The Shock of Chronic Diseases on Households'Quality of Life——A Study Based on Subjective Well-Being and Objective Consumption Perspectives
Expanding domestic demand requires strengthening social security and improving people's livelihoods.Chronic diseases,as a common and continuous health shock,hinder the improvement of people's livelihoods.Based on the data of China Family Panel Studies(CFPS),this paper examines the impact and mechanisms of chronic disease shocks on households'quality of life from both subjective well-being and objective consumption persepectives,and further explores the ways to improve residents' quality of life under the shock of chronic diseases.The study finds that households impacted by chronic diseases have lower subjective and objective quality of life,especially rural households,low-income households,those with a heavy burden of diseases,and those affected by chronic diseases for many years.Chronic disease shocks reduce the subjective and objective quality of life through four mechanisms:reducing wages and operational income,increasing the likelihood of catastrophic medical expenditures and credit constraints,and increasing precautionary saving motivation.Further analysis shows that social security improvement,human capital development,and financial environment optimization can ameliorate the decline in household happiness and consumption levels caused by chronic diseases,showing heterogeneity across urban and rural areas and income groups.This study provides policy guidance for ensuring and improving the livelihoods of people affected by chronic diseases and further implementing the strategy of expanding domestic demand.
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