Financial setbacks take toll on mental and physical health.
Increased economic hardship means a decrease in health, says research from the University of Michigan. While higher income was a strong predictor of better health across the board, a decline in health following a financial setback was consistent among all participants, regarding of socioeconomic and demographic factors such as race, education, income, age and sex. All health symptoms—including those that interfered with daily tasks—were self-reported by study respondents. The relationship between financial well-being and health was unexpectedly strong, says lead researcher Daniel J. Kruger, PhD.
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