Financial assets and mental health over time

Area of Science:

• Socioeconomic Determinants of Health
• Mental Health Research
• Financial Psychology

Background:

• Financial assets, beyond income, are crucial for accessing resources impacting well-being.
• Limited research exists on how non-income financial assets specifically influence mental health outcomes.
• Understanding the role of diverse financial assets is vital for comprehensive public health strategies.

Purpose of the Study:

• To investigate the association between financial assets and mental health, specifically symptoms of depression and anxiety.
• To determine if financial assets, independent of income, predict mental health status.
• To analyze trends in mental health disparities related to financial assets over a four-year period.

Main Methods:

• Utilized a nationally representative longitudinal survey of U.S. adults (2020-2023, n=1,296).
• Employed multivariable logistic regression to assess financial assets and income against depression (PHQ-9) and anxiety (GAD-7) screening scores.
• Controlled for demographic factors and year fixed effects to isolate the impact of financial assets.

Main Results:

• Adults with <$5,000 in financial assets showed over double the odds of depression, anxiety, and co-occurring symptoms compared to those with ≥$100,000.
• Annual household income was not significantly associated with anxiety symptoms when controlling for financial assets.
• The disparity in depression screening rates between different financial asset groups remained consistent throughout the study period.

Conclusions:

• Accrued financial assets are a significant predictor of mental health, independent of annual income.
• Policies addressing financial security should consider the impact of asset accumulation, not just income levels.
• The findings highlight the critical role of financial resilience in mitigating mental health challenges.