IDEAS home Printed from https://ideas.repec.org/a/plo/pone00/0233359.html
   My bibliography  Save this article

Financial health as a measurable social determinant of health

Author

Listed:
  • Emily Brown Weida
  • Pam Phojanakong
  • Falguni Patel
  • Mariana Chilton

Abstract

Objectives: Financial health, understood as one’s ability to manage expenses, prepare for and recover from financial shocks, have minimal debt, and ability to build wealth, underlies all facets of daily living such as securing food and paying for housing, yet there is inconsistency in measurement and definition of this critical concept. Most social determinants research and interventions focus on siloed solutions (housing, food, utilities) rather than on a root solution such as financial health. In light of the paucity of public health research on financial health, particularly among low-income populations, this study seeks to: 1) introduce the construct of financial health into the domain of public health as a useful root term that underlies other individual measures of economic hardship and 2) demonstrate through outcomes on financial, physical and mental health among low-income caregivers of young children that the construct of financial health belongs in the canon of social determinants of health. Materials and methods: In order to extract features of financial health relevant to overall well-being, principal components analysis were used to assess survey data on banking and personal finances among caregivers of young children who participate in public assistance. Then, a series of logistic regressions were utilized to examine the relationship between components of financial health, depression and self-rated health. Results: Components aligned with other measures of financial health in the literature, and there were strong associations between financial health and health outcomes. Practice implications: Financial health can be conceived of and measured as a key social determinant of health.

Suggested Citation

  • Emily Brown Weida & Pam Phojanakong & Falguni Patel & Mariana Chilton, 2020. "Financial health as a measurable social determinant of health," PLOS ONE, Public Library of Science, vol. 15(5), pages 1-14, May.
    • Handle: RePEc:plo:pone00:0233359
    DOI: 10.1371/journal.pone.0233359
    as

