Association between financial hardships and emotional well-being during the COVID-19 pandemic

Abstract

Objective: The current study examined the association between financial hardship experienced during the COVID-19 pandemic and emotional well-being (EWB) among middle-aged and older adults, and assessed whether these associations differed by gender and race/ethnicity.

Methods: The analytic sample included 7,172 adults aged 50 years or older who participated in the 2020/2021 COVID-19 modules of the Health and Retirement Study (HRS). Financial hardship was assessed using binary indicators of difficulty paying bills and food insecurity, including food affordability and access. EWB was measured using the ratio of positive to negative experiences. Linear regression models were used to evaluate associations.

Results: Difficulty paying bills (β = -0.27; 95% CI [-0.33, -0.21]), food affordability (β = -0.13; 95% CI [-0.22, -0.05]), and food access (β = -0.33; 95% CI [-0.39, -0.24]) were each associated with lower EWB, as indicated by a reduced positivity ratio. Improvement in food affordability between 2020 and 2021 was associated with an increase in the positivity ratio (β = 0.43; 95% CI [0.003, 0.87]). Associations between financial hardship and lower EWB were observed across gender and race/ethnicity strata. However, difficulty paying bills and food insecurity showed differential associations with the positivity ratio across racial/ethnic groups.

Conclusions: The findings of this study have implications for interventions aimed at improving the EWB of middle-aged and older adults by focusing on financial hardship during a public health crisis.