Analysis of the Relationship Between Resilience and Financial Well-Being of Older People

Кашапова, Эльмира Рамисовна

doi:10.1007/978-981-16-8829-4_51

Cited by 3 publications

(3 citation statements)

References 13 publications

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“…A study from the US found that the positive association between income and emotional well-being (i.e., frequency and intensity of emotions which make an individual's life pleasant or unpleasant) did not progress beyond an income level of $75,000, suggesting that some richer individuals may still experience poor psychological wellbeing [51]. It may be that wealth is attenuated by broader measures of wellbeing amongst older adults such as their levels of resilience, which have been shown to protect older adults against financial difficulties, which may preserve their psychological well-being, despite relatively low wealth [52].…”

Section: Discussionmentioning

confidence: 99%

Financial-related discrimination and socioeconomic inequalities in psychological well-being related measures: A longitudinal study

Bridson,

Robinson,

Putra

2023

Preprint

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Objective: We examined the prospective effect of financial-related discrimination on psychological well-being and socioeconomic inequalities in psychological well-being. Methods: Data of UK older adults (≥ 50 years) from the English Longitudinal Study of Ageing were used (baseline: Wave 5, 2010/2011; n=9,090). The baseline total non-pension wealth (in tertiles: poorest, middle, richest) was used as a socioeconomic status (SES) measure. Financial-related discrimination at baseline was defined as participants who reported they had been discriminated against due to their financial status. Five psychological well-being related measures (depressive symptoms, enjoyment of life, eudemonic well-being, life satisfaction and loneliness) were examined prospectively (Waves 6, 2012/2013; and 7, 2014/2015). Regression models assessed associations between wealth, financial-related discrimination, and psychological well-being. Mediation analysis informed how much (%) the association between wealth and psychological well-being was explained by financial-related discrimination. Results: Participants from the poorest, but not middle, (vs. highest) wealth groups were more likely to experience financial-related discrimination (OR = 1.97; 95% CI = 1.49, 2.60). The poorest (vs. highest) wealth was also longitudinally associated with worsening of psychological well-being (excluding loneliness) in both follow-up periods. Financial-related discrimination was associated with worsening of depressive symptoms and enjoyment of life across follow-up periods. Financial-related discrimination explained 3-5% of the associations between wealth (lowest vs. highest) and depressive symptoms and enjoyment of life. Conclusions: Financial-related discrimination may increase risk for worse psychological well-being and explain a small proportion of socioeconomic inequalities in psychological well-being.

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Section: Discussionmentioning

confidence: 99%

Financial-related discrimination and socioeconomic inequalities in psychological well-being related measures: A longitudinal study

Bridson,

Robinson,

Putra

2023

Preprint

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“…Ponchio et al (2019) and Carton et al (2022) both found that self-control in spending decreased financial stress. Saving regularly and planning for the future was found to be important for future financial security (Goyal et al, 2021a, b;Kashapova, 2022). Goyal et al (2021a, b) present a comprehensive review of extant literature on personal financial management behavior, finding that it improves both financial resilience and FWB.…”

Section: Financial Knowledge and Behaviormentioning

confidence: 99%

“…Saving regularly and planning for the future was found to be important for future financial security (Goyal et al. , 2021a, b; Kashapova, 2022). Goyal et al.…”

Section: Review Of Empirical Literaturementioning

confidence: 99%

Income shock and financial well-being in the COVID-19 pandemic: financial resilience and psychological resilience as mediators

Kulshreshtha,

Raju,

Muktineni

et al. 2023

IJBM

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Purpose The purpose of this study was to investigate the relationship between income shock suffered during the coronavirus pandemic and subsequent financial well-being (FWB) of Indian adults, mediated by financial resilience (FR) and psychological resilience (PR).Design/methodology/approach The authors propose a conceptual model for the relationship between income shock and FWB, with FR and PR as mediator variables. The authors consider four dimensions of financial resilience: economic resources, financial inclusion, financial knowledge and social capital. This study uses a unidimensional scale for PR. Data were collected from 370 respondents from 11 cities across India. Structural equation models were built to test the proposed hypotheses.Findings Income shock was negatively associated with FWB. Estimated path coefficients for FR and PR were statistically significant and confirmed a mediating role. Among the four dimensions of financial resilience, only economic resources were positively associated with FWB. The mediation relation between economic resources and FWB was larger than PR.Research limitations/implications Since convenience sampling was used to collect data, the results of this study are indicative but not generalizable.Social implications For individuals who suffered income shocks during the pandemic, adequate economic resources are crucial for FWB. Governmental disbursements, personal savings and medical or life insurance could provide an adequate safety net.Originality/value There are no extant studies that examine the association between income shocks and FWB in the pandemic, and this study contributes to the literature.

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Financial-related discrimination and socioeconomic inequalities in psychological well-being related measures: a longitudinal study

Bridson,

Robinson,

Putra

2024

BMC Public Health

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Background This study examined the prospective association between financial-related discrimination and psychological well-being related measures and assessed the role of financial-related discrimination in explaining socioeconomic inequalities in psychological well-being related measures. Methods Data of UK older adults (≥ 50 years) from the English Longitudinal Study of Ageing were used (baseline: Wave 5, 2010/2011; n = 8,988). The baseline total non-pension wealth (in tertiles: poorest, middle, richest) was used as a socioeconomic status (SES) measure. Financial-related discrimination at baseline was defined as participants who reported they had been discriminated against due to their financial status. Five psychological well-being related measures (depressive symptoms, enjoyment of life, eudemonic well-being, life satisfaction and loneliness) were examined prospectively across different follow-up periods (Waves 6, 2012/2013, 2-year follow-up; and 7, 2014/2015, 4-year follow-up). Regression models assessed associations between wealth, financial-related discrimination, and follow-up psychological measures, controlling for sociodemographic covariates and baseline psychological measures (for longitudinal associations). Mediation analysis informed how much (%) the association between wealth and psychological well-being related measures was explained by financial-related discrimination. Results Participants from the poorest, but not middle, (vs. richest) wealth groups were more likely to experience financial-related discrimination (OR = 1.97; 95%CI = 1.49, 2.59). The poorest (vs. richest) wealth was also longitudinally associated with increased depressive symptoms and decreased enjoyment of life, eudemonic well-being and life satisfaction in both 2-year and 4-year follow-ups, and increased loneliness at 4-year follow-up. Experiencing financial-related discrimination was longitudinally associated with greater depressive symptoms and loneliness, and lower enjoyment of life across follow-up periods. Findings from mediation analysis indicated that financial-related discrimination explained 3–8% of the longitudinal associations between wealth (poorest vs. richest) and psychological well-being related measures. Conclusions Financial-related discrimination is associated with worse psychological well-being and explains a small proportion of socioeconomic inequalities in psychological well-being.

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Analysis of the Relationship Between Resilience and Financial Well-Being of Older People

Cited by 3 publications

References 13 publications

Financial-related discrimination and socioeconomic inequalities in psychological well-being related measures: A longitudinal study

Financial-related discrimination and socioeconomic inequalities in psychological well-being related measures: A longitudinal study

Income shock and financial well-being in the COVID-19 pandemic: financial resilience and psychological resilience as mediators

Financial-related discrimination and socioeconomic inequalities in psychological well-being related measures: a longitudinal study

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