Abstract This study examines how mental health influences debt behaviours using probit regression, Oaxaca decomposition and data from the ANZ New Zealand Financial Wellbeing Survey 2021. Results show that mental health has no significant effect on short-term debt use but is associated with lower engagement in long-term debt. Financial accessibility emerges as a key explanatory factor, while early parental financial guidance helps offset the negative impact of poor mental health. The findings underscore the need for inclusive financial policies that enhance access to credit and integrate financial education with mental health support, particularly for vulnerable populations.
Yu et al. (Tue,) studied this question.
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