Effect of Regular Cash Income on Depression Among Adult Men in India: Evidence from the Longitudinal Aging Study (2017–2018)

Background Depression is a public health concern among older adults, adversely impacting their well-being and quality of life. While financial stability is a well-established determinant of mental health, the association between income sources and depression among older men in India remains underexplored. This study examines the relationship between access to regular cash income and depressive symptoms among older Indian men. Methods Using data from the 2017–2018 Longitudinal Aging Study in India (LASI), this study analysed 29,178 male respondents aged 45 years and above. Depressive symptoms were assessed using the Short Form Composite International Diagnostic Interview (CIDI-SF) scale, with access to regular cash income as the primary predictor variable. Descriptive statistics, bivariate analysis, and multivariate logistic regression were conducted to assess the prevalence and determinants of depressive symptoms. Additionally, propensity score matching (PSM) was employed to address selection bias and strengthen causal inference. Results Men who experienced ill-treatment (21.3%), had limitations in Activities of Daily Living (ADL) or Instrumental Activities of Daily Living (IADL), suffered from multiple chronic conditions, or lacked regular cash income (12%) exhibited significantly higher rates of depressive symptoms. Multivariate analysis revealed that access to regular cash income was associated with a lower likelihood of depression nationally (AOR: 0.70, 95% CI: 0.53–0.92, p  < 0.010), with a stronger effect in urban areas (AOR: 0.55, 95% CI: 0.38–0.81, p  < 0.002). PSM analysis confirmed the robustness of these findings. A paradoxical, non-significant association emerged between having more than three income sources and depressive symptoms, suggesting a potential non-linear relationship. Conclusion Financial stability plays a protective role in mental health, mirroring patterns observed in high-income countries. The Easterlin Paradox may explain the diminishing mental health benefits of increased income beyond a certain threshold. Additionally, financial insecurity may challenge traditional male breadwinner roles, exacerbating depression. Strengthening financial security by providing better economic opportunities and implementing provisions such as pensions and social welfare programs could help mitigate depression among older Indian men.