IDEAS home Printed from https://ideas.repec.org/a/gam/jijerp/v19y2022i3p1798-d742499.html
   My bibliography  Save this article

Financial Factors and Psychological Distress during the COVID-19 Pandemic in Poland

Author

Listed:
  • Katarzyna Sekścińska

    (Faculty of Psychology, University of Warsaw, 00-183 Warsaw, Poland)

  • Agata Trzcińska

    (Faculty of Psychology, University of Warsaw, 00-183 Warsaw, Poland)

  • Daniel Pankowski

    (Faculty of Psychology, University of Warsaw, 00-183 Warsaw, Poland
    Institute of Psychology, University of Economics and Human Sciences in Warsaw, 01-043 Warsaw, Poland)

  • Ewa Pisula

    (Faculty of Psychology, University of Warsaw, 00-183 Warsaw, Poland)

  • Kinga Wytrychiewicz-Pankowska

    (Faculty of Psychology, University of Warsaw, 00-183 Warsaw, Poland
    Institute of Psychology, University of Economics and Human Sciences in Warsaw, 01-043 Warsaw, Poland)

Abstract

During the COVID-19 pandemic, many factors have simultaneously affected people’s psychological distress (PD). The most commonly studied types of factors have been those relating to health risks involving SARS-CoV-2 infection and sociodemographic factors. However, financial changes at both the national and global levels and these changes’ influences on people’s personal finances constitute another group of factors with the potential to cause symptoms of anxiety and depression. A correlation study of 1135 working adults in Poland was conducted to analyze the roles of a wide range of financial variables in explaining the extent of people’s PD during the pandemic. Three groups of financial factors predicted PD over and above sociodemographic variables and COVID-19 health-related factors: a person’s objective financial situation, their subjective financial situation, and their individual financial disposition, the last of these being the most important. The present study adds to the current state of knowledge by showing that financial variables explain a significant portion of variance in PD over and above sociodemographic and COVID-19 health-related factors. Moreover, the study also identified individual financial variables that were capable of predicting people’s psychological distress during the pandemic.

Suggested Citation

  • Katarzyna Sekścińska & Agata Trzcińska & Daniel Pankowski & Ewa Pisula & Kinga Wytrychiewicz-Pankowska, 2022. "Financial Factors and Psychological Distress during the COVID-19 Pandemic in Poland," IJERPH, MDPI, vol. 19(3), pages 1-19, February.
    • Handle: RePEc:gam:jijerp:v:19:y:2022:i:3:p:1798-:d:742499
    as

    Download full text from publisher

    File URL: https://www.mdpi.com/1660-4601/19/3/1798/pdf
    Download Restriction: no
    File URL: https://www.mdpi.com/1660-4601/19/3/1798/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Raghunathan, Rajagopal & Pham, Michel Tuan, 1999. "All Negative Moods Are Not Equal: Motivational Influences of Anxiety and Sadness on Decision Making, , , , ," Organizational Behavior and Human Decision Processes, Elsevier, vol. 79(1), pages 56-77, July.
    2. 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.
    3. Xiao-Fei Xie & Eric Stone & Rui Zheng & Ruo-Gu Zhang, 2011. "The 'Typhoon Eye Effect’: determinants of distress during the SARS epidemic," Journal of Risk Research, Taylor & Francis Journals, vol. 14(9), pages 1091-1107, October.
    4. repec:cup:judgdm:v:1:y:2006:i::p:33-47 is not listed on IDEAS
    5. van Giesen, Roxanne I. & Pieters, Rik, 2019. "Climbing out of an economic crisis: A cycle of consumer sentiment and personal stress," Journal of Economic Psychology, Elsevier, vol. 70(C), pages 109-124.
    6. Richins, Marsha L & Dawson, Scott, 1992. "A Consumer Values Orientation for Materialism and Its Measurement: Scale Development and Validation," Journal of Consumer Research, Journal of Consumer Research Inc., vol. 19(3), pages 303-316, December.
    7. Gardner, Jonathan & Oswald, Andrew J., 2007. "Money and mental wellbeing: A longitudinal study of medium-sized lottery wins," Journal of Health Economics, Elsevier, vol. 26(1), pages 49-60, January.
    8. Michael Gutter & Zeynep Copur, 2011. "Financial Behaviors and Financial Well-Being of College Students: Evidence from a National Survey," Journal of Family and Economic Issues, Springer, vol. 32(4), pages 699-714, December.
    9. Kuhnen, Camelia M. & Knutson, Brian, 2011. "The Influence of Affect on Beliefs, Preferences, and Financial Decisions," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 46(3), pages 605-626, June.
    10. Ioulia Solomou & Fofi Constantinidou, 2020. "Prevalence and Predictors of Anxiety and Depression Symptoms during the COVID-19 Pandemic and Compliance with Precautionary Measures: Age and Sex Matter," IJERPH, MDPI, vol. 17(14), pages 1-19, July.
    11. Wildman, John, 2003. "Income related inequalities in mental health in Great Britain: analysing the causes of health inequality over time," Journal of Health Economics, Elsevier, vol. 22(2), pages 295-312, March.
    12. Yeli Wang & Monica Palanichamy Kala & Tazeen H Jafar, 2020. "Factors associated with psychological distress during the coronavirus disease 2019 (COVID-19) pandemic on the predominantly general population: A systematic review and meta-analysis," PLOS ONE, Public Library of Science, vol. 15(12), pages 1-27, December.
    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. Mateusz Babicki & Bogna Bogudzińska & Krzysztof Kowalski & Agnieszka Mastalerz-Migas, 2022. "Depression, Anxiety and Quality of Life among Online Responders in Poland: A Cross-Sectional Study Covering Four Waves of the COVID-19 Pandemic," IJERPH, MDPI, vol. 19(16), pages 1-16, August.
    2. Tiberiu Constantin Ionescu & Bogdana Ioana Fetecau & Stefan Zaharia & Elma-Maria Mînecan & Catalina Tudose, 2023. "Sleepless Pandemic: A Cross-Sectional Analysis of Insomnia Symptoms among Professionally Active Romanians during the COVID-19 Pandemic," Sustainability, MDPI, vol. 15(2), pages 1-16, January.

