Weaker Association Between Financial Security and Health in the Global South

Background: Subjective socioeconomic status (SES) is a powerful determinant of health and well-being, capturing individuals’ perceptions of their material conditions and security. While higher perceived financial and basic needs security are generally linked to better health outcomes, little is known about how these associations differ across global contexts. Drawing on data from 23 countries, this study tests whether these relationships are systematically weaker in Global South countries. Methods: Cross-sectional data from Wave 1 of the Global Flourishing Study (n = 207,000) were used to examine associations between subjective SES indicators—financial security and security in basic needs (food, housing, safety)—and two outcomes: self-rated physical health and mental health. All variables were measured on 0–10 scales. Linear regression models were estimated separately by Global South and Global North country status, adjusting for age and sex. Global South classification was based on standard development and geopolitical frameworks. Results: In both global regions, individuals with higher perceived financial and basic needs security reported significantly better mental and physical health. However, the strength of these associations was consistently weaker in Global South countries. Interaction terms confirmed that Global South status moderated the association between subjective SES and health outcomes. Conclusions: These findings suggest global-scale “diminished returns” of subjective SES on health, echoing patterns previously observed within countries. Structural inequalities, weaker public systems, and contextual adversity may dilute the health benefits of perceived security in Global South settings. Global health equity efforts must therefore move beyond individual-level interventions to address the broader systems that constrain the translation of socioeconomic resources into health.