Health
Study finds link between access to formal financial services and lower COVID-19 mortality
Some of the best tools for reducing COVID-19 mortality are found in banks, not ERs, according to a new study.
A study of COVID-19 mortality across 142 countries demonstrated a surprisingly strong link between access to formal financial services and reduced COVID-19 mortality. In fact, some comorbidities have proven to be as strong predictors of reduced COVID-19 mortality as they are to increase COVID-19 mortality.
This reduction is surprisingly large, similar in magnitude to the mortality risk associated with high rates of lung cancer and hypertension, but in the opposite direction.. ”
Todd Watkins, Professor of Economics and Executive Director, Lehigh University Martindale Center for Private Enterprise Studies
So can “follow the money” alone explain the country-level differences in COVID-19 mortality?
Not exactly, says Watkins. While certain financial measures seem to have a seemingly logical correlation with increased mortality, others have had counterintuitive effects.
For example, countries with higher levels of income inequality have higher mortality rates, which is in line with basic logic. But countries with higher per capita income also have higher mortality rates, which seems counterintuitive.
“Our assumption as economists is that wealthier countries should have coped better with COVID-19 than poorer countries and poorer populations, and the opposite is true for GDP per capita. It turned out to be,” says Watkins.
According to Watkins, access to formal financial services (such as having an account at a financial institution, having a credit or debit card, or receiving a loan from a financial institution) is a huge advantage over other financial institutions. It is a unique predictor outside the influence of financial services. measures.
This finding may indicate the importance of formal financial services as potential ‘shock absorbers’ during crises, enabling individuals and families to financially survive health crises.
It’s a poorly researched topic. According to Watkins, there is extensive research into the effectiveness of insurance such as Medicaid, Medicare, and universal coverage programs in other countries. However, research on financial services that act like insurance in times of crisis is rare.
To the extent that finance is studied in relation to public health, the subject of research often focuses on the impact of health problems on finance. However, it may be useful to “flip the thinking” and consider the impact of financial services on human health.
Further research is needed to study the effects of access to different types of financial services on different health outcomes. While the pandemic has had a “huge impact” on the world’s healthcare system and is ripe for research, it is likely that further links will be found in other areas of medicine, Watkins said.
“There are probably all sorts of other public health impacts of financial services at formal, secondary and tertiary levels, but we haven’t dug deep yet,” he says.
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Reference magazines:
Watkins, TA, other. (2023) The impact of access to financial services on reducing global COVID-19 mortality. PLOS Global Public Health. doi.org/10.1371/journal.pgph.0001137.
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