Financial Strain and Health among Elderly Mexican-Origin Individuals

Subjective financial well-being, income and health inequalities in mid and later life in Britain

“…These have found that older people who experienced periods of financial inadequacy throughout the life course report poorer health (Kahn & Pearlin, 2006) and older people reporting current financial strain or subjective financial inadequacy had worse subjective health (Cheng, Chi, Boey, Ko, & Chou, 2002;Nummela, Sulander, Heinonen & Uutela, 2007;Angel et al, 2003). However, these studies did not adjust for level of income.…”

“…Angel et al (2003) argue that it is important to distinguish between SFW and income due to their distinct meanings and potentially individual consequences for health. Objective measures of income do not capture the meaning of income adequacy to individuals (Hazelrigg & Hardy, 1997;Mirowsky & Ross, 1999) with people on low incomes not always reporting financial strain, which indicates that these two measures are different and therefore may differentially impact on health (Angel et al, 2003).…”

“…Angel et al (2003) argue that it is important to distinguish between SFW and income due to their distinct meanings and potentially individual consequences for health. Objective measures of income do not capture the meaning of income adequacy to individuals (Hazelrigg & Hardy, 1997;Mirowsky & Ross, 1999) with people on low incomes not always reporting financial strain, which indicates that these two measures are different and therefore may differentially impact on health (Angel et al, 2003). Kahn and Fazio (2005) highlight that income and financial strain (a form of SFW) are not the same; a level of income that may be sufficient to meet one individual's needs may be insufficient for another individual (Zimmerman & Katon, 2005).…”

“…Kahn and Fazio (2005) highlight that income and financial strain (a form of SFW) are not the same; a level of income that may be sufficient to meet one individual's needs may be insufficient for another individual (Zimmerman & Katon, 2005). Social comparison and expectation may lead to differences in the perception of the adequacy of income (Angel et al, 2003). Perceptions of income adequacy are likely to be related to comparisons with an individual's reference groups, with these perceptions varying across different local and societal contexts (Whelan, Layte, Maitre & Nolan, 2001;Whelan & Maitre, 2013).…”

“…Secondly, subjective financial well-being may be linked to health through perceptions of 'financial strain/economic stress' because of inability to manage on their income, which involves psycho-social processes associated with stress, anxiety and helplessness (Bartley, 2004: Kahn & Fazio, 2005. Both of these mechanisms are likely to have longer-term negative impacts on health and well-being due to feelings of lack of a sense of control, hopelessness, demoralisation, and reductions in self-worth and self-confidence (Angel et al 2003;Pearlin, Menaghan, Lieberman & Mullan, 1981).…”