Washington, Apr 8 (TNS): Big financial loss may shorten your life, study suggests the analysis of nearly 9,000 people’s experiences underscores well-known connections between money and well-being, with prior studies linking lower incomes and rising income inequality with more chronic disease and shorter life expectancy.
This is really a story about everybody,” said lead researcher Lindsay Pool of Northwestern University’s medical school. Stress, delays in health care, substance abuse and suicides may contribute, she said. “Policymakers should pay attention. Overall, wealth shock was tied with a 50 percent greater risk of dying, although the study couldn’t prove a cause-and-effect connection. The study was published Tuesday in the Journal of the American Medical Association.
Researchers analyzed two decades of data from the Health and Retirement Study, which checks in every other year with a group of people in their 50s and 60s and keeps track of who dies. About 1 in 4 people in the study had a wealth shock, which researchers defined as a loss of 75 percent or more in net worth over two years. The average loss was about $100,000. That could include a drop in the value of investments or realized losses like a home foreclosure.
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Some shocks happened during the Great Recession of 2007-2009. Others happened before or after. No matter what was going on in the greater U.S. economy, a wealth shock still increased the chance of dying.
Women were more likely than men to have a wealth shock. Once they did, their increased chance of dying was about the same as the increase for men. Researchers adjusted for marital changes, unemployment and health status. They still saw the connection between financial crisis and death. We should be doing everything we can to prevent people from experiencing wealth shocks. We should be doing everything we can to prevent people from experiencing wealth shocks. The effect was more marked if the person lost a home as part of the wealth shock, and it was more pronounced for people with fewer assets.
