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Article Open Access November 15, 2024

Education Does Not Equally Increase Financial Well-being for All

Shervin Assari 1, 2, 3, Hossein Zare 4, 5 and Amanda Sonnega 6
1
Marginalized-Related Diminished Returns (MDRs) Research Center, Los Angeles, CA, USA
2
Department of Family Medicine, Charles R. Drew University of Medicine and Science, Los Angeles, CA, USA
3
Department of Urban Public Health, Charles R. Drew University of Medicine and Science, Los Angeles, CA, USA
4
Department of Health Policy and Management, Johns Hopkins Bloomberg School of Public Health, Baltimore, MD, USA
5
School of Business, University of Maryland Global Campus (UMGC), Adelphi, MD, USA
6
Institute for Social Research, University of Michigan, Ann Arbor, CA, USA
Publihed in: Current Research in Public Health (Volume 3, Issue 1, 2024)
Page(s): 62-74
DOI: 10.31586/jsmhes.2024.1113
Received
August 22, 2024
Revised
October 30, 2024
Accepted
November 11, 2024
Published
November 15, 2024
Keywords
Minorities' Diminished Returns; Financial Well-Being; Education; Structural Inequality; Black; Latino; Immigrants; Understanding America Study (UAS)
Creative Commons

This is an Open Access article, distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution and reproduction in any medium or format, provided the original work is properly cited.
Copyright: Copyright © The Author(s), 2024. Published by Scientific Publications
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APA Style
Assari, S. , Zare, H. , & Sonnega, A. (2024). Education Does Not Equally Increase Financial Well-being for All. Current Research in Public Health, 3(1), 62-74. https://doi.org/10.31586/jsmhes.2024.1113
ACS Style
Assari, S. ; Zare, H. ; Sonnega, A. Education Does Not Equally Increase Financial Well-being for All. Current Research in Public Health 2024 3(1), 62-74. https://doi.org/10.31586/jsmhes.2024.1113
Chicago/Turabian Style
Assari, Shervin, Hossein Zare, and Amanda Sonnega. 2024. "Education Does Not Equally Increase Financial Well-being for All". Current Research in Public Health 3, no. 1: 62-74. https://doi.org/10.31586/jsmhes.2024.1113
AMA Style
Assari S, Zare H, Sonnega A. Education Does Not Equally Increase Financial Well-being for All. Current Research in Public Health. 2024; 3(1):62-74. https://doi.org/10.31586/jsmhes.2024.1113 
@Article{crph1113,
AUTHOR = {Assari, Shervin and Zare, Hossein and Sonnega, Amanda},
TITLE = {Education Does Not Equally Increase Financial Well-being for All},
JOURNAL = {Current Research in Public Health},
VOLUME = {3},
YEAR = {2024},
NUMBER = {1},
PAGES = {62-74},
URL = {https://www.scipublications.com/journal/index.php/JSMHES/article/view/1113},
ISSN = {2831-5162},
DOI = {10.31586/jsmhes.2024.1113},
ABSTRACT = {Background: Financial well-being is a key domain of overall well-being, encompassing an individual's ability to meet financial obligations, secure their financial future, and maintain a sense of financial freedom. Education is often viewed as a critical pathway to enhancing financial well-being. However, the returns of education on financial well-being are not uniform across racial, ethnic, and nativity groups. The theory of Minorities’ Diminished Returns (MDRs) suggests that the positive effects of education on outcomes such as income and financial security are weaker for marginalized groups, including Black individuals, Latinos, and immigrants. Objective: This study examines the diminished returns of education on financial well-being among Black, Latino, and immigrant populations in the United States. We aim to investigate how structural inequalities contribute to weaker financial returns on education for these groups compared to their White and native-born counterparts. Methods: We utilized data from the Understanding America Study (UAS 2014) to conduct a cross-sectional analysis of adult respondents. The study assessed financial well-being outcomes (e.g., income, savings, and financial security) and their association with educational attainment across racial, ethnic, and nativity groups. Regression models were employed to test for interaction effects between education and race/ethnicity/nativity, adjusting for sociodemographic factors such as age, gender, employment, and family structure. Results: Our analysis included 8,121 individuals. The mean age of the respondents was 48 years (SD = 16). High education was associated with higher financial well-being (B = 1.284, 95% CI: 1.157, 1.410). The interaction terms between education and immigrant status (B = -0.507, 95% CI: -0.930, -0.084), race (Black) (B = -0.770, 95% CI: -1.208, -0.331), and ethnicity (Hispanic) (B = -0.589, 95% CI: -0.969, -0.210) were all significant, suggesting that immigrant, Black, and Hispanic individuals experience diminished returns on education in terms of financial well-being, relative to US-born non-Hispanic White individuals. The significant negative interactions between education and minority statuses (Black, Hispanic, and immigrant) indicate that while education generally improves financial well-being, the magnitude of this improvement is substantially smaller for these marginalized groups. Conclusion: Understanding how education translates to financial well-being across different racial, ethnic, and nativity groups is critical for addressing persistent financial disparities.},
}
%0 Journal Article
%A Assari, Shervin
%A Zare, Hossein
%A Sonnega, Amanda
%D 2024
%J Current Research in Public Health

