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J Health Econ. 2010 May;29(3):388-403. doi: 10.1016/j.jhealeco.2010.02.003. Epub 2010 Feb 23.

Debt and depression.

Author information

  • 1School of Economics, Sir Clive Granger Building, University of Nottingham, Nottingham NG7 2RD, UK.

Abstract

We examine the effect of household financial indebtedness on psychological well-being using a large household survey of families with children in Britain. Existing studies that find a link between debt and depression tend to utilise small and highly selective samples of people and only self-reported measures of financial stress, responses to which are likely to correlate with subjective measures of health. From additional household data, we can construct a variety of 'objective' quantitative measures of financial stress in order to validate self-reported measures. We show that, although there is a positive association between subjective measures of financial well-being and psychological well-being, individuals differ in their psychological response to objective household financial situations. We also examine how the potential simultaneity of financial and psychological health might be handled.

PMID:
20338649
[PubMed - indexed for MEDLINE]
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