Financial worry among older people: Who worries and why?

Howard Litwin*, Adi Meir

*Corresponding author for this work

Research output: Contribution to journalArticlepeer-review

33 Scopus citations

Abstract

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.

Original languageEnglish
Pages (from-to)113-120
Number of pages8
JournalJournal of Aging Studies
Volume27
Issue number2
DOIs
StatePublished - Apr 2013

Keywords

  • Financial concerns
  • Income adequacy
  • Israel
  • Long term care
  • Pension funds

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