Financial health as a measurable social determinant of health
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 defin...
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description | 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.
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.
Components aligned with other measures of financial health in the literature, and there were strong associations between financial health and health outcomes.
Financial health can be conceived of and measured as a key social determinant of health. |
doi_str_mv | 10.1371/journal.pone.0233359 |
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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.
Components aligned with other measures of financial health in the literature, and there were strong associations between financial health and health outcomes.
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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.
Components aligned with other measures of financial health in the literature, and there were strong associations between financial health and health outcomes.
Financial health can be conceived of and measured as a key social determinant of health.</description><subject>Adult</subject><subject>Banks (Finance)</subject><subject>Canon (Literature)</subject><subject>Caregivers</subject><subject>Caregivers - economics</subject><subject>Caregivers - psychology</subject><subject>Children</subject><subject>Credit scoring</subject><subject>Determinants</subject><subject>Earth Sciences</subject><subject>Economic aspects</subject><subject>Economic conditions</subject><subject>Employment</subject><subject>Empowerment</subject><subject>Entrepreneurship</subject><subject>Feature extraction</subject><subject>Female</subject><subject>Finance</subject><subject>Financial management</subject><subject>Financial services</subject><subject>Food</subject><subject>Hardship</subject><subject>Health - classification</subject><subject>Health - economics</subject><subject>Health aspects</subject><subject>Housing</subject><subject>Housing - economics</subject><subject>Humans</subject><subject>Income</subject><subject>Income - 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economics</topic><topic>Caregivers - psychology</topic><topic>Children</topic><topic>Credit scoring</topic><topic>Determinants</topic><topic>Earth Sciences</topic><topic>Economic aspects</topic><topic>Economic conditions</topic><topic>Employment</topic><topic>Empowerment</topic><topic>Entrepreneurship</topic><topic>Feature extraction</topic><topic>Female</topic><topic>Finance</topic><topic>Financial management</topic><topic>Financial services</topic><topic>Food</topic><topic>Hardship</topic><topic>Health - classification</topic><topic>Health - economics</topic><topic>Health aspects</topic><topic>Housing</topic><topic>Housing - economics</topic><topic>Humans</topic><topic>Income</topic><topic>Income - statistics & numerical data</topic><topic>Low income groups</topic><topic>Male</topic><topic>Medical research</topic><topic>Medicine and Health Sciences</topic><topic>Mental health</topic><topic>Mental Health - economics</topic><topic>Mental Health - trends</topic><topic>Middle Aged</topic><topic>Peer tutoring</topic><topic>People and Places</topic><topic>Planning</topic><topic>Population studies</topic><topic>Poverty - 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Academic</collection><collection>PubMed Central (Full Participant titles)</collection><collection>DOAJ Directory of Open Access Journals</collection><jtitle>PloS one</jtitle></facets><delivery><delcategory>Remote Search Resource</delcategory><fulltext>fulltext</fulltext></delivery><addata><au>Weida, Emily Brown</au><au>Phojanakong, Pam</au><au>Patel, Falguni</au><au>Chilton, Mariana</au><au>Ewen, Heidi H.</au><format>journal</format><genre>article</genre><ristype>JOUR</ristype><atitle>Financial health as a measurable social determinant of health</atitle><jtitle>PloS one</jtitle><addtitle>PLoS One</addtitle><date>2020-05-18</date><risdate>2020</risdate><volume>15</volume><issue>5</issue><spage>e0233359</spage><epage>e0233359</epage><pages>e0233359-e0233359</pages><issn>1932-6203</issn><eissn>1932-6203</eissn><abstract>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.
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.
Components aligned with other measures of financial health in the literature, and there were strong associations between financial health and health outcomes.
Financial health can be conceived of and measured as a key social determinant of health.</abstract><cop>United States</cop><pub>Public Library of Science</pub><pmid>32421755</pmid><doi>10.1371/journal.pone.0233359</doi><tpages>e0233359</tpages><orcidid>https://orcid.org/0000-0001-9747-2597</orcidid><orcidid>https://orcid.org/0000-0002-8290-5262</orcidid><oa>free_for_read</oa></addata></record> |
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subjects | Adult Banks (Finance) Canon (Literature) Caregivers Caregivers - economics Caregivers - psychology Children Credit scoring Determinants Earth Sciences Economic aspects Economic conditions Employment Empowerment Entrepreneurship Feature extraction Female Finance Financial management Financial services Food Hardship Health - classification Health - economics Health aspects Housing Housing - economics Humans Income Income - statistics & numerical data Low income groups Male Medical research Medicine and Health Sciences Mental health Mental Health - economics Mental Health - trends Middle Aged Peer tutoring People and Places Planning Population studies Poverty - psychology Principal components analysis Public assistance Public Assistance - economics Public health Public health movements Regression analysis Savings accounts Social aspects Social capital Social Determinants of Health - classification Social Determinants of Health - economics Social Sciences Studies Surveys and Questionnaires Utilities Well being |
title | Financial health as a measurable social determinant of health |
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