Financial well-being, family financial support and depression of older adults in China

Abstract

PurposeThis study aims to examine the relationship between objective and subjective aspects of financial well-being, the role of family financial support and depression symptoms of Chinese older adults.Design/methodology/approachThis study used two waves (2015 and 2018) of the Harmonized China Health and Retirement Longitudinal Study. Two financial ratios: the expenditure-to-income ratio and the financial assets ratio, were used to measure the objective aspect of financial well-being. Perceived money management difficulty was employed to measure the subjective aspect of financial well-being. Depression symptoms were measured using the Center for Epidemiologic Studies Depression Scale (CES-D) score. Three analytical models, including an ordinary least squares (OLS) model, an OLS model controlling for lagged depression and a random effects model using panel data, were used to examine the relationships between the objective and subject aspects of financial well-being and depression.FindingsThe results from the three models showed consistent relationships: the expenditure-to-income ratio was a positive contributor, while the financial assets ratio was a negative contributor to depression of older adults in China. The robustness check using binary-coded financial ratio thresholds showed that reaching the suggested thresholds was negatively associated with depression. Perceived money management difficulty contributed positively to depression. The robustness check using the fixed effects model showed no significance of the two ratios, while perceived money management difficulty was positively associated with depression. The insignificance might be due to data limitation (limited waves or rare changes across waves).Originality/valueThe findings indicate that both objective and subjective financial well-being matters in relation to depression symptoms and, therefore, to the overall mental health of the Chinese elderly. Developments in public policies are needed to promote accessible financial services, assistance programs, mental health services and facilities for the older population in China.

Evaluation of Sleep Quality and Related Factors in Community-Dwelling Adults: Ardakan Cohort Study on Aging (ACSA)

“…This unsatisfactory financial situation could have contributed to emotional and mental health problems, which could negatively affect SQ. 36 , 37 Additionally, poor health conditions and co-morbidities in older adults are known to be associated with poor SQ. Among the participants, the prevalence of diseases that affect SQ such as musculoskeletal pain, diabetes, and cardiovascular disease was relatively high.…”

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“…В зарубежной литературе проблемы развития моногородов активно изучаются исследователями из Китайской Народной Республики. Так, в работе (Fan et al, 2023) на примере 8 моногородов ресурсного типа провинции Сычуань было проведено моделирование социальноэкономического развития в зависимости от набора факторов. В результате показано, что самое большое влияние на развитие китайских моногородов оказывает наличие природных ресурсов, на втором месте -социальные условия, затем экология и финансы.…”

“…Для измерения субъективного финансового благополучия использовалось восприятие трудностей с управлением деньгами. По результатам корреляционного анализа авторы установили, что как объективное, так и субъективное финансовое благополучие оказывают влияние на проявление симптомов депрессии: высокое отношение расходов к доходам и ощущение трудностей при управлении деньгами увеличивают проявления депрессии, а коэффициент финансовых активов оказывает обратное воздействие (Fan, Lei, 2023).…”