Financial capability, income and psychological wellbeing

Stephen Jenkins, Amanda Sacker and Mark Taylor ()

No 2011-18, ISER Working Paper Series from Institute for Social and Economic Research

Abstract: We examine whether financial capability has impacts on psychological health independent of income and financial resources more generally using a nationally representative survey. British Household Panel Survey data are used to construct a measure of financial capability, which we relate to respondents‟ psychological health using the 12-item General Health Questionnaire. We find that financial capability has significant and substantial effects on psychological health over and above those associated with income and material wellbeing more generally. The sizes of these impacts are considerably larger than those associated with changes in household income. Furthermore having low financial capability exacerbates the psychological costs associated with unemployment and divorce.

Date: 2011-07-15
New Economics Papers: this item is included in nep-hap, nep-hea and nep-ltv
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