Open AccessBeyond Net Worth: Racial Differences in Wealth Portfolios and Black–White Health Inequality across the Life Course
Author(s) -
Courtney Boen,
Lisa A. Keister,
Brian Aronson
Publication year - 2020
Publication title -
journal of health and social behavior/journal of health and social behavior
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.649
H-Index - 127
eISSN - 2150-6000
pISSN - 0022-1465
DOI - 10.1177/0022146520924811
Subject(s) - panel study of income dynamics , net worth , health and retirement study , life course approach , debt , inequality , national wealth , health equity , home equity , demographic economics , equity (law) , stock (firearms) , economics , race (biology) , labour economics , psychology , sociology , demography , economic growth , geography , political science , finance , social psychology , health care , gender studies , mathematical analysis , mathematics , archaeology , law
A large body of research links wealth and health, but most previous work focuses on net worth. However, the assets and debts that comprise wealth likely relate to health in different and meaningful ways. Furthermore, racial differences in wealth portfolios may contribute to racial health gaps. Using longitudinal data from the Panel Study of Income Dynamics (PSID) and mixed effects growth curve models, we examined the associations between various wealth components and multiple health outcomes. We also investigated whether black-white differences in wealth portfolios contributed to racial health inequality. We found that savings, stock ownership, and homeownership consistently improve health, but debt is associated with worse health, even after adjusting for total net worth. We found little evidence that home equity is associated with health. Findings also revealed differential health returns to assets by race. These findings provide new insights into the complex relationship among race, wealth, and health.