IDEAS home Printed from https://ideas.repec.org/a/hpe/journl/y2024v249i2p181-210..html
   My bibliography  Save this article

Association of Income and Wealth with Self-reported Health Status: Analysis of European Countries during the Financial Crisis

Author

Listed:
  • Laia Maynou

    (Universitat de Barcelona, Universitat Pompeu Fabra and London School of Economics and Political Science)

  • Marc Saez

    (University of Girona, CIBER of Epidemiology and Public Health (CIBERESP) and Universitat Pompeu Fabra)

  • Guillem López-Casasnovas

    (Universitat Pompeu Fabra)

Abstract

In this paper, we evaluate the association of changes in income and wealth with self-perceived health for the European Union (EU) countries, using a longitudinal sample of individuals. We estimated generalized linear mixed models for three waves of the Eurosystem Household Finance and Consumption Survey (2011, 2015, 2017), adjusting for family and individual heterogeneity and for temporal trends. Results show that variations in income have a positive and significant impact on changes in self-perceived health during the financial crisis, but not after 2015. In conclusion, we find that income, rather than wealth, played an important role in protecting health.

Suggested Citation

  • Laia Maynou & Marc Saez & Guillem López-Casasnovas, 2024. "Association of Income and Wealth with Self-reported Health Status: Analysis of European Countries during the Financial Crisis," Hacienda Pública Española / Review of Public Economics, IEF, vol. 249(2), pages 181-210, June.
    • Handle: RePEc:hpe:journl:y:2024:v:249:i:2:p:181-210.
    as

    Download full text from publisher

    File URL: https://hpe-rpe.org/wp-admin/admin-ajax.php?juwpfisadmin=false&action=wpfd&task=file.download&wpfd_category_id=241&wpfd_file_id=5461&token=5f2a735b76ec981f99612054bfc043a4&preview=1
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Averett, Susan L. & Smith, Julie K., 2014. "Financial hardship and obesity," Economics & Human Biology, Elsevier, vol. 15(C), pages 201-212.
    2. Desu Liu & Mario Menegatti, 2019. "Precautionary Investment in Wealth and Health," Journal of Risk & Insurance, The American Risk and Insurance Association, vol. 86(1), pages 237-255, March.
    3. Hannes Schwandt, 2018. "Wealth Shocks and Health Outcomes: Evidence from Stock Market Fluctuations," American Economic Journal: Applied Economics, American Economic Association, vol. 10(4), pages 349-377, October.
    4. 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.
    5. Aittomäki, Akseli & Martikainen, Pekka & Laaksonen, Mikko & Lahelma, Eero & Rahkonen, Ossi, 2010. "The associations of household wealth and income with self-rated health - A study on economic advantage in middle-aged Finnish men and women," Social Science & Medicine, Elsevier, vol. 71(5), pages 1018-1026, September.
    6. Olympia Bover & Jose Maria Casado & Sonia Costa & Philip Du Caju & Yvonne McCarthy & Eva Sierminska & Panagiota Tzamourani & Ernesto Villanueva & Tibor Zavadil, 2016. "The Distribution of Debt across Euro-Area Countries: The Role of Individual Characteristics, Institutions, and Credit Conditions," International Journal of Central Banking, International Journal of Central Banking, vol. 12(2), pages 71-128, June.
    7. John Gathergood, 2012. "Debt and Depression: Causal Links and Social Norm Effects," Economic Journal, Royal Economic Society, vol. 122(563), pages 1094-1114, September.
    8. Håvard Rue & Sara Martino & Nicolas Chopin, 2009. "Approximate Bayesian inference for latent Gaussian models by using integrated nested Laplace approximations," Journal of the Royal Statistical Society Series B, Royal Statistical Society, vol. 71(2), pages 319-392, April.
    9. Sekhon, Jasjeet S., 2011. "Multivariate and Propensity Score Matching Software with Automated Balance Optimization: The Matching package for R," Journal of Statistical Software, Foundation for Open Access Statistics, vol. 42(i07).
    10. James J. Heckman, 1981. "Heterogeneity and State Dependence," NBER Chapters, in: Studies in Labor Markets, pages 91-140, National Bureau of Economic Research, Inc.
    Full references (including those not matched with items on IDEAS)

