Economic insecurity and mental health; depression and suicidal ideation of the middle-aged and older adults in Korea

Abstract

Objectives: In this research, the effect of economic insecurity on the mental health of Koreans aged between 45 and 79 was investigated. The multi-layered characteristics of economic insecurity were measured by 7 indicators: income volatility (A/B), economic difficulty, low-income period, subjective minimum living expenses, economic satisfaction, and economic anxiety/conflict. Methods: A total of 4,167 men and women were analyzed from the third to the tenth wave of KoWEPS. The effect of economic insecurity indicators on mental health is investigated, controlling the effect of sociodemographic variables. A multi-level panel model was used in consideration for the factors at the time, individual, and household levels. Results: Most indicators for economic insecurity had a statistically significant effect on depression and suicidal ideation. Specifically, drastic income fluctuations compared to the previous year (income volatility A), the experience of economic difficulties, and both emotional indicators (economic satisfaction, and economic anxiety/conflict) were associated with depression and suicidal ideation. On the other hand, income variance for certain years (income volatility B) had no statistically significant relationship with both mental states in multivariate analysis. Low-income period years and subjective minimum cost of living per month had a significant relationship with only depression. Conclusion: The results suggest that not only low income itself but also negative economic conditions, perception, and emotional feelings about one’s economic status have an impact on depression and suicidal ideation.