    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. Bridges, Sarah & Disney, Richard, 2010. "Debt and depression," Journal of Health Economics, Elsevier, vol. 29(3), pages 388-403, May.
    2. John Gathergood, 2011. "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).
    3. Elena Lagomarsino & Alessandro Spiganti, 2020. "No gain in pain: psychological well-being, participation, and wages in the BHPS," The European Journal of Health Economics, Springer;Deutsche Gesellschaft für Gesundheitsökonomie (DGGÖ), vol. 21(9), pages 1375-1389, December.
    4. Clinton Gudmunson & Sharon Danes, 2011. "Family Financial Socialization: Theory and Critical Review," Journal of Family and Economic Issues, Springer, vol. 32(4), pages 644-667, December.
    5. Brown, Sarah & Harris, Mark N. & Srivastava, Preety & Taylor, Karl, 2018. "Mental Health and Reporting Bias: Analysis of the GHQ-12," IZA Discussion Papers 11771, Institute of Labor Economics (IZA).
    6. Suzanne Bartholomae & Jonathan J. Fox, 2021. "A Decade Review of Research on College Student Financial Behavior and Well-Being," Journal of Family and Economic Issues, Springer, vol. 42(1), pages 154-177, July.
    7. Nepomuceno, Marcelo Vinhal & Laroche, Michel, 2015. "The impact of materialism and anti-consumption lifestyles on personal debt and account balances," Journal of Business Research, Elsevier, vol. 68(3), pages 654-664.
    8. Lenka Mynaříková & Vít Pošta, 2023. "The Effect of Consumer Confidence and Subjective Well-being on Consumers’ Spending Behavior," Journal of Happiness Studies, Springer, vol. 24(2), pages 429-453, February.
    9. Gagandeep Kaur & Manjit Singh & Sanjay Gupta, 2023. "Analysis of key factors influencing individual financial well-being using ISM and MICMAC approach," Quality & Quantity: International Journal of Methodology, Springer, vol. 57(2), pages 1533-1559, April.
    10. Helen Duh & Sarah Benmoyal-Bouzaglo & George Moschis & Lilia Smaoui, 2015. "Examination of Young Adults’ Materialism in France and South Africa Using Two Life-Course Theoretical Perspectives," Journal of Family and Economic Issues, Springer, vol. 36(2), pages 251-262, June.
    11. Mujcic, Redzo & Powdthavee, Nattavudh, 2022. "How Do Humans Respond to Huge Financial Losses?," IZA Discussion Papers 15536, Institute of Labor Economics (IZA).
    12. Stevenson, Clifford & Costa, Sebastiano & Wakefield, Juliet R.H. & Kellezi, Blerina & Stack, Rebecca J., 2020. "Family identification facilitates coping with financial stress: A social identity approach to family financial resilience," Journal of Economic Psychology, Elsevier, vol. 78(C).
    13. Colin P. Green & Gareth D. Leeves, 2013. "Job Security, Financial Security and Worker Well-being: New Evidence on the Effects of Flexible Employment," Scottish Journal of Political Economy, Scottish Economic Society, vol. 60(2), pages 121-138, May.
    14. Hafsah Saeed & Ardalan Eslami & Najah T. Nassif & Ann M. Simpson & Sara Lal, 2022. "Anxiety Linked to COVID-19: A Systematic Review Comparing Anxiety Rates in Different Populations," IJERPH, MDPI, vol. 19(4), pages 1-26, February.
    15. Asli Elif Aydin, 2022. "Psychological and demographic factors influencing responsible credit card debt payment," Journal of Financial Services Marketing, Palgrave Macmillan, vol. 27(1), pages 17-26, March.
    16. Gambetti, Elisa & Giusberti, Fiorella, 2012. "The effect of anger and anxiety traits on investment decisions," Journal of Economic Psychology, Elsevier, vol. 33(6), pages 1059-1069.
    17. Daniel Gray, 2014. "Financial Concerns and Overall Life Satisfaction: A Joint Modelling Approach," Working Papers 2014008, The University of Sheffield, Department of Economics.
    18. Heather Brown & Jennifer Roberts, 2014. "Gender Role Identity, Breadwinner Status and Psychological Well-being in the Household," Working Papers 2014004, The University of Sheffield, Department of Economics.
    19. Umer Mushtaq Lone & Suhail Ahmad Bhat, 2024. "Impact of financial literacy on financial well-being: a mediational role of financial self-efficacy," Journal of Financial Services Marketing, Palgrave Macmillan, vol. 29(1), pages 122-137, March.
    20. Mo Li & Taiyang Zhao & Ershuai Huang & Jianan Li, 2020. "How Does a Public Health Emergency Motivate People’s Impulsive Consumption? An Empirical Study during the COVID-19 Outbreak in China," IJERPH, MDPI, vol. 17(14), pages 1-13, July.

    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:gam:jijerp:v:19:y:2022:i:3:p:1798-:d:742499. 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: MDPI Indexing Manager (email available below). General contact details of provider: https://www.mdpi.com .

    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.