The 2008 financial crisis

Changes in social capital and its association with psychological wellbeing in the United Kingdom - A panel study

Datos Bibliográficos

ID4590476
AutoresM Lindstrom (0000-0002-1969-5119, Lund University), Giuseppe Nicola Giordano (0000-0002-6719-6680, Lund University, autor de correspondencia)
Año2016
Volumen153
Páginas71-80
Fecha de publicación2016-03-01
Peer ReviewedSí
Open AccessSí
TipoARTICLE
RevistaSocial Science & Medicine (JOURNAL)
Identificadores de la revistaISSN: 0277-9536 • E-ISSN: 1873-5347
EditorialElsevier BV (PUBLISHER)
DOI10.1016/j.socscimed.2016.02.008
PMID26889949
OpenAlexW2285307265
IdiomaEN
Citas recibidas37
Referencias citadas54

The global financial crisis of 2008 was described by the IMF as the worst recession since the Great Depression. This historic event provided the backdrop to this United Kingdom (UK) longitudinal study of changes in associations between social capital and psychological wellbeing. Past longitudinal studies have reported that the presence of social capital may buffer against adverse mental health outcomes. This study adds to existing literature by employing data from the British Household Panel Survey and tracking the same individuals (N = 11,743) pre- and immediately post-crisis (years 2007-09). With longitudinal, multilevel logistic regression modelling, we aimed to compare the buffering effects of individual-level social capital (generalised trust and social participation) against worse psychological wellbeing (GHQ-12) during and immediately after the 2008 financial crisis. After comparing the same individuals over time, results showed that stocks of social capital (generalised trust) were significantly depleted across the UK during the crisis, from 40% trusting others in 2007 to 32% in 2008. Despite this drop, the buffering effect of trust against worse psychological wellbeing was pronounced in 2008; those not trusting had an increased risk of worse psychological wellbeing in 2008 compared with the previous year in fully adjusted models (OR = 1.49, 95% CI (1.34-1.65). Levels of active participation increased across the timeframe of this study but were not associated with psychological health. From our empirical evidence, decision makers should be made aware of how events such as the crisis (and the measures taken to counter its effects) could negatively impact on a Nation's trust levels. Furthermore, past research implies that the positive effects of trust on psychological wellbeing evident in this study may only be short-term; therefore, decision makers should also prioritise policies that restore trust levels to improve the psychological wellbeing of the population

Association (psychology · British Household Panel Survey · Demographic economics · Economics · Financial crisis · Longitudinal study · Mental health · Multilevel model · Panel data · Political science · Psychiatry · Recession · Social capital · Sociology · Tracking (education · Demography · Employment and Welfare Studies · Health disparities and outcomes · Medicine · Psychological Well-being and Life Satisfaction · Psychology