The Psychological Gains from COVID-19 Vaccination: Who Benefits the Most?

TL;DR

This study quantifies how COVID-19 vaccination improves psychological well-being in the UK, showing significant benefits especially for mentally distressed individuals, with effects lasting at least two months.

Contribution

It provides empirical evidence on the psychological benefits of COVID-19 vaccination using a large-scale UK panel survey and exogenous variation in vaccination timing.

Findings

Vaccination increases psychological well-being by 0.12 SD.

Effects last for at least two months.

Mentally distressed individuals benefit 1.5 times more.

Abstract

We quantify the impact of COVID-19 vaccination on psychological well-being using information from a large-scale panel survey representative of the UK population. Exploiting exogenous variation in the timing of vaccinations, we find that vaccination increases psychological well-being (GHQ-12) by 0.12 standard deviation, compensating for around one-half of the overall decrease caused by the pandemic. This effect persists for at least two months, and it is associated with a decrease in the perceived likelihood of contracting COVID-19 and higher engagement in social activities. The improvement is 1.5 times larger for mentally distressed individuals, supporting the prioritization of this group in vaccination roll-outs.