Changes in health, negative financial events, and financial distress/financial well-being for debt management program clients

Barbara O'Neill, Aimee D. Prawitz, Benoit Sorhaindo, Jinhee Kim, E. Thomas Garman

Research output: Contribution to journalArticlepeer-review

48 Scopus citations

Abstract

The study explored the relationship between health and financial distress/financial well-being and differences in health based on (a) time spent in a debt management program (DMP) and (b) occurrence of negative financial events. Spearman's rho indicated those with lower financial distress, higher financial well-being in 2005 reported better health (N = 1,119, p <.001). Wilcoxon ranked sums test indicated improved health for DMP clients (n = 819) from 2003 to 2005 (p <.0001). Median tests and Mann Whitney post hoc tests indicated better health for clients reporting fewer negative financial events (N = 1,169, p <.05). For DMP clients, health improves (a) over time, (b) with lower incidence of negative financial events, and (c) with lower financial distress and greater financial well-being.

Original languageEnglish (US)
Pages (from-to)46-63
Number of pages18
JournalJournal of Financial Counseling and Planning
Volume17
Issue number2
StatePublished - 2006

All Science Journal Classification (ASJC) codes

  • Finance
  • Economics and Econometrics

Keywords

  • Credit counseling clients
  • Financial counseling
  • Financial distress
  • Financial well-being
  • Health status

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