Financial Stressors During the Great Recession and Subsequent Risk of Early Mortality

Abstract

Objective 

The Great Recession in 2008 was a period of severe economic upheaval and myriad financial stressors. Financial stress is associated with poorer health, but for whom is this stress the most health-relevant? The current study examined the association between financial stressors and mortality, as well as whether this association varied based on people’s financial status.

Methods 

Participants from the Midlife in the United States study (n = 2760) were assessed before (2004–2005) and after (2013–2014) the Great Recession (2008). Mortality status was then tracked from 2013 to 2017.

Results 

People who experienced more financial stressors during the Great Recession were at greater risk of early mortality over the 4-year follow-up (hazard ratio [HR] = 1.14 [1.00–1.29], p = .046). This association was moderated by the importance of financial security (B = 0.34 [0.08–0.59], p = .009). Financial stressors were more strongly associated with mortality among people who reported that financial security was important to their well-being (HR = 1.29 [1.08–1.54], p = .006) compared with people who reported it was not (HR = 1.02 [0.82–1.26], p = .89). Household income and subjective financial status did not moderate the association between financial stressors and mortality.

Conclusions 

Experiencing financial stressors during the Great Recession was associated with increased mortality over the 4-year follow-up period, particularly for people who reported financial security was important to their well-being. Interventions designed to reduce financial stress to improve health may benefit from targeting people for whom such stressors are particularly important.