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Does exercise keep your wallet healthy? An empirical study between physical activity and household financial vulnerability

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  • Huang, Daqian
  • Tam, Kwo Ping
  • Chen, Bo

Abstract

We provide the first evidence on household financial vulnerability disparities by physical activity using nationally representative data from China Family Panel Studies 2014–2018. Our LPM models show that physical activity helps to reduce the probability of household financial vulnerability by an average of 18 cases per 1000 households, ceteris paribus. In particular, this effect is more significant among household heads with abnormal BMI and those who are middle-aged or elderly. These disparities persist even after individual and household characteristics are controlled. We further show that physical activity can mitigate household financial vulnerability by enhancing health and social networks. Our study highlights physical activity as a novel factor in maintaining household financial stability.

Suggested Citation

  • Huang, Daqian & Tam, Kwo Ping & Chen, Bo, 2026. "Does exercise keep your wallet healthy? An empirical study between physical activity and household financial vulnerability," Finance Research Letters, Elsevier, vol. 94(C).
    • Handle: RePEc:eee:finlet:v:94:y:2026:i:c:s1544612326001327
    DOI: 10.1016/j.frl.2026.109601
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