    Download full text from publisher

    File URL: https://journals.plos.org/plosone/article?id=10.1371/journal.pone.0233359
    Download Restriction: no
    File URL: https://journals.plos.org/plosone/article/file?id=10.1371/journal.pone.0233359&type=printable
    Download Restriction: no
    File URL: https://libkey.io/10.1371/journal.pone.0233359?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Annamaria Lusardi & Daniel Schneider & Peter Tufano, 2011. "Financially Fragile Households: Evidence and Implications," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 42(1 (Spring), pages 83-150.
    2. James P. Smith, 1999. "Healthy Bodies and Thick Wallets: The Dual Relation between Health and Economic Status," Journal of Economic Perspectives, American Economic Association, vol. 13(2), pages 145-166, Spring.
    3. Arber, Sara & Fenn, Kirsty & Meadows, Robert, 2014. "Subjective financial well-being, income and health inequalities in mid and later life in Britain," Social Science & Medicine, Elsevier, vol. 100(C), pages 12-20.
    4. Ford, Chandra L. & Airhihenbuwa, Collins O., 2010. "The public health critical race methodology: Praxis for antiracism research," Social Science & Medicine, Elsevier, vol. 71(8), pages 1390-1398, October.
    5. Cutts, D.B. & Meyers, A.F. & Black, M.M. & Casey, P.H. & Chilton, M. & Cook, J.T. & Geppert, J. & De Cuba, S.E. & Heeren, T. & Coleman, S. & Rose-Jacobs, R. & Frank, D.A., 2011. "US housing insecurity and the health of very young children," American Journal of Public Health, American Public Health Association, vol. 101(8), pages 1508-1514.
    6. Lindsay R. Wilkinson, 2016. "Financial Strain and Mental Health Among Older Adults During the Great Recession," The Journals of Gerontology: Series B, The Gerontological Society of America, vol. 71(4), pages 745-754.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Samuel, Laura J. & Abshire Saylor, Martha & Choe, Monica Y. & Smith Wright, Rhonda & Kim, Boeun & Nkimbeng, Manka & Mena-Carrasco, Fernando & Beak, Jieun & Szanton, Sarah L., 2025. "Financial strain measures and associations with adult health: A systematic literature review," Social Science & Medicine, Elsevier, vol. 364(C).
    2. Latrice C. Pichon & Megan L. Wilkins & Gisela Guerrero & Andrea L. Williams Stubbs & Edward D. Wiley & Justin Dodson & Carla London & Michelle Teti, 2022. "Sustaining an HIV Prevention and Wellness Program for Sexual Gender Minorities during the COVID-19 Pandemic," IJERPH, MDPI, vol. 19(4), pages 1-10, February.
    3. Jing Jian Xiao & Piotr Bialowolski, 2023. "Consumer Financial Capability and Quality of Life: a Global Perspective," Applied Research in Quality of Life, Springer;International Society for Quality-of-Life Studies, vol. 18(1), pages 365-391, February.
    4. Wandeda, Dickson Onyango & Were, Maureen, 2023. "Financial Decision-Making Dynamics Among Women and Financial Health in Kenya: Propensity Score Matching," African Journal of Economic Review, African Journal of Economic Review, vol. 11(5), December.
    5. Sicong Sun & Yu-Chih Chen, 2022. "Is Financial Capability a Determinant of Health? Theory and Evidence," Journal of Family and Economic Issues, Springer, vol. 43(4), pages 744-755, December.
    6. Piotr Bialowolski & Jing Jian Xiao & Dorota Weziak-Bialowolska, 2023. "National Culture and Financial Capability: A Global Perspective," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 170(3), pages 877-891, December.
    7. Ma, Liang & He, Qiqi & Gan, Qixu, 2025. "Impact of short-term labor contracts on financial health: Evidence from migrant worker households in China," Economic Analysis and Policy, Elsevier, vol. 85(C), pages 448-463.
    8. Sarah Bérubé-Lalancette & Monica Lavoie & Annie Légaré & Valérie Poulin & Marie-Ève Lamontagne & Joëlle Duchesne & Laura Monetta, 2025. "Towards Better Communication Accessibility for People Living with Aphasia: Identifying Barriers and Facilitators in Financial Institutions," Disabilities, MDPI, vol. 5(3), pages 1-14, August.
    9. Fatin Athirah Mohd Fazi & Siti Nurul Akma Ahmad & Nurul Amyra Mat Isa & Siti Mariam Ali, 2025. "An Overview of Financial Stress and Health Outcomes: The Moderating Role of Social Support," Information Management and Business Review, AMH International, vol. 17(1), pages 209-217.
    10. Todd A Watkins & Khue Nguyen & Hamza Ali & Rishikesh Gummakonda & Jacques Pelman & Brianna Taracena, 2023. "The impact of access to financial services on mitigating COVID-19 mortality globally," PLOS Global Public Health, Public Library of Science, vol. 3(3), pages 1-18, March.
    11. Yeshambel T Nigatu & Tara Elton-Marshall & Hayley A Hamilton, 2023. "Changes in household debt due to COVID-19 and mental health concerns among adults in Ontario, Canada," International Journal of Social Psychiatry, , vol. 69(3), pages 774-783, May.
    12. Berndt, Caro, 2025. "Finanzen und Gesundheit: Per Rezept zum finanziellen Wohlbefinden?," iff-Überschuldungsradar 2025/44, Institut für Finanzdienstleistungen e.V. (iff).
    13. Katie Bonner & Natalia Fana & Sarah Lunney & Sarah Campbell & Deanna Merriam & Cristian Estrella Almonte & Sarah Gander, 2025. "Eyeing ID: Access to Identification as a Barrier to Banking and Other Social Determinants of Health," IJERPH, MDPI, vol. 22(10), pages 1-14, October.
