Diabetes and Financial Well-Being: Differential Hardship Among Vulnerable Populations

Abstract

Purpose

The purpose of the study was to examine financial well-being among a diverse population of individuals with and without diabetes.

Methods

Data from the Understanding America Survey, a nationally representative, longitudinal panel, were utilized to identify adults with self-reported diabetes diagnoses between 2014 and 2020. We used longitudinal mixed effects regression models to assess the association between diabetes and financial well-being score (FWBS) among racial and ethnic population subgroups. Models included sex, age, marital status, household size, income, education, race/ethnicity, insurance, body mass index, employment, and health insurance, incorporating individual- and household-level fixed effects. Racial and ethnic differentials were captured using group-condition interactions.

Results

Black participants (17.06%) had the highest prevalence of diabetes, followed by White participants (12.2%), “other” racial groups (10.7%), and Hispanic participants (10.0%). In contrast, White participants (M = 67.66, SD = 22.63) and other racial groups (M = 67.99, SD = 18.45) had the highest FWBSs, followed by Hispanic participants (M = 59.31, SD = 22.78) and Black participants (M = 55.86, SD = 25.67). Compared to White participants, Black participants (β = −5.49, SE = 0.71) and Hispanic participants (β = −2.06, SE = 0.63) have significantly lower FWBSs. Compared to males, females (β = −3.25, SE = 0.41) had lower FWBSs among individuals with diabetes. FWBSs of individuals with diabetes was 2.71 points lower (SE = 0.52), on average, than those without diabetes. Education, household size, age, marital status, and income were also significantly associated with FWBSs.

Conclusions

Findings suggest potential disparities in the financial ramifications of diabetes among socially marginalized populations.