Spending Patterns and Cost of Living for Younger versus Older Households

Gautam, Akshat; Nie, Jun

doi:10.18651/er/4q19niegautam

Cited by 2 publications

(1 citation statement)

References 7 publications

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“…Nevertheless, differences in social positions and experiences may affect personal experiences of inflation ( Hayo & Neumeier, 2022 ; Ranyard et al, 2008 ). Particularly relevant to the current research is that expenditure patterns and emphases vary with age ( Basu, 2005 ; Bernicke, 2005 ; Blanchett, 2014 ), leading to inflation experiences in later-life that may vary from the official inflation rate and between different households ( Basu, 2011 ; Kalwij et al, 2018 ; Nie & Gautam, 2020 ). Consequently, a macro-economic measure such as inflation does not track individual experiences of inflation, particularly among older adults.…”

Section: Introductionmentioning

confidence: 99%

Perceptions of Increases in Cost of Living and Psychological Distress Among Older Adults

Bierman,

Upenieks,

Lee

2023

J Aging Health

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Objectives: This article examines whether older adults’ perceptions of an increase in their cost of living during a time of rapid inflation are associated with multiple aspects of psychological distress, as well as whether mastery buffers these associations. Methods: Data were derived from a two-wave longitudinal survey of older adults gathered in 2021 and 2022 ( N = 4,010). Multiple regression models examined symptoms of depression, anxiety, and anger. Results: Perceptions of moderate or large increases in cost of living were associated with higher levels of distress at follow-up. Taking baseline financial strain, mastery, and psychological distress into account weakened these associations, but perceptions of a large increase in cost of living were still substantially linked with anger and anxiety. Mastery also buffered associations with anxiety and anger. Discussion: Macroeconomically derived adversities can shape anxiety and anger in later-life, but these mental health consequences fall more heavily on individuals possessing lower levels of mastery.

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