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Financial health as a measurable social determinant of health

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  • 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
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    References listed on IDEAS

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    5. 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.

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