    14. Nicolas Oliveira Cardoso & Juliana Markus & Wagner Lara Machado & Alexandre Anselmo Guilherme, 2023. "Measuring Financial Well-Being: A Systematic Review of Psychometric Instruments," Journal of Happiness Studies, Springer, vol. 24(8), pages 2913-2939, December.
    15. Anindita Almira Luthfi & Sri Rahayu Hijrah Hati, 2025. "Determinants of Sharia digital gold investment intention among Jabodetabek Muslim youth," Asian Journal of Islamic Management (AJIM), Center for Islamic Economics and Development Studies [P3EI], vol. 7(1), pages 41-57.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Vieri Lastrucci & Chiara Lorini & Saverio Caini & Florence Health Literacy Research Group & Guglielmo Bonaccorsi, 2019. "Health literacy as a mediator of the relationship between socioeconomic status and health: A cross-sectional study in a population-based sample in Florence," PLOS ONE, Public Library of Science, vol. 14(12), pages 1-14, December.
    2. Piotr Bialowolski & Dorota Weziak-Bialowolska & Eileen McNeely, 2021. "The Role of Financial Fragility and Financial Control for Well-Being," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 155(3), pages 1137-1157, June.
    3. Bialowolski, Piotr & Weziak-Bialowolska, Dorota & McNeely, Eileen, 2021. "A socially responsible financial institution – The bumpy road to improving consumer well-being," Evaluation and Program Planning, Elsevier, vol. 86(C).
    4. Galama, Titus & Kapteyn, Arie, 2011. "Grossman’s missing health threshold," Journal of Health Economics, Elsevier, vol. 30(5), pages 1044-1056.
    5. Filiz-Ozbay, Emel & Guryan, Jonathan & Hyndman, Kyle & Kearney, Melissa & Ozbay, Erkut Y., 2015. "Do lottery payments induce savings behavior? Evidence from the lab," Journal of Public Economics, Elsevier, vol. 126(C), pages 1-24.
    6. Barik, Debasis & Desai, Sonalde & Vanneman, Reeve, 2018. "Economic Status and Adult Mortality in India: Is the Relationship Sensitive to Choice of Indicators?," World Development, Elsevier, vol. 103(C), pages 176-187.
    7. Alan B. Krueger, 2002. "Inequality, Too Much of a Good Thing," Working Papers 845, Princeton University, Department of Economics, Industrial Relations Section..
    8. Onyumbe Enumbe Ben Lukongo & Thomas W. Miller, 2022. "The cost of rate caps: Evidence from Arkansas," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 45(4), pages 881-909, December.
    9. Lv, Xueliang & Yu, Yue & Zhao, Xiaomeng & Si, Deng-Kui, 2023. "Minimum wage and household economic vulnerability: Evidence from China," Economic Analysis and Policy, Elsevier, vol. 80(C), pages 624-646.
    10. Gabriella Conti & James J. Heckman & Rodrigo Pinto, 2016. "The Effects of Two Influential Early Childhood Interventions on Health and Healthy Behaviour," Economic Journal, Royal Economic Society, vol. 126(596), pages 28-65, October.
    11. Andrea M. Mühlenweg & Franz G. Westermaier & Brant Morefield, 2016. "Parental health and child behavior: evidence from parental health shocks," Review of Economics of the Household, Springer, vol. 14(3), pages 577-598, September.
    12. Kartik Athreya & José Mustre-del-Río & Juan M Sánchez, 2019. "The Persistence of Financial Distress," The Review of Financial Studies, Society for Financial Studies, vol. 32(10), pages 3851-3883.
    13. Patrick Bayer & Stephen L. Ross, 2006. "Identifying Individual and Group Effects in the Presence of Sorting: A Neighborhood Effects Application," Working papers 2006-13, University of Connecticut, Department of Economics, revised Jan 2009.
    14. Clara Zanon Brenck, 2022. "Inequality, Debt Dynamics and the Incidence of Tax Rates: Addressing Macroeconomic Instability in a Post Keynesian Model," Working Papers 2212, New School for Social Research, Department of Economics.
    15. Federico Belotti & Joanna Kopinska & Alessandro Palma & Andrea Piano Mortari, 2022. "Health status and the Great Recession. Evidence from electronic health records," Health Economics, John Wiley & Sons, Ltd., vol. 31(8), pages 1770-1799, August.
    16. Burlinson, Andrew & Giulietti, Monica & Law, Cherry & Liu, Hui-Hsuan, 2021. "Fuel poverty and financial distress," Energy Economics, Elsevier, vol. 102(C).
    17. Jinhee Kim & Swarn Chatterjee, 2019. "Student Loans, Health, and Life Satisfaction of US Households: Evidence from a Panel Study," Journal of Family and Economic Issues, Springer, vol. 40(1), pages 36-50, March.
    18. Odeyemi Gbenga A., 2015. "Understanding the Dynamics between Income and Health: Evidence Form African’s Richest and Poorest Countries," Journal of Public Policy & Governance, Research Academy of Social Sciences, vol. 2(2), pages 56-67.
    19. Elena Cottini & Claudio Lucifora, 2013. "GINI DP 86: Inequalities at work Job quality, Health and Low pay in European Workplaces," GINI Discussion Papers 86, AIAS, Amsterdam Institute for Advanced Labour Studies.
    20. Hernández-Quevedo, Cristina & Jones, Andrew M. & Rice, Nigel, 2008. "Persistence in health limitations: A European comparative analysis," Journal of Health Economics, Elsevier, vol. 27(6), pages 1472-1488, December.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:plo:pone00:0233359. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: plosone (email available below). General contact details of provider: https://journals.plos.org/plosone/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.