Impact of self-reported bank fraud on self-rated health, comorbidity and pain
- 4 Downloads
As reported in other high-income countries, around the 2008 Great Recession the Spanish banking sector engaged abusive practices that satisfy the definition of fraud. Our objective is to examine the association between self-reported bank fraud and physical health, using a gender perspective.
With data from the 2017 Madrid Health Survey, we examined the association between the economic impact of fraud and poor self-rated health (SRH), comorbidity and pain (N = 4425). Interactions of time since fraud and sex with economic impact were tested by Poisson regression models with robust variance.
In total, 11% of adults in Madrid reported bank fraud since 2006. Among men, those who experienced frauds with severe economic impact were more likely to report adverse health than those who did not experience fraud (PR comorbidity: 1.46; PR pain conditions: 2.17). Among men time elapsed since fraud strengthened the association between severe economic impact and poor SRH (p = 0.022; p = 0.006, respectively). Among women, associations did not reach statistical significance.
Bank frauds are an emerging phenomenon which is likely to damage public health. Stricter regulation to protect people from fraudulent bank practices is needed.
KeywordsFinancial fraud Self-rated health Stressful live events Spain
We thank the Foundation Finance and Health (FINSALUD) who provided the first hypothesis to this study as well as give us access to the questionnaire of the pilot study conducted by Zunzunegui collaborators. We thank Madrid Salud, City Council of Madrid, for agreeing to include in the questionnaire “Madrid Health Survey, 2017” the questions about bank fraud that have allowed us to carry out this investigation.
This study was funded by IMIENS – Joint Research Institute National Distance Education University and Institute of Health Carlos III (Grant Number IMIENS 2017-002).
Compliance with ethical standards
Conflict of interest
The authors declare that they have no conflict of interest.
The Ethics Committee of the Institute of Health Carlos III approved this secondary data analysis project (Reference Number CEI PI 51_2017_v2) dated September 4, 2017.
- Cohen S, Murphy MLM, Prather AA (2019) Ten surprising facts about stressful life events and disease risk. Annu Rev Psychol 70:577–597. https://doi.org/10.1146/annurev-psych-010418-102857 CrossRefPubMedGoogle Scholar
- Conac PH (2018) Mis-selling of financial products: subordinated debt and self-placement. European Parliament, BrusselsGoogle Scholar
- Domingo-Salvany A, Bacigalupe A, Carrasco JM et al (2013) Proposals for social class classification based on the Spanish National Classification of occupations 2011 using neo-Weberian and neo-Marxist approaches. Gac Sanit 27:263–272. https://doi.org/10.1016/j.gaceta.2012.12.009 CrossRefPubMedGoogle Scholar
- Missé A (2016) La gran estafa de las preferentes. Abusos e impunidad de la banca durante la crisis financiera en España. BarcelonaGoogle Scholar
- Wang Y, Sareen J, Afifi TO et al (2015) A population-based longitudinal study of recent stressful life events as risk factors for suicidal behavior in major depressive disorder. Arch Suicide Res Off J Int Acad Suicide Res 19:202–217. https://doi.org/10.1080/13811118.2014.957448 CrossRefGoogle Scholar
- Zunzunegui F (2014) Mis-selling of preferred shares to Spanish retail clients. J Int Bank Law Regul 29:174–186Google Scholar
- Zunzunegui F (2018) Mortgage credit. Mis-selling of financial products. European Parliament, BrusselsGoogle Scholar