Financial Satisfaction in Old Age: A Satisfaction Paradox or a Result of Accumulated Wealth?

Hansen, Thomas; Slagsvold, Britt; Moum, Torbjørn

doi:10.1007/s11205-007-9234-z

Cited by 155 publications

(136 citation statements)

References 53 publications

Supporting

Mentioning

110

Contrasting

Unclassified

Order By: Relevance

“…Most of the studies reviewed by George (1992) use -like the present analysis -U.S. data and one might argue that this is a peculiarity of Americans' sense of financial well-being. A recent study using Norwegian data, however, points to the same seemingly paradoxical observation (Hansen et al, 2008). The Norwegian study employs income reports from public registries and thus avoids problems with possible underreporting of financial means at older ages.…”

Section: Life Course Financial Satisfactionmentioning

confidence: 97%

“…The present study further takes into account changes in financial obligations represented by the dependency burden and medical costs in the form of self-rated health. To my knowledge, apart from a cross-sectional analysis by Hansen et al (2008), the current analysis is the only study which specifically considers the influence of assets and liabilities on financial satisfaction. I further compare the effect of a composite measure of net wealth on satisfaction to that of separate measures of asset and liabilities.…”

Section: Life Course Financial Satisfactionmentioning

confidence: 99%

See 1 more Smart Citation

Financial satisfaction over the life course: The influence of assets and liabilities

Plagnol

2011

Journal of Economic Psychology

149

View full text Add to dashboard Cite

This is the unspecified version of the paper.This version of the publication may differ from the final published version. Abstract Various studies have shown that financial satisfaction is, among other domains, an important determinant of overall individual wellbeing. Contrary to the common belief that financial satisfaction mainly depends on an individual's income, evidence for the U.S. indicates that life course financial satisfaction steadily increases from the thirties onwards, whereas life course income shows an inverted U-pattern with a peak at midlife. To judge from other studies in the U.S. and Norway, this pattern for financial satisfaction is not unique. The aim of the present analysis is to explore the determinants of this life course financial satisfaction pattern, taking into account not only income but also the possible impact of assets and liabilities. The analysis suggests that while income has the expected positive relation, increasing financial satisfaction at older age can be partly explained by decreases in liabilities and increases in financial assets, and that assets and liabilities considered separately provide a better explanation than net wealth. In addition, reduction in the dependency burden at old age leads to increased financial satisfaction while the deterioration of health has a negative impact. The data are from the second and third waves of the U.S. National Survey of Families and Households. Permanent repository link

show abstract

Section: Life Course Financial Satisfactionmentioning

confidence: 97%

Section: Life Course Financial Satisfactionmentioning

confidence: 99%

Financial satisfaction over the life course: The influence of assets and liabilities

Plagnol

2011

Journal of Economic Psychology

149

View full text Add to dashboard Cite

show abstract

“…Psychological adaptation has been described as one explanatory mechanism. Analyses based on NorLAG data suggest however that higher financial satisfaction among the elderly can be explained by their higher assets and lower debts (21).…”

Section: Mental Health Quality Of Life and Sense Of Controlmentioning

confidence: 98%

Life-course, ageing and generations in Norway:the NorLAG study

Slagsvold¹,

Veenstra²,

Daatland³

et al. 2012

Nor J Epidemiol

Self Cite

View full text Add to dashboard Cite

show abstract

“…Hansen, Slagsvold, and Moum (2008) used income, property assets, financial assets, and debt in their regression. Income alone explained 14% and 7%, respectively, of the variance in financial satisfaction among men and women using the same measure of financial satisfaction in the current study.…”

Section: Financial Satisfactionmentioning

confidence: 99%

Financial Ratios and Perceived Household Financial Satisfaction

Garrett¹,

James²

2013

Journal of Financial Therapy

View full text Add to dashboard Cite

This paper tests the relative association of three objective measures of financial health (using the solvency, liquidity, and investment asset ratio) against a household's subjective feeling of current financial satisfaction. Utilizing a financial satisfaction framework developed by Joo and Grable and a sample of 6,923 respondents in the 2008 Health and Retirement Study, this paper presents evidence of two main findings: (a) the solvency ratio is most strongly associated with financial satisfaction levels based on a cross-sectional design and (b) changesin the investment asset ratio are most strongly associated with changes in financial satisfaction over time.

show abstract

Financial Satisfaction in Old Age: A Satisfaction Paradox or a Result of Accumulated Wealth?

Abstract: Financial satisfaction, Age, Satisfaction paradox, Norway, Assets, Debt, Income,

Cited by 155 publications

References 53 publications

Financial satisfaction over the life course: The influence of assets and liabilities

Financial satisfaction over the life course: The influence of assets and liabilities

Life-course, ageing and generations in Norway:the NorLAG study

Financial Ratios and Perceived Household Financial Satisfaction

Contact Info

Product

Resources

About