Moderating effect of financial literacy on the relationship between socioeconomic status and depression

Abstract

This study examined the moderating effect of financial literacy on the relationship between socioeconomic status and depression. A questionnaire survey of 2173 employees using multiple regression and simple slope analyses showed that the relationship between socioeconomic status and depression was weaker among Japanese employees with high financial literacy than among those with low financial literacy. Interpretation from a financial capability framework perspective, including a sense of control and the potential for prevention and intervention of socioeconomic status-related depression through educational interventions related to financial literacy, was discussed.

Keywords:

• Socioeconomic status
• depression
• financial literacy
• financial capability
• employees

Ethical approval

This research was approved by the ethical committee at Nara University of Education (approval number: 1–7).

Informed consent

Participants were fully informed about the nature of the study, and informed consent was obtained from all individual participants included in the study.

Disclosure statement

No potential conflict of interest was reported by the author(s).

Data availability statement

The datasets generated or analyzed during the current study are not publicly available but can be obtained from the corresponding author upon reasonable request.

Additional information

Funding

This research was supported by the Japan Society for the Promotion of Science Grant-in-Aid for Early-Career Scientists, Grant 19K14385.