Cross-sectional association of financial anxiety, medical conditions and preferences for financial interventions

Salene M.W. Jones

Journal of Behavioral and Experimental Finance, 2021, vol. 30, issue C

Abstract: Financial anxiety is an important aspect of psychological financial burden but has been understudied within the context of healthcare. This study examined the association of financial anxiety with interest in various financial interventions in people with and without medical conditions. Participants completed an online survey that included measures of financial anxiety and self-reported medical conditions as well as interest level in receiving various financial interventions. In the total sample, higher financial anxiety was associated with less interest in employment programs and more interest in an online database of resources and treatment specific for financial anxiety. In the subsample with medical conditions, higher financial anxiety was associated with more interest in an online resources database and treatment specific for financial anxiety. Financial anxiety was unrelated to interventions providing direct support such as basic needs assistance, medical costs assistance and help repaying debts. Results suggest interventions that combine support for financial coping skills with therapy directly targeting anxiety may be most helpful for reducing financial anxiety in the medical setting.

Keywords: Economic wellbeing; Financial hardship; Financial strain; Financial stress (search for similar items in EconPapers)
Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:eee:beexfi:v:30:y:2021:i:c:s2214635021000174

DOI: 10.1016/j.jbef.2021.100473

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