The influence of individual health outcomes on individual savings behavior |
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| Institution: | 1. Department of Economics, Applied Statistics and International Business, New Mexico State University, United States;2. Department of Finance and Economics, Mississippi State University, United States;1. Department of Economics, American University, United States;2. Economics Department, Middlebury College, United States;1. University of North Dakota, Department of Sociology, 205 Gillette Hall, Grand Forks, ND 58202-7136, USA;2. Illinois State University, Department of Geography – Geology, 200A Felmley Hall, Normal, IL 61790-4400, USA;1. Harvard University''s Interfaculty Initiative in Health Policy, Cambridge, Massachusetts;2. Department of Obstetrics and Gynecology, Faculty of Medicine, Chulalongkorn University, Bangkok, Thailand;3. Sasin Graduate Institute of Business Administration of Chulalongkorn University, Bangkok, Thailand;4. Harvard Business School, Harvard University, Boston, Massachusetts;5. Department of Obstetrics and Gynecology, Brigham and Women''s Hospital, Harvard Medical School, Boston, Massachusetts |
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| Abstract: | In this essay, data from the 2006 wave of the National Longitudinal Survey of Youth (NLSY79-2006), and the two stage least squares (2SLS) estimation technique are used to investigate the relationship between health outcomes and the willingness of individuals (age 41–50) to save. Health perception, physical component score, mental component score, depression score and the diagnosis of a variety of health problems are used as health measures for the analysis described in this essay. We find that health perception and physical component score are positively related to the willingness of individuals to save; while the diagnosis of major health problems is negatively related to the willingness of individuals to save. The effect of mental component score and depression score on individuals’ willingness to save differs significantly between males and females. A higher mental component score is found to be positively related to the willingness of females to save; while depression score is found to affect the willingness of females to save negatively. Both mental component score and depression score are not related to the willingness of male respondents to save. |
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| Keywords: | Health Savings behavior (willingness to save) Gender |
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