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Is Financial Literacy a Determinant of Health?

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  • Melanie Meyer

    (University of Massachusetts, Lowell)

Abstract

Changes in economic conditions and healthcare delivery models have shifted more healthcare costs to patients, resulting in greater patient financial responsibilities. As a result, it is important to understand the potential impact of financial literacy on patients’ healthcare behavior. With the focus on delivering better health outcomes at lower costs, factors that influence patient behavior are important considerations for healthcare providers. Although researchers have proposed a variety of conceptual models that identify influential factors, those models do not fully address financial literacy and its potential impact patients’ healthcare decisions. This article examines existing models of patient healthcare decision-making and current research on factors affecting patient decision-making and behavior and then presents recommendations for closing the identified gap in our current knowledge.

Suggested Citation

  • Melanie Meyer, 2017. "Is Financial Literacy a Determinant of Health?," The Patient: Patient-Centered Outcomes Research, Springer;International Academy of Health Preference Research, vol. 10(4), pages 381-387, August.
    • Handle: RePEc:spr:patien:v:10:y:2017:i:4:d:10.1007_s40271-016-0205-9
    DOI: 10.1007/s40271-016-0205-9
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    References listed on IDEAS

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    1. Smith, Sian K. & Dixon, Ann & Trevena, Lyndal & Nutbeam, Don & McCaffery, Kirsten J., 2009. "Exploring patient involvement in healthcare decision making across different education and functional health literacy groups," Social Science & Medicine, Elsevier, vol. 69(12), pages 1805-1812, December.
    2. Sebastian Bauhoff & Katherine Grace Carman & Amelie Wuppermann, 2013. "Financial Literacy and Consumer Choice of Health Insurance Evidence from Low-Income Populations in the United States," Working Papers WR-1013, RAND Corporation.
    3. Angela Hung & Andrew Parker & Joanne K. Yoong, 2009. "Defining and Measuring Financial Literacy," Working Papers 708, RAND Corporation.
    4. Angela A. Hung & Andrew M. Parker & Joanne K. Yoong, 2009. "Defining and Measuring Financial Literacy," Working Papers WR-708, RAND Corporation.
    5. Flynn, Kathryn E. & Smith, Maureen A. & Vanness, David, 2006. "A typology of preferences for participation in healthcare decision making," Social Science & Medicine, Elsevier, vol. 63(5), pages 1158-1169, September.
    6. Sebastian Bauhoff & Katherine Grace Carman & Amelie Wuppermann, 2013. "Financial Literacy and Consumer Choice of Health Insurance Evidence from Low-Income Populations in the United States," Working Papers 1013, RAND Corporation.
    7. Annamaria Lusardi, 2011. "Americans' Financial Capability," NBER Working Papers 17103, National Bureau of Economic Research, Inc.
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    Cited by:

    1. 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.
    2. Qilong Zheng & Zhen Peng & Shun Ding, 2021. "Financial Literacy, Health Engagement, and Residents’ Health: Evidence from China," IJERPH, MDPI, vol. 18(8), pages 1-18, April.
    3. Jasna Gačić & Stefan Milojević & Snežana Knežević & Miljan Adamović, 2023. "Financial Literacy of Managers in Serbian Health Care Organizations as a Path to Sustainability," Sustainability, MDPI, vol. 15(7), pages 1-26, April.
    4. Julie A. Campbell & Douglas Ezzy & Amanda Neil & Martin Hensher & Alison Venn & Melanie J. Sharman & Andrew J. Palmer, 2018. "A qualitative investigation of the health economic impacts of bariatric surgery for obesity and implications for improved practice in health economics," Health Economics, John Wiley & Sons, Ltd., vol. 27(8), pages 1300-1318, August.
    5. Xiao Ling & Luanfeng Wang & Yuxi Pan & Yanchao Feng, 2023. "The Impact of Financial Literacy on Household Health Investment: Empirical Evidence from China," IJERPH, MDPI, vol. 20(3), pages 1-23, January.
    6. Caitlin S. O’Mara & Justin P. Young & Zachary K. Winkelmann, 2022. "Financial Health Literacy and the Shared Decision-Making Process in Healthcare," IJERPH, MDPI, vol. 19(11), pages 1-6, May.

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