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The Effects of Financial Behavior and Health Insurance in Physical and Mental Health

A special issue of International Journal of Environmental Research and Public Health (ISSN 1660-4601). This special issue belongs to the section "Health Economics".

Deadline for manuscript submissions: closed (31 July 2023) | Viewed by 11703

Special Issue Editors

Dr. Inmaculada Aguiar-Díaz

E-Mail Website1 Website2
Guest Editor
Department of Financial Economy and Accounting, Faculty of Economy, Business and Tourism, University of Las Palmas de Gran Canaria, 35017 Las Palmas, Spain
Interests: corporate finance; bankruptcy; financial behavior; insurance; health economics
Dr. María Victoria Ruiz-Mallorquí

E-Mail Website1 Website2
Guest Editor
Department of Financial Economy and Accounting, Faculty of Economy, Business and Tourism, University of Las Palmas de Gran Canaria, 35017 Las Palmas, Spain
Interests: corporate finance; corporate governance; bankruptcy; insurance; health economics

Special Issue Information

Dear Colleagues,

Financial decisions must be adopted in accordance with individuals’ risk tolerance. Thus, a high level of indebtedness can lead to insolvency; this in turn generates stress, which affects people's mental and physical health. Likewise, investment in high-risk financial products generates uncertainty regarding the results, which may affect stress levels depending on the investor’s degree of subjective risk tolerance. Additionally, health insurance is not only a protection mechanism for health, but also for family finance. In this sense, the security offered by private health insurance can lead to risky financial decisions that allow for better returns, and such protection facilitates the availability of resources for riskier financial investments. Likewise, analysis of gender and age, as well as the national culture, as possible moderators of the relationships between financial behavior and health is of particular interest.

This Special Issue seeks contributions on the linkages between three areas: financial behavior, health status and health insurance. Papers relating to these areas could make a remarkable contribution to health economics, linking aspects such as debt, financial risk taking or financial resilience with health insurance and physical and mental health status.

The scope of this Special Issue includes (but is not limited to):

  • The effect of financial distress/financial well-being on health (physical and/or mental).
  • The effect of financial well-being on health and quality of life.
  • The effect of financial resilience on health (physical and/or mental).
  • Debt, labor status and health.
  • Housing status and health.
  • The financial behavior profile of those without health insurance.
  • Digital finance and health insurance.
  • Private health insurance and financial risk taking.
  • Risk aversion, life insurance and health insurance.
  • Culture and private health insurance.

Dr. Inmaculada Aguiar-Díaz
Dr. María Victoria Ruiz-Mallorquí
Guest Editors

Manuscript Submission Information

Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. All submissions that pass pre-check are peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as short communications are invited. For planned papers, a title and short abstract (about 100 words) can be sent to the Editorial Office for announcement on this website.

Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. International Journal of Environmental Research and Public Health is an international peer-reviewed open access monthly journal published by MDPI.

Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 2500 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

Keywords

  • health status
  • mental health
  • physical health
  • health insurance/life insurance
  • financial behavior
  • financial literacy
  • financial distress
  • financial resilience
  • financial well-being
  • financial risk taking
  • financial risk aversion/financial risk tolerance
  • housing status
  • household debt
  • mortgage debt

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Published Papers (5 papers)

