Changes in Health, Negative Financial Events, and Financial Distress/Financial Well-Being for Debt Management Program Clients

18 Pages Posted: 12 Mar 2013

See all articles by Barbara O'Neill

Barbara O'Neill

Rutgers University - Rutgers Cooperative Extension

Aimee Prawitz

Northern Illinois University

Benoit Sorhaindo

InCharge Education Foundation

Jinhee Kim

University of Maryland - Department of Family Science

E. Thomas Garman

Virginia Polytechnic Institute & State University

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 DMPclients (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.

Keywords: financial counseling, financial distress, financial well-being, health status, credit counseling clients

Suggested Citation

O'Neill, Barbara and Prawitz, Aimee and Sorhaindo, Benoit and Kim, Jinhee and Garman, E. Thomas, Changes in Health, Negative Financial Events, and Financial Distress/Financial Well-Being for Debt Management Program Clients. Journal of Financial Counseling and Planning, Vol. 17, No. 2, 2006, Available at SSRN: https://ssrn.com/abstract=2232121

Barbara O'Neill (Contact Author)

Rutgers University - Rutgers Cooperative Extension ( email )

55 Dudley Road
New Brunswick, NJ 0801-8520
United States

Aimee Prawitz

Northern Illinois University ( email )

1425 W. Lincoln Hwy
Dekalb, IL 60115-2828
United States

Benoit Sorhaindo

InCharge Education Foundation ( email )

2101 Park Center Drive
Suite 310
Orlando, FL 32835
United States

Jinhee Kim

University of Maryland - Department of Family Science ( email )

College Park
College Park, MD 20742
United States

E. Thomas Garman

Virginia Polytechnic Institute & State University ( email )

250 Drillfield Drive
Blacksburg, VA 24061
United States

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