A sharp drop in credit score, missed loan payments, and repossession may be warning signs for suicide risk among veterans, according to new research published in JAMA Network Open. The study found that veterans experiencing major financial stress were significantly more likely to die by suicide within the following year than those without money troubles.
Financial Setbacks and Suicide Risk
Falling behind on mortgage payments was linked to a 40% increase in suicide risk, while having a vehicle or other asset repossessed nearly doubled the risk. Those facing multiple financial setbacks were the most vulnerable, though the investigators noted the findings could have broader relevance as Americans increasingly contend with rising housing costs, record credit card debt, and growing losses from fraud and scam.
This work is the first to combine national credit bureau records with healthcare and mortality data to examine how financial difficulties unfold in the months leading up to suicide. It was made possible because of integrated data available from the Department of Veterans Affairs.
To conduct the research, investigators analyzed the records of approximately 5,000 veterans who died by suicide between 2015 and 2017 and compared them with 12,500 living veterans. Even after accounting for depression, post-traumatic stress disorder, and substance use, financial stress remained a strong and independent predictor of suicide.
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Unlike previous studies, which relied largely on surveys or self-reported financial stress, the team examined verified financial records and confirmed suicide deaths. Suicide rates have risen in the United States over the past two decades, with more deaths by suicide during periods of financial downturn and easing as the economy improves.
Healthcare Connection and Prevention Potential
The research also points to a potential path to prevention. Among veterans who were engaged in VA Healthcare, the link between financial stress and suicide was weaker, suggesting that a connection to care may help interrupt a crisis.
“Being connected to health care and support services appears to provide some protection,” said Eric B. Elbogen, lead study author and clinical psychologist at Duke University School of Medicine. “That’s an important signal for how we might intervene earlier.”
Financial distress can escalate quietly, according to Elbogen, but there are measurable signals that could help identify those at risk before a crisis turns deadly. The risk markers identified are not unique to veterans and reflect challenges many Americans are facing right now.
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Based on these findings, financial stress may be an overlooked factor in assessing suicide risk. While clinicians routinely screen patients for depression and suicidal thoughts, they may be less likely to ask about mounting bills. That gap may represent a missed opportunity for intervention. Although medical coding systems allow clinicians to document financial insecurity, it is unclear how consistently those tools are used in practice.
When financial hardship is identified, healthcare providers could help connect struggling veterans to support services such as debt counseling, housing support, and employment programs.
“This study shows that suicide prevention isn’t only about mental health,” said Elbogen, who also directs the VA National Veterans Financial Resource Center. “It’s also about understanding the financial realities people face and responding before those pressures become overwhelming.”
