[Health problems and household debt in Spain: an exploratory analysis]

To examine whether health problems, measured by the number of chronic conditions and self-perceived health status, are associated to the ownership and amount of consumer and mortgage debt in Spain.

A cross-sectional study based on data from the SHARE survey, referred to 2021-2022. The final sample comprises 1583 individuals residing in Spain, mostly aged 50 and over. The empirical analysis was conducted in two stages: first, a probit model was used to estimate the probability of holding debt; second, a linear regression model was estimated using the log-transformed dependent variable to analyse the potential factors associated with the amount of debt.

The empirical evidence reveals a positive association between the number of chronic health conditions and both the likelihood and amount of consumer and mortgage debt. Likewise, poor self-perceived health is also positively associated with the presence and volume of debt.

The findings suggest that a poor health status is positively linked to the presence and volume of debt among the Spanish population aged 50 and over. These findings underscore the need to strengthen household financial planning to mitigate economic vulnerabilities arising from health deterioration, as well as to reinforce the healthcare system by expanding services or reducing waiting times. In a country with a high rate of population aging, such measures are crucial given the higher prevalence of illness in older age groups.