    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. Guillem López-Casasnovas & Marc Saez, 2020. "Saved by Wealth? Income, Wealth, and Self-Perceived Health in Spain during the Financial Crisis," IJERPH, MDPI, vol. 17(19), pages 1-20, September.
    2. Blázquez, Maite & Budría, Santiago & Moro-Egido, Ana I., 2020. "Over-indebtedness and age: The effects on individual health," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 87(C).
    3. Maite Blázquez & Santiago Budría, 2018. "The Effects of Over-indebtedness on Individual Health," Hacienda Pública Española / Review of Public Economics, IEF, vol. 227(4), pages 103-131, December.
    4. Maite Blázquez & Santiago Budría & Ana I. Moro‐Egido, 2021. "Job Insecurity, Debt Burdens, and Individual Health," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 67(4), pages 872-899, December.
    5. Maite Blázquez & Ana I. Moro Egido, 2020. "Financial insecurity and subjective well-being. Europe in crossnational perspective," ThE Papers 20/07, Department of Economic Theory and Economic History of the University of Granada..
    6. Mavropoulos, Antonios & Xiong, Qizhou, 2019. "Housing consumption and macroprudential policies in Europe: An ex ante evaluation," IWH Discussion Papers 17/2018, Halle Institute for Economic Research (IWH), revised 2019.
    7. Liu, Jiankun & He, Xiaobin & Dong, Yinxi, 2024. "Household debt and children’s psychological well-being in China: The mediating role of parent–child relations," Children and Youth Services Review, Elsevier, vol. 157(C).
    8. Holzmeister, Felix & Huber, Jürgen & Kirchler, Michael & Schwaiger, Rene, 2022. "Nudging debtors to pay their debt: Two randomized controlled trials," Journal of Economic Behavior & Organization, Elsevier, vol. 198(C), pages 535-551.
    9. Andrew E. Clark & Conchita D'Ambrosio & Marta Barazzetta, 2021. "Childhood circumstances and young adulthood outcomes: The role of mothers' financial problems," Health Economics, John Wiley & Sons, Ltd., vol. 30(2), pages 342-357, February.
    10. Daniel Hojman & Alvaro Miranda & Jaime Ruiz-Tagle, 2013. "Over Indebtedness and Depression: Sad Debt or Sad Debtors?," Working Papers wp385, University of Chile, Department of Economics.
    11. Laia Maynou & Marc Saez & Jordi Bacaria & Guillem Lopez-Casasnovas, 2015. "Health inequalities in the European Union: an empirical analysis of the dynamics of regional differences," The European Journal of Health Economics, Springer;Deutsche Gesellschaft für Gesundheitsökonomie (DGGÖ), vol. 16(5), pages 543-559, June.
    12. Cesar Leandro, Julio & Botelho, Delane, 2022. "Consumer over-indebtedness: A review and future research agenda," Journal of Business Research, Elsevier, vol. 145(C), pages 535-551.
    13. Bénédicte Apouey & Isabelle Chort, 2018. "Are rising house prices really good for your brain? House value and cognitive functioning among older Europeans," Working Papers hal-02141060, HAL.
    14. John Gathergood & Eleonora Fichera, 2012. "House Prices, Home Equity and Health," Discussion Papers 12/07, University of Nottingham, School of Economics.
    15. de Bruijn, Ernst-Jan & Antonides, Gerrit, 2020. "Determinants of financial worry and rumination," Journal of Economic Psychology, Elsevier, vol. 76(C).
    16. Clark, Andrew E. & D’Ambrosio, Conchita & Barrazzetta, Marta, 2019. "Childhood circumstances and young adult outcomes: the role of mothers' financial problems," LSE Research Online Documents on Economics 102630, London School of Economics and Political Science, LSE Library.
    17. de Bruijn, Ernst-Jan & Vethaak, Heike & Koning, Pierre & Knoef, Marike, 2023. "Debt Relief for the Financially Vulnerable: Impact on Employment, Welfare Receipt, and Mental Health," IZA Discussion Papers 16336, Institute of Labor Economics (IZA).
    18. Yunchao Cai & Selamah Abdullah Yusof & Ruzita Bt Mohd Amin & Mohd Nahar Mohd Arshad, 2021. "The Multi-dimensional Effect of Household Debt on Urban Individual Well-Being in Klang Valley Malaysia," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 158(1), pages 23-44, November.
    19. 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.
    20. Eleonora Fichera & John Gathergood, 2016. "Do Wealth Shocks Affect Health? New Evidence from the Housing Boom," Health Economics, John Wiley & Sons, Ltd., vol. 25(S2), pages 57-69, November.

    More about this item

    Keywords

    Self-perceived health; Wealth; Asset composition; European Union.;
    All these keywords.

    JEL classification:

    • I14 - Health, Education, and Welfare - - Health - - - Health and Inequality
    • C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data; Spatio-temporal Models
    • G51 - Financial Economics - - Household Finance - - - Household Savings, Borrowing, Debt, and Wealth

    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:hpe:journl:y:2024:v:249:i:2:p:181-210.. 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: Miguel Gómez de Antonio (email available below). General contact details of provider: https://edirc.repec.org/data/iefgves.html .

    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.