These University of Otago researchers analysed data from three waves of a panel study providing information on mental health, psychological distress, labour force status, household income, area and individual deprivation, in this investigation into changes in multiple socioeconomic measures and mental health/illness over time within individuals. The data were analysed by fixed-effects regression modelling to control for time-invariant unobserved confounders. Moving into inactive labour force status was associated with a 1.34 unit decline in SF-36 mental health score and a 0.50 unit increase in psychological distress score. Increased individual deprivation resulted in a 1.47 unit decline in mental health score and a 0.57 unit increase in psychological distress. Increasing and decreasing levels of individual deprivation were associated with significant changes in both outcomes.