AUTHOR=Borrescio-Higa Florencia , Droller Federico , Valenzuela Patricio 

TITLE=Financial Distress and Psychological Well-Being During the COVID-19 Pandemic

JOURNAL=International Journal of Public Health

VOLUME=Volume 67 - 2022

YEAR=2022

URL=https://www.ssph-journal.org/journals/international-journal-of-public-health/articles/10.3389/ijph.2022.1604591

DOI=10.3389/ijph.2022.1604591

ISSN=1661-8564

ABSTRACT=The paper uses a unique survey of adults to examine the impact of financial distress caused by the COVID-19 pandemic on mental well-being. Results show unemployment and income loss are highly predictive of experiencing a range of financial problems, such as a lack of savings, as well as difficulties paying bills, consumer debt, and mortgage loans. In turn, financial distress leads to a higher prevalence of poor well-being and mental health deterioration, including feelings of depression, worry, and anxiety. Expansion of mental health assistance services are needed, as new diagnosis of mental health conditions has increased, but treatment has not, pointing to a barrier in the access to some mental health care services during the pandemic. Policies designed with the objective of improving financial education are necessary to increase precautionary savings and financial resilience, and alleviate the psychological burden of debt in the future.