%@ 2831-5162
%V 3
%N 1
%P 62-74

%T Education Does Not Equally Increase Financial Well-being for All
%M doi:10.31586/jsmhes.2024.1113
%U https://www.scipublications.com/journal/index.php/JSMHES/article/view/1113

TY  - JOUR
AU  - Assari, Shervin
AU  - Zare, Hossein
AU  - Sonnega, Amanda
TI  - Education Does Not Equally Increase Financial Well-being for All
T2  - Current Research in Public Health
PY  - 2024
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SN  - 2831-5162
SP  - 62
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UR  - https://www.scipublications.com/journal/index.php/JSMHES/article/view/1113
AB  - Background: Financial well-being is a key domain of overall well-being, encompassing an individual's ability to meet financial obligations, secure their financial future, and maintain a sense of financial freedom. Education is often viewed as a critical pathway to enhancing financial well-being. However, the returns of education on financial well-being are not uniform across racial, ethnic, and nativity groups. The theory of Minorities’ Diminished Returns (MDRs) suggests that the positive effects of education on outcomes such as income and financial security are weaker for marginalized groups, including Black individuals, Latinos, and immigrants. Objective: This study examines the diminished returns of education on financial well-being among Black, Latino, and immigrant populations in the United States. We aim to investigate how structural inequalities contribute to weaker financial returns on education for these groups compared to their White and native-born counterparts. Methods: We utilized data from the Understanding America Study (UAS 2014) to conduct a cross-sectional analysis of adult respondents. The study assessed financial well-being outcomes (e.g., income, savings, and financial security) and their association with educational attainment across racial, ethnic, and nativity groups. Regression models were employed to test for interaction effects between education and race/ethnicity/nativity, adjusting for sociodemographic factors such as age, gender, employment, and family structure. Results: Our analysis included 8,121 individuals. The mean age of the respondents was 48 years (SD = 16). High education was associated with higher financial well-being (B = 1.284, 95% CI: 1.157, 1.410). The interaction terms between education and immigrant status (B = -0.507, 95% CI: -0.930, -0.084), race (Black) (B = -0.770, 95% CI: -1.208, -0.331), and ethnicity (Hispanic) (B = -0.589, 95% CI: -0.969, -0.210) were all significant, suggesting that immigrant, Black, and Hispanic individuals experience diminished returns on education in terms of financial well-being, relative to US-born non-Hispanic White individuals. The significant negative interactions between education and minority statuses (Black, Hispanic, and immigrant) indicate that while education generally improves financial well-being, the magnitude of this improvement is substantially smaller for these marginalized groups. Conclusion: Understanding how education translates to financial well-being across different racial, ethnic, and nativity groups is critical for addressing persistent financial disparities.
DO  - Education Does Not Equally Increase Financial Well-being for All
TI  - 10.31586/jsmhes.2024.1113
ER  -