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Research

29 pages, 3062 KiB  
Article
Financial Behavioral Health and Investment Risk Willingness: Implications for the Racial Wealth Gap
by Jeffrey Anvari-Clark and Theda Rose
Int. J. Environ. Res. Public Health 2023, 20(10), 5835; https://doi.org/10.3390/ijerph20105835 - 16 May 2023
Cited by 2 | Viewed by 2192
Abstract
Financial behavioral health (FBH) influences numerous socio-ecological domains, affecting investment risk willingness and consequent wealth levels. The experience of FBH by racial group is unknown, and findings of differences between Black and White investors’ risk willingness are mixed. The study’s aims are to [...] Read more.
Financial behavioral health (FBH) influences numerous socio-ecological domains, affecting investment risk willingness and consequent wealth levels. The experience of FBH by racial group is unknown, and findings of differences between Black and White investors’ risk willingness are mixed. The study’s aims are to establish an FBH measure and explore its application to risk willingness by racial group. The study used a subset of data from FINRA’s 2018 National Financial Capability Study, including Black (n = 2835) and White (n = 21,289) respondents. Through factor analysis, 19 items were confirmed for the FBH measure; the measure was then applied to investment risk willingness using structural equation modeling (SEM). Invariance analyses showed that the FBH model had an excellent fit for White respondents but not Black respondents. The SEM analysis determined that FBH accounted for 37% of the variance in risk willingness (R2 = 0.368; β = 0.256, p < 0.001). Racial group affiliation was a negligible predictor of risk willingness (β = −0.084, p < 0.001). This project contributes an empirical basis for FBH, emphasizes the importance of FBH for investment risk willingness, and elucidates that racial group differences in risk willingness could be an unlikely contributor to the wealth gap. Full article
(This article belongs to the Special Issue The Effects of Financial Behavior and Health Insurance in Physical and Mental Health)
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16 pages, 1451 KiB  
Article
Research on the Effect of Commercial Health Insurance Development on Economic Efficiency
by Tongpu Zhao, Ruiyun Wanyan and Lingyan Suo
Int. J. Environ. Res. Public Health 2023, 20(6), 5178; https://doi.org/10.3390/ijerph20065178 - 15 Mar 2023
Cited by 3 | Viewed by 2629
Abstract
In the process of comprehensively promoting the construction of a multi-level medical security system in China, it is very important to clarify the impact of commercial health insurance. In order to better promote the development of commercial health insurance, we explore the effect [...] Read more.
In the process of comprehensively promoting the construction of a multi-level medical security system in China, it is very important to clarify the impact of commercial health insurance. In order to better promote the development of commercial health insurance, we explore the effect of commercial health insurance development on economic efficiency. Theoretical analysis shows that, in addition to providing health risk protection for residents, commercial health insurance can also promote the coordinated development of the health industry chain, promote risk reduction, accumulate capital, and contribute to high-quality economic development. Empirically, this study indexes a commercial health insurance development index that is more in line with China’s development reality. In addition, this study compiles the economic efficiency index from the three dimensions of economic development basis, social benefits and industrial changes. We measure the commercial health insurance development index and economic efficiency index in 31 regions from 2007 to 2019, and further econometric analysis is carried out on this basis. It is found that the development of commercial health insurance can promote economic efficiency, and this result is robust. Meanwhile, the impact of commercial health insurance on economic efficiency is restricted by the economic environment itself, and the more developed the economy is, the more obvious this effect will be. Therefore, the development of commercial health insurance will significantly benefit the construction of China’s multi-level medical security system and promote regional economic efficiency. Full article
(This article belongs to the Special Issue The Effects of Financial Behavior and Health Insurance in Physical and Mental Health)
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13 pages, 501 KiB  
Article
The Impact Mechanism of Household Financial Debt on Physical Health in China
by Jiru Song, Mingzheng Hu, Shaojie Li and Xin Ye
Int. J. Environ. Res. Public Health 2023, 20(5), 4643; https://doi.org/10.3390/ijerph20054643 - 6 Mar 2023
Cited by 3 | Viewed by 2238
Abstract
In recent years, Chinese household financial debt has been growing rapidly due to the expansion of mortgage lending. This study aims to examine the impact mechanism of Chinese household financial debt on physical health. Using the 2010–2018 China Household Tracking Survey (CFPS) panel [...] Read more.
In recent years, Chinese household financial debt has been growing rapidly due to the expansion of mortgage lending. This study aims to examine the impact mechanism of Chinese household financial debt on physical health. Using the 2010–2018 China Household Tracking Survey (CFPS) panel data, we developed fixed effects models to explore the effect of household financial debt on individuals’ psychical health, and we also used an instrumental variable to address endogeneity. The findings suggest that there is a negative effect of household financial debt on physical health and these findings still hold after a series of robustness tests. In addition, household financial debt can affect individuals’ physical health through mediating variables, such as healthcare behaviors and mental health, and the effects are more significant for those who are middle-aged, married, and with low-income levels. The findings of this paper are important for developing countries to clarify the relationship between household financial debt and population health, and to develop appropriate health intervention policies for highly indebted households. Full article
(This article belongs to the Special Issue The Effects of Financial Behavior and Health Insurance in Physical and Mental Health)
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21 pages, 379 KiB  
Article
The Impact of Household Debt on the Health of the Elderly in China: Evidence from China Family Panel Studies
by Ziyu Liu, Ke Zhao, Jinquan Liu and Yongfu Liu
Int. J. Environ. Res. Public Health 2023, 20(4), 2946; https://doi.org/10.3390/ijerph20042946 - 8 Feb 2023
Viewed by 2000
Abstract
With the aging of China’s population and the expansion of household debt, the health of the elderly has become an important social issue. Based on the 2018 China Family Panel Studies (CFPS) database, we explored the impact of household debt on the health [...] Read more.
With the aging of China’s population and the expansion of household debt, the health of the elderly has become an important social issue. Based on the 2018 China Family Panel Studies (CFPS) database, we explored the impact of household debt on the health of older adults and the mechanism of transmission. The Oprobit and IV-Oprobit models were employed for our analysis. Results: (1) Household debt had a significant negative impact on both the physical and mental health of older adults. (2) Female older adults were more sensitive to the impact of household debt. Additionally, a higher education level led to an increasing impact of debt on mental health, but physical health was only affected in the low-education group. (3) The impact of household debt had an inverted U-shape relationship with household income, indicating that, as household income increases, the impact on health level first rises and then reduces after peaking at a middling level of income. (4) According to the mechanism analysis, household debt affects the health of the elderly by causing them to return to work and reducing their medical expenditures. Considering the above conclusions, we put forward some policy implications to alleviate the health problems of the elderly. Full article
(This article belongs to the Special Issue The Effects of Financial Behavior and Health Insurance in Physical and Mental Health)
13 pages, 389 KiB  
Article
Private Health Insurance and Financial Risk Taking in Spain—The Moderating Effect of Subjective Risk Tolerance
by Inmaculada Aguiar-Díaz and María Victoria Ruiz-Mallorqui
Int. J. Environ. Res. Public Health 2022, 19(23), 16248; https://doi.org/10.3390/ijerph192316248 - 5 Dec 2022
Cited by 1 | Viewed by 1920
Abstract
This study focuses on the effect of private health insurance on financial risk taking in Spanish households. According to the arguments related to the background risk, we propose two hypotheses: the first predicts a positive relationship between health insurance and risk taking and [...] Read more.
This study focuses on the effect of private health insurance on financial risk taking in Spanish households. According to the arguments related to the background risk, we propose two hypotheses: the first predicts a positive relationship between health insurance and risk taking and the second asserts that attitude to risk moderates this relationship. Spain is a good laboratory because it has a National Health System (NHS) that offers healthcare coverage to the entire population, which could eliminate the effect of health insurance on risk taking. Based on a sample of 6110 households obtained from the Household Finance Survey (EFF), our results confirm both hypotheses. Specifically, we show that private health insurance significantly increases a household’s portfolio risk, especially in households with greater risk aversion. The results are concordant with the scarce amount of previous empirical evidence obtained in other contexts and are robust for different subsamples and estimation methods. Full article
(This article belongs to the Special Issue The Effects of Financial Behavior and Health Insurance in Physical and Mental Health)
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