CHICAGO — Money talks. Evidently, it also kills.
A recent study by a University of Notre Dame professor found that mortality rates spike on or during the week after payday.
Economics professor William Evans said getting that all-important bank deposit often is the precursor for potentially deadly behavior.
“People go out to dinner, people travel, they go spend money,” Evans said. “Sometimes the things that they’re doing are pretty hazardous, like going to bars.”
The three-year study examined millions of death records from four different groups: Social Security recipients, military personnel, people who received their tax rebate checks in 2001 and recipients of Alaska’s Permanent Fund dividends.
Despite the varying demographics and frequency of paydays, the mortality rates jumped for each of the groups soon after payday.
The study found three of the most common causes of the short-term, death-by-money phenomenon were substance abuse, traffic fatalities and heart attacks, Evans said.
People unwind and socialize right after payday (substance abuse), and travel more in order to spend their paycheck (traffic fatalities).
They also are more physically active once they have extra cash in their pockets (heart attacks).
“It does look like people are saving up their energy for when they get paid,” Evans said.
Not getting a paycheck isn’t exactly the solution, however.
“It definitely doesn’t say that you should be giving up your paycheck or anything like that, but you might want to think twice about driving on a Friday night after people get paid,” Evans said.
The study results will appear in an upcoming issue of the Journal of Public Economics.
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