Abstract
Connections of workers’ financial situations with their well-being and work-related attitudes have received limited attention in organizational psychology research. Furthermore, the potential impacts of personal debt on workers’ work-related outcomes remain largely unexamined. In two studies, we examined relationships between debt, financial strain, work-family conflicts, and work-related attitudes. Debt was assessed in terms of amount (i.e., monthly amount paid to debt in Study 1; total amount of debt owed in Study 2) and complexity, assessed as the number of sources of debt. In Study 1, 458 workers recruited through Amazon’s Mechanical Turk responded to a survey regarding their financial situation at Time 1 and measures of well-being and work-related attitudes at Time 2 (2 months later). Debt complexity and monthly amount were both positively associated with financial strain and exhibited indirect relationships with several job attitudes and conflict between work and family via financial strain. Complexity exhibited stronger relationships than amount. Study 2 used publicly available data from the Health and Retirement Study to test similar relationships among a working sample over three time points, each separated by 2 years. Total debt amount and debt complexity were positively related to financial strain, but only debt amount exhibited indirect relationships with job-related attitudes and work-family conflict via financial strain. These results suggest that personal debt is meaningful to consider in organizational research, given the potential indirect relationships with outcomes of interest to organizations. Implications of the findings for practical interventions and future directions for research are discussed.
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Data Availability
The data that support the findings of this study are available from the corresponding author, Kristen Black, upon request.
Notes
We also tested a third conceptualization of debt, using a debt-to-income ratio. This ratio was highly correlated with monthly amounts of debt; therefore, we omitted the results using this predictor for parsimony. The results for the debt:income model in Study 1 are provided in Supplementary Information.
We note that there was not an option provided for a participant to report a non-binary or other gender. This was an oversight of the researchers at the time of data collection.
The HRS (Health and Retirement Study) is sponsored by the National Institute on Aging (grant number NIA U01AG009740) and is conducted by the University of Michigan. The data described in this document are based on HRS public release files. Before using the data, you must obtain permission from HRS by registering with them to download the public release files. The HRS website contains information on the process to register for access to HRS public release data (https://hrsdata.isr.umich.edu/data-products). By registering with HRS, you agree to the “Conditions of Use” governing access to the data.
We note that the publicly available data did not include an option for reporting a non-binary or other gender.
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Acknowledgements
The authors thank Elyssa Johnson for her contributions to data collection associated with this study.
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This research was supported by a pilot project grant to the 4th author from the Sunshine Education and Research Center at the University of South Florida.
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Preliminary Findings From This Article Were Presented at the Society for Industrial and Organizational Psychology Annual Meeting in 2021.
Alec Munc Was Affiliated With Clemson University at the Time of His Assistance With Data Collection, But Has Since Changed Organizational Affiliations.
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Appendices
Appendix 1
Data Transparency Statement: The findings presented in this paper are original use of the data and are not being used in publications at any other journal. For transparency, the authors wish to disclose that portions of the data have been used in other published and in progress papers. These papers and the variables used are summarized in the table below. We note that there is essentially no overlap between the current manuscript and the two published papers, as the focus of the other two papers were on climate-related influences on worker health and well-being.
One in-progress manuscript (currently under review at another journal) focuses on the influences of income and debt on personal affect (i.e., an individual health focus). This in-progress paper takes a cross-sectional approach and thus uses only the larger Time 1 sample. For the present study, we are focused on time-lagged relationships and outcomes relating to worker attitudes. We are only using those participants with Time 1 and Time 2 data. Therefore, these papers use different sets of the data.
Variables | Current manuscript | Published paper 1 | Published paper 2 | In-progress manuscript |
|---|---|---|---|---|
Debt/income | X | X | ||
Financial strain | X | |||
WFC/FWC | X | |||
Job satisfaction | X | |||
Engagement | X | X | ||
Commitment (affective, continuance) | X | |||
Turnover intentions | X | |||
Safety climate | X | |||
Health climate | X | |||
Stress prevention climate | X | |||
Safety compliance | X | |||
Safety participation | X | |||
Physical activity | X | |||
Nutrition | X | |||
Physical fatigue | X | |||
Mental fatigue | X | |||
Emotional fatigue | X | |||
Psychosocial Safety Climate | X | |||
Bullying | X | |||
Burnout | X | |||
Stress-reporting stigma | X | |||
Positive and negative affect | X | |||
Perceived income adequacy | X | |||
Subjective debt | X |
Appendix 2
The findings presented in this paper represent a unique use of data from the Health and Retirement Study (HRS). To date, this data has been used in over 6000 scholarly works and 17 of them address the role of debt. Despite this, existing work does not address debt in relation to work-life or work attitude outcomes as we do in the present study. More information on previously published work using the HRS data can be found at: https://hrs.isr.umich.edu/publications?_ga=2.45126564.1071109690.1654803990-1377911780.1654803990
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Black, K.J., Sinclair, R.R., Graham, B.A. et al. The Weight of Debt: Relationships of Debt with Employee Experiences. J Bus Psychol 39, 45–65 (2024). https://doi.org/10.1007/s10869-022-09867-3
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DOI: https://doi.org/10.1007/s10869-022-09867-3