Effect of financial stress on self-rereported health and quality of life among older adults in five developing countries: a cross sectional analysis of WHO-SAGE survey

Abstract

In developing countries, older adults (65 years of age and above) share an increased vulnerability to catastrophic health expenditures and financial stress which can have significant bearing on their health and well-being. Currently, research evidence on how financial stress correlates with health and well-being among older adults in the developing countries is limited. Therefore, in this study, we aimed to assess the relationship between financial stress and subjective 1) health, 2) depression, 3) quality of life, and 4) life satisfaction among older adults in five developing countries. Methods Data used in this study were cross-sectional which were collected from the first wave of Study on Global AGEing and Health (SAGE) survey of World Health Organization. Sample population were 12,299 community dwelling men and women in China ( n = 4548), Ghana ( n = 1968), India ( n = 2441), South Africa ( n = 1924), and Russia ( n = 1418). Using generalized linear models with logit links, we assessed the correlation between self-reported financial stress and income inequality with the four outcome measures by adjusting for various sociodemographic factors. Results Overall, the prevalence of good self-reported health, quality of life and positive life-satisfaction was 47.11, 79.25 and 44.40% respectively, while 20.13% of the participants reported having depression during past 12 months. Only about a fifth (18.67%) of the participants reported having enough money to meet daily their necessities completely, while more than quarter (28.45%) were in the lowest income quintile. With a few exceptions, the odds of reporting good self-reported health, quality of life, and life satisfaction were generally lower among those with varying degrees of financial stress, and larger among those in the higher income quintiles. Conversely, the likelihood of self-reported depression was significantly higher among those with any level of financial stress, and lower among those in the higher income quintiles. Conclusion This study concludes that both subjectively and objectively measured financial stress are inversely associated with good self-reported health, quality of life, life satisfaction, and positively associated with self-reported depression among older adults.

Abuse and Discrimination Experienced by Older Women in the Era of COVID-19: A Two-Wave Representative Community Survey in Hong Kong

“…Good financial health appeared to be a positive correlate of physical and mental health among older women. In line with previous research ( Huang et al, 2020 ), a lower level of financial strain was associated with better self-perceived physical and mental health. The associations between financial health and well-being can be both direct and indirect: On one hand, better financial health may imply better resources to promote health in general; on the other hand, financial status may have some extra indirect effects on seniors’ health as financial instability could be a risk factor for family conflicts and violence ( Chang & Levy, 2021 ).…”

An exploration of the sociodemographic and health conditions associated with self-rated wellbeing for Aboriginal and Torres Strait Islander adults

“…Other studies identifying aspects of life that are important to the wellbeing of Indigenous Australians also found that employment, education and money are needed to achieve good wellbeing [ 6 , 10 , 11 ]. Our results are consistent with previous studies in other populations that identified important socioeconomic impacts on wellbeing or quality-of-life, including financial stability for respondents in China, Ghana, India, South Africa, Russia and the United States [ 12 , 13 ], employment in the general Australian population [ 14 ], and higher education in the United States [ 13 ]. Socioeconomic disadvantage is consistently associated with poorer health outcomes for Indigenous Australians with cancer [ 15 ], cardiovascular disease [ 16 , 17 ], psychological distress [ 18 ], and liver cirrhosis [ 19 ], and have been associated with potentially preventable hospital admissions [ 20 ].…”

Self‐reported wellbeing and health‐related quality of life of Aboriginal and Torres Strait Islander people pre and post the first wave of the COVID‐19 2020 pandemic

“…We found that respondents reporting lower financial stability had lower baseline wellbeing and HRQoL. The association between financial instability and reduced wellbeing and HRQoL has been described in other populations, however this link is unclear for Aboriginal and Torres Strait Islander people 28,29 . We found that respondents with the least financial stability had greater declines in wellbeing over time, while those with the most financial stability experienced the greatest declines in HRQoL.…”