TY - JOUR
T1 - Financial worry among older people
T2 - Who worries and why?
AU - Litwin, Howard
AU - Meir, Adi
PY - 2013/4
Y1 - 2013/4
N2 - This study sought to clarify what drives economic worries among older people. Based upon the data from a national sample of adults aged 65 and older in Israel (N = 550), we examined associations between financial worry and economic status, lifestyle, social network, concerns about functional health, long term care needs and cognition, and population group. The main financial worry was that pension funds will not suffice for one's entire life. Multivariate analysis revealed that financial worry was negatively related to perceived income adequacy and age, and positively related to concerns about care and to apprehensions regarding one's ability to make decisions. Immigrants from the former Soviet Union were found to worry less. Understanding the different sources of financial worries among older people is essential insofar as older people are increasingly expected to take personal responsibility for their financial futures. Dealing with negative outcomes that stem from financial worries are important programming and policy goals in an era of population aging.
AB - This study sought to clarify what drives economic worries among older people. Based upon the data from a national sample of adults aged 65 and older in Israel (N = 550), we examined associations between financial worry and economic status, lifestyle, social network, concerns about functional health, long term care needs and cognition, and population group. The main financial worry was that pension funds will not suffice for one's entire life. Multivariate analysis revealed that financial worry was negatively related to perceived income adequacy and age, and positively related to concerns about care and to apprehensions regarding one's ability to make decisions. Immigrants from the former Soviet Union were found to worry less. Understanding the different sources of financial worries among older people is essential insofar as older people are increasingly expected to take personal responsibility for their financial futures. Dealing with negative outcomes that stem from financial worries are important programming and policy goals in an era of population aging.
KW - Financial concerns
KW - Income adequacy
KW - Israel
KW - Long term care
KW - Pension funds
UR - http://www.scopus.com/inward/record.url?scp=84872397005&partnerID=8YFLogxK
U2 - 10.1016/j.jaging.2012.12.003
DO - 10.1016/j.jaging.2012.12.003
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C2 - 23561276
AN - SCOPUS:84872397005
SN - 0890-4065
VL - 27
SP - 113
EP - 120
JO - Journal of Aging Studies
JF - Journal of Aging Studies
IS - 2
ER -