin, 2004. "Access to physician services: does supplemental insurance matter? Evidence from France," Health Economics, John Wiley & Sons, Ltd., vol. 13(7), pages 669-687.
  2. Kreider, Brent & Pepper, John V., 2003. "Inferring Disability Status from Corrupt Data," Staff General Research Papers 10228, Iowa State University, Department of Economics.
  3. Richard Disney & Carl Emmerson & Matthew Wakefield, 2003. "Ill health and retirement in Britain: a panel data based analysis," IFS Working Papers W03/02, Institute for Fiscal Studies.
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  8. Sarah Bridges & Richard Disney, 2004. "Use of credit and arrears on debt among low-income families in the United Kingdom," Fiscal Studies, Institute for Fiscal Studies, vol. 25(1), pages 1-25, March.
  9. Reading, Richard & Reynolds, Shirley, 2001. "Debt, social disadvantage and maternal depression," Social Science & Medicine, Elsevier, vol. 53(4), pages 441-453, August.
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  16. Theodossiou, I., 1998. "The effects of low-pay and unemployment on psychological well-being: A logistic regression approach," Journal of Health Economics, Elsevier, vol. 17(1), pages 85-104, January.
  17. Brown, Sarah & Taylor, Karl & Wheatley Price, Stephen, 2005. "Debt and distress: Evaluating the psychological cost of credit," Journal of Economic Psychology, Elsevier, vol. 26(5), pages 642-663, October.
  18. Jones, Andrew M. & Wildman, John, 2008. "Health, income and relative deprivation: Evidence from the BHPS," Journal of Health Economics, Elsevier, vol. 27(2), pages 308-324, March.
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Citations

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Cited by:
  1. Pamela Lenton & Paul Mosley, 2008. "Debt and Health," Working Papers 2008004, The University of Sheffield, Department of Economics, revised Apr 2008.
  2. Richard Disney & John Gathergood, . "Financial Literacy ad Indebtedness: New Evidence for UK Consumers," Discussion Papers 11/05, University of Nottingham, Centre for Finance, Credit and Macroeconomics (CFCM).
  3. John Gathergood, . "Unemployment Expectations, Credit Commitments and Psychological Health," Discussion Papers 12/03, University of Nottingham, Centre for Finance, Credit and Macroeconomics (CFCM).
  4. repec:ese:iserwp:2011-18 is not listed on IDEAS
  5. Jessica Schicks, 2011. "From a supply gap to a demand gap? The risk and consequences of over-indebting the underbanked," Working Papers CEB 11-046, ULB -- Universite Libre de Bruxelles.
  6. Taylor, Mark P. & Jenkins, Stephen P. & Sacker, Amanda, 2011. "Financial capability and psychological health," Journal of Economic Psychology, Elsevier, vol. 32(5), pages 710-723.
  7. Sweet, Elizabeth & Nandi, Arijit & Adam, Emma K. & McDade, Thomas W., 2013. "The high price of debt: Household financial debt and its impact on mental and physical health," Social Science & Medicine, Elsevier, vol. 91(C), pages 94-100.
  8. Hugo Benítez Silva & Richard Disney & Sergi Jiménez-Martín, 2009. "Disability, capacity for work and the business cycle: An international perspective," Economics Working Papers 1171, Department of Economics and Business, Universitat Pompeu Fabra.
  9. John Gathergood, . "Debt and Depression: Evidence on Casual Links and Social Stigma Effects," Discussion Papers 11/10, University of Nottingham, Centre for Finance, Credit and Macroeconomics (CFCM).

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