Financial Health and Psychiatric Symptoms Among Veterans With Psychosis or Recent Homelessness During the COVID-19 Pandemic

The COVID-19 pandemic disproportionately impacted the physical health of some vulnerable groups, but further study is needed to investigate the pandemic’s impact on financial health and mental well-being. We analyzed data from 158 participants, consisting of 59 veterans with a psychotic disorder (PSY), 49 recently housed veterans (RHV), and a control group of 50 veterans (CTL) who were assessed five times from May 2020–July 2021. This study compared the financial health of these three groups and examined the relation between financial health and psychiatric symptoms. Although the CTL group reported significantly higher income and savings than the PSY and RHV groups, the CTL group reported greater negative financial shocks than the PSY group. The RHV group reported greater material hardship but greater propensity to plan for finances and less financial shocks than the PSY group. Across all three groups, there was a reduction in financial shocks over time and no group showed more change than another. Across time, material hardship, financial shocks, and propensity to plan for finances were each significantly associated with symptoms of major depression. Together, these findings suggest the COVID-19 pandemic did not greatly impact the financial health of PSY and RHV groups possibly because of their limited income and resilience to adversity. Financial health was related to mental health supporting the U.S. government’s strategic plan to include financial empowerment services in efforts to improve mental health and reduce veteran suicide.