1052-P: Diabetes and Financial Well-Being—Differential Hardship among Vulnerable Populations

Background: The ability to meet financial obligations, known as “financial well-being,” is associated with unexpected health events and expenditures. Using the Consumer Financial Protection Bureau’s (CFPB) Financial Well-Being (FWB) Scale, we evaluated the impact of diabetes on FWB and estimated the differential effects among racial and ethnic groups.

Methods: Using the Understanding America Survey (UAS) we identified adults with self-reported diabetes diagnoses. Panel data, mixed effects regression models assessed the association between diabetes and FWBS among racial and ethnic population subgroups. Models included sex, age, marital status, household size, income, education, race/ethnicity, insurance, body mass index (BMI), employment, and insurance. Racial and ethnic differentials were captured using group-condition interactions.

Results: Whites [Mean (M)=67.66, Standard Deviation (SD)=22.63] and Other racial groups (M=67.99, SD=18.45) had the highest FWBS, followed by Hispanics (M=59.31, SD=22.78), and Blacks (M=55.86, SD=25.67). However, Blacks (17.06%) had the highest prevalence of diabetes followed by Whites (12.2%), Other racial groups (10.7%), and Hispanics (10.0%). The analysis showed that, compared to Whites, Blacks [β=-5.53, Standard Error (SE)=0.71] and Hispanics (β=-2.08, SE=0.63) have significantly lower FWBS. Compared to males, females (β=-4.45, SE=0.41) had lower FWBS. Additionally, those who were married (β=3.99, SE=0.41) and earning above $75,000 (β=2.87, SE=0.24) had comparatively higher FWBS. Regression results indicated that FWBS of individuals with diabetes was 3.97 points lower (SE=0.72), on average, than those without diabetes. Furthermore, the FWBS of Blacks with diabetes (β=-3.02, SE=1.25) was even lower than Blacks without diabetes.

Conclusions: Results suggest disparities in the financial ramifications of diabetes among women, Blacks, and other marginalized populations.