The Relationship between Financial Wellbeing and Mental Health: A Systematic Literature Reviews

Abstract

The aim of this study is to identify and appraise existing relationship between Financial well-being and mental health. Despite abundance of studies on financial wellbeing and mental health, efforts to systematically review this study are still lacking.  This article attempts to fill the gap in understanding and identifies the variables that influences the financial wellbeing and mental health. Systematic literature searches in Psychinfo, Scopus and Google Scholar databases were performed using the combinations words of “Financial well-being” „Indebtedness? or „Mental disorder? „Debt? and „Health? or „Depression? „Mental illness?  or „Anxiety? or „Stress? or „Distress? or „Mental Health were used. The majority of studies (7 of 32) used questionnaires commonly used for measuring the variables between financial measures and mental health measures.  The review identified 32 papers examining the associations of the relationship between financial wellbeing and mental health.  findings also differed by the tools of measurement that using for each financial wellbeing and mental health. A total of 6 instruments for financial wellbeing and 12 instruments for mental health were found. Most instruments assessed different dimensions of mental well-being, with different subscales. This review provides a comprehensive review of relationships between financial well-being and mental health and also instruments used in assessing financial wellbeing and mental well-being