An Overview of Financial Stress and Health Outcomes: The Moderating Role of Social Support
Keywords:
Financial Stress, Mental Health, Physical Health, Social Support, B40 Household.
Abstract
Investigating the population's health and well-being has been a topic of interest in recent years due to the remarkable growth. The Sustainable Development Goals (SDG) index indicates that Malaysian health and wellbeing issues remain significant challenges. Taking into account the important aspects, a PwC Asia Pacific survey from 2023 revealed that individuals’ financial circumstances have been the primary cause of stress, which affects both their mental and physical health. This is also confirmed by the Bank Negara Malaysia (BNM) which reported that household members are currently experiencing financial stress with B40 income groups being particularly vulnerable to issues related to the increase in cost of living and loss of income. Therefore, the purpose of this study is to discuss the influence of financial stress on health-related outcomes and social support as the role that buffers the relationship. The role of social support, as suggested by previous research, as an element in reducing stress, may improve the emotional stability, mental and physical health of individuals. The present study offers valuable insights for employers and organizations to provide focused interventions in strengthening social support to improve employees’ health and well-being.
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References
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Ersoy, A., Mahmood, Z., Sharif, S., Ersoy, N., & Ehtiyar, R. (2023). Exploring the associations between social support, perceived uncertainty, job stress, and emotional exhaustion during the COVID-19 Crisis. Sustainability, 15(3), 2150.
Financial Stability Review - First Half 2022. (2022b). In Financial Stability Review. https://www.bnm.gov.my/documents/20124/8440087/fsr22h1_en_book.pdf.
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Foy, T., Dwyer, R. J., Nafarrete, R., Hammoud, M. S. S., & Rockett, P. (2019). Managing job performance, social support, and work-life conflict to reduce workplace stress. International Journal of Productivity and Performance Management, 68(6), 1018-1041.
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Ismail, N. A., Daud, L., Mohd, S., Samat, N., & Ridzuan, A. R. (2023). Consumption pattern determinants of low-income household: Evidence from Malaysia. Jurnal Ekonomi Malaysia, 57(3), 31-45.
Ismail, N. Zaki, N.D.A. (2019). Does financial literacy and financial stress affect financial wellness? International Journal of Modern Trends in Social Sciences, UME 2, 1–11.
Jansson, I., & Gunnarsson, A. B. (2018). Employers’ views of the impact of mental health problems on the ability to work. Work, 59(4), 585-598.
Javadian, S. R., & Hosseini, A. (2020). The relationship between social support and job performance of social workers. Journal of Social Behavior and Community Health, 4(1).
Jayasekara, B. E. A., Fernando, P. N. D., and Ranjani, R. P. C. (2020). A systematic literature review of the financial stress of small and medium entrepreneurs. Applied Economics and Business, 4(1), 45-59.
Joo, S. H., & Grable, J. E. (2004). An exploratory framework of the determinants of financial satisfaction. Journal of family and economic Issues, 25, 25-50.
Keith, K., & Steffan, S. (2018, August 16). Treating the whole problem: why therapists need to consider the impacts of financial stress on patients’ mental health. MedCrave Group, 9(4). https://doi.org/10.15406/jpcpy.2018.09.00559.
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Kim, J., & Garman, E. T. (2003). Financial Stress and absenteeism: an empirically. Derived model. Journal of Financial Counselling and Planning, 14(1), 31.
Kim, J., Sorhaindo, B., & Garman, E. T. (2006). Relationship between financial stress and workplace absenteeism of credit counselling clients. Journal of Family and Economic Issues, 27, 458-478.
Lee, J., & Kim, B. (2021). Social impacts of the continuous usage of digital healthcare service: a case of South Korea. Innovative Marketing, 17(2), 79-89.
Lee, Y. G., & Dustin, L. (2021). Explaining financial satisfaction in marriage: The role of financial stress, financial knowledge, and financial behavior. Marriage & Family Review, 57(5), 397-421. https://doi.org/10.1080/01494929.2020.1865229.
Magli, A. S., Sabri, M. F., Rahim, H. A., Othman, M. A., Mahzan, N. S. A., Satar, N. M., & Janor, H. (2021). Mediation effect of financial behavior on financial vulnerability among B40 households. Malays. J. Consum. Fam. Econ, 21, 191-217.
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Published
2025-03-29
How to Cite
Mohd Fazi, F. A., Ahmad, S. N. A., Mat Isa, N. A., & Ali, S. M. (2025). An Overview of Financial Stress and Health Outcomes: The Moderating Role of Social Support. Information Management and Business Review, 17(1(I)S), 209-217. https://doi.org/10.22610/imbr.v17i1(I)S.4443
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