|Title||Does How We Feel About Financial Strain Matter for Mental Health?|
|Publication Type||Journal Article|
|Year of Publication||2017|
|Authors||Asebedo, SD, Wilmarth, MJ|
|Journal||Journal of Financial Therapy|
|Keywords||Depressive symptoms, Financial burden, Mental Health, Stress|
This study investigated how stress responses to financial strain are related to mental health (i.e., depression) to answer the question: Does how we feel about financial strain matter? Informed by the ABC-X model of family stress and analyzed with data from the Health and Retirement Study (HRS), results reveal that financial strain is significantly related to increased depression; however, financial stress was found to moderate this relationship. Financially strained respondents without a stress response did not have significantly different depression scores than those who were not experiencing financial strain; however, depression scores increased as the stress response to financial strain increased. Consistent with the ABC-X model, results suggest that financial strain is a neutral event until it is processed and interpreted by an individual, with subjective perceptions a more powerful predictor of mental health than objective financial circumstances. These results emphasize an area of synergy for financial and mental health researchers and professionals.
|Short Title||Journal of Financial Therapy|