Financial Hardship, Depression, and Self-Esteem: Temporal Analysis Using a Korean Panel Study

Overview

Journal Psychiatry Investig

Specialty Psychiatry

Date 2023 Feb 1

PMID 36721884

Authors

Minjae Choi

Eun Hae Lee

Joshua Kirabo Sempungu

Yo Han Lee

Affiliations

Soon will be listed here.

Abstract

Objective: Financial hardship influences depression risk, however, the pathway of the effect of financial hardship on depression and the role of self-esteem remain unclear. This study examined whether changes in financial hardship affected depression, and whether self-esteem mediated by this relationship.

Methods: Data from 99,588 observations of 15,331 individuals were extracted from 10 waves of the Korean Welfare Panel Study. The association between changes in financial hardship and depression was investigated using a generalized estimation equation, and the extent to which these associations were mediated by self-esteem was assessed.

Results: The results indicated that changes in financial hardship were associated with depression, with varying magnitude. Experiencing severe financial hardship over two consecutive years (odds ratio [OR]: 3.87, 95% confidence interval [CI]=3.09-4.85) or increased financial hardship over the previous year strongly influenced depression (e.g., OR: 3.88, 95% CI=3.09-4.86 for low financial hardship at t-1 year and high at t year). Self-esteem plays a mediating role in the relationship between changes in financial hardship and depression, where persistent financial hardship is associated with low self-esteem, leading to depression.

Conclusion: These findings highlighted the importance of monitoring and intervention for financial hardship and psychological problems to help manage depression.

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PMID: 38658862 PMC: 11040840. DOI: 10.1186/s10194-024-01